Bloomberg today offered some fresh new Apple Card details, like the existence of a dedicated app for signing up and managing the card with iPad support.Moreover, Apple Card management app for iPad is in the works, per authors Mark Gurman and Jennifer Surane.
According to the official Apple Card Customer Agreement published over the weekend on the Goldman Sachs website ahead of August launch, first spotted by MacRumors, using the service on a jailbroken device could easily lead to the closure of your account.
If you make unauthorized modifications to your Eligible Device, such as by disabling hardware or software controls (for example, through a process sometimes referred to as ‘jailbreaking’), your Eligible Device may no longer be eligible to access or manage your Account. You acknowledge that use of a modified Eligible Device in connection with your Account is expressly prohibited, constitutes a violation of this Agreement, and could result in our denying or limiting your access to or closing your Account as well as any other remedies available to us under this Agreement.
The rest of the legal text confirms other Apple Card features such as the interest rate range of 13.24-23.24 percent (payments should be made by 11:59pm ET on the last calendar day of the month to avoid interest), Apple Card eligibly, one-card limit per Apple ID, rewards program, credit limit details, return, no fee approach and more. More concretely, the service requires an “iOS or iPadOS device that has a version of iOS or iPadOS (as applicable) that supports the use of Apple Card, has internet access and has a passcode enabled.”
The amount of Daily Cash back is determined by multiplying the transaction amount by the percentage for the transaction type, rounded up to the nearest cent. It’s paid out to your Apple Cash card in the Wallet app. If you don’t have one, your Daily Cash will accrue and be applied as a payment credit using the Wallet app. Your monthly payments can be made from your Apple Cash account or via a US bank account.
Your Account automatically has a ‘Grace Period on New Transactions’ in a month where your New Balance for the prior month is $0 or a credit balance. Your Account will also obtain a Grace Period on New Transactions in a month if your Account has a New Balance for the prior month that is greater than $0 and you pay the New Balance for the prior month on or before its payment due date. In a month in which your Account qualifies for a Grace Period on New Transactions, we will not charge interest during that month on any new Transactions that post to your Account.
It was also revealed that Apple’s Barclays Visa card is no longer offering rewards. Apple’s long offered Visa-branded cards in partnership with Barclays Plc, but customers will no longer be able to collect rewards on Apple purchases because of Apple Card’s own cash back rewards program.
The Bloomberg writers wrote:
The Apple-branded Barclays card is no longer offering $50 worth of Apple gift cards and providing three points per dollar spent on Apple products to new customers, according to changes on its website. Card users had been able to convert every 2,500 points into $25 of credit toward Apple merchandise.
Barclays said the change to the rewards program won’t apply to existing cardholders.
Apple and Goldman have spent the past few months preparing their co-branded credit card, which will offer three percent cash back on Apple purchases. In new terms disclosed this week, the companies said Apple Card customers also will be offered separate financing plans for certain purchases, in addition to the ability to carry a revolving balance.
Apple Card may also offer financing plans. According to the official terms, unspecified purchases made with an Apple Card would be eligible for financing plans, with the amount due for those purchases not being incorporated into interest charges.
Apple Card is a credit card backed by Goldman Sachs and using the MasterCard payment network: would-be customers will need to pass credit check. It’s unclear if Apple Card would permit customers to make large purchases and pay them off over a set period of time similar to financing plans offered by lenders such as JPMorgan Chase and American Express.
Apple Card is official coming sometime this month.