Apple Inc. and Goldman Sachs Group Inc. will soon launch their new credit card, but are saying “no dice” for users who want to buy cryptocurrencies with it.
That’s apparently just too big of a gamble.
“You may not use or permit your account to be used for ... cash advances or cash equivalents,” reads the Apple Card Customer Agreement, which was posted Friday on Goldman’s web site. Goldman said it considers “cash advances or cash equivalents” to include cryptocurrency, peer-to-peer transfers, lottery tickets, gambling chips, race-track wagers, travelers checks, foreign currency and wire transfers.
While neither Apple AAPL, -2.12% nor Goldman GS, -1.05% immediately commented on the crypto ban, other banking companies, such as JPMorgan Chase Co. JPM, -0.01% and Citigroup Inc. C, -0.34% , have similar policies, aimed at protecting users from accumulating massive debts as the result of the volatile price swings of bitcoin BTCUSD, +0.74% and other crpytos.
The Apple Card agreement also says users may not use accounts that are linked with an iPhone that has been subject to unauthorized modification, a process of disabling hardware of software controls known as “jailbreaking.”
During Apple’s quarterly earnings conference call last week, Chief Executive Tim Cook said Apple plans to launch the card this month.
Apple shares are up 29% year to date, while Goldman Sachs is up 25%, compared to a 14% gain for the Dow Jones Industrial Average DJIA, +0.00% , of which both are components.
