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Goldman Sachs User Agreement Related reading: Explain Apple Card in detail: what's special about the credit card issued by Apple
The War Behind Apple Card: Citigroup Exits Goldman Sachs and Enters
Sina Digital News reported on the morning of August 5 that before the launch of Apple Card, its partner Goldman Sachs Investment Bank had already displayed the user agreement of the card on its website. Because Apple has attracted much attention and this is a rare "physical service product", many details of Apple Card have actually been exposed in advance, but there are some official announcements on the Goldman Sachs website. And also mentioned the details of the press conference.
Apple Card is the only physical hardware product launched by Apple at its spring launch in March this year. It also has a "software version", that is, a virtual electronic card placed in a mobile phone. Although Apple prefers people to use the latter, not all cash registers can support Apple Pay (contactless payment needs card machine support), so Apple and Goldman Sachs have prepared such a physical credit card for users.
The gas station is the most typical physical credit card use scenario in the United States This agreement of Goldman Sachs involves qualification (requires an Apple ID and dual authentication), how to use the account, details of credit limit, support equipment, returns, payment information, fees, etc.
Goldman Sachs explicitly prohibits users from associating and using this card on jailbroken Apple devices (obtaining iPhone management rights by cracking), and said that doing so may lead to Apple Card Account closed.
Their terms say that if you make unauthorized modifications to eligible devices, such as disabling hardware or software controls (also known as the "jailbreak" process), the device may no longer be eligible to access or manage your account. The use of modified devices for your account is expressly prohibited, which constitutes a violation of this agreement, and may lead us to deny or restrict your access/close your account, as well as any other remedies available to us under this agreement.
The agreement also mentions the details of daily cash return, which can be divided into three categories: 1) 3% cash return can be obtained when purchasing Apple software/hardware products in Apple Store, Apple website, Apple App Store and iTunes. Including games, in app purchases, Apple Music subscriptions, and even the additional payment for iCloud storage plans; 2) Daily shopping with Apple Pay can get 2% rebate, without category restrictions. As long as you use this card, whether it is a supermarket or a taxi, you will get a discount of 98%; 3) If you happen to encounter a store, website or app that does not accept Apple Pay, the entity Apple Card will still return 1% of the consumption amount.
From this cashback rule, we can also see Apple's idea that they want users to spend as much money as possible in the Apple system, so that users can get more cashback.
Apple Card is both a virtual card and a physical card Many banks in the United States have credit card refunds, but most of them do not return money until they have accumulated a certain amount or time. Apple's approach is obviously clearer. The cash rebate is "daily settlement" rather than weekly or monthly settlement. The daily cash rebate is the amount of daily transactions X the cash rebate ratio. The rebate amount is rounded to the nearest cent and returned to the Apple Card in the iOS "wallet".
At the conference call after the announcement of the financial report last week, Apple CEO Cook said that the Apple Card would be launched in August. Now, judging from the agreement of Goldman Sachs, this card is indeed not far from being officially launched. But at present, this special credit card is only issued in the United States. If Apple wants to promote to other places, it needs the support of local partners (banks or financial institutions) and the approval of local financial institutions. We think this will be a long process.
