According to a customer agreement published on the website of Goldman on Friday, The Apple Inc credit card launched with Goldman Sachs Group Inc. will not allow the purchase of crypto currencies with the card.
The agreement with Apple Card customers indicated that the card could not be used to buy cash advances or cash equivalents, including cryptocurrencies, casino gambling chips, race track bets or lottery tickets. Goldman declined to comment and Apple did not immediately respond to the request for comment.
The Apple Card is part of Apple’s broader effort to make the most of its service revenue after years of heavy dependence on iPhone sales, up 12 percent in the last quarter.
For Goldman, Apple’s partnership is part of the long-standing investment bank’s efforts to create a consumer-driven business.
Apple and Goldman are not the only ones that prohibit the purchase of cryptocurrencies such as Bitcoin with credit cards.
Major US and British banks Lloyds Banking Group Plc and Virgin Money banned these purchases last year, after US giant JP Morgan Chase & Co and Citigroup.
The banks were worried that price volatility would leave consumers struggling with debts they couldn’t pay.
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17 November, 2019