Apple credit card will not be used to purchase crypto

US tech giant Apple is expanding into a new sector by launching a credit card. It can be used to earn cashback on the purchase of Apple products. The card will be released in partnership with Goldman Sachs and has already proven to be not crypto-friendly.

Apple credit card restrictions

The bank published this week fears of using this new card, and they predict that it will not be used when purchasing cryptocurrencies.

As detailed in the agreement, the purchase of cryptocurrencies with Apple’s credit card would go into cash advances or similar transactions.

Under these conditions, any kind of cash advances or its equivalent is completely forbidden to use the Apple Card. For this reason, the purchase of cryptocurrencies would also be prohibited.

In addition to the restrictions on buying cryptocurrencies, the Apple user agreement highlights that if a user decides to modify or use the “jailbreak” system, Apple will disconnect the credit card from the device.

3% Cashback

The credit card service will be launched this summer and will be offered both in digital format as an application for Iphone and in physical form. Virtual credit card users will receive a 2% refund for all purchases made through Apple Pay. Apple products purchased with the card offer 3% cashback. The interest received for using the credit card varies between 12 and 14%.

Apple has a controversial history of cryptocurrencies. In 2014, it banned Bitcoin-related apps in the App Store, but left them behind later. In February 2018, Apple finally defined the rules for cryptocurrency applications and restricted those for ICOs and mining.