Apple has announced that they are moving into the world of banking with a brand new credit card, but in the fanfare of the launch many are just complaining that it can’t be used for anything fun, including gambling.
Gambling and Cryptocurrencies
Given how Apple users are about their products, we suspect this sleek new credit card will have plenty of applicants, but just a few days from launch it’s announced that it won’t be much use to gamblers, or crypto-currency enthusiasts as purchases of both of these things are restricted.
Goldman Sach’s, who is Apple’s partner for the credit card project published the customer agreement on August 2nd and that states the restrictions on the card, including cash advance and cash advance equivalents, which include casino gambling, online gambling and betting, and the purchase of digital currencies.
The card will have plenty of perks, including tie in purchases for people using Apple products and cashback incentives, but with gambling becoming so popular in the US, this may put users off.
In Line with UK and EU Rules
While consumers in the US may be upset they won’t be able to use their card for gambling, many people around the world will be surprised they thought they would be able to. Because Apple’s rules are in line with rules already in jurisdictions such as the UK, EU, New Zealand and Australia who have already cracked down on gambling activities using credit cards.
Many financial institutions around the world are banning lines of credit as a way to fund casino and gambling accounts as it encourages problem gambling and encourages users to spend money they don’t have, so Apple’s rules are actually well in line with many around the world, even if this is disappointing for users.