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Apple Card restrictions include no jailbreaking or cryptocurrency purchases
- saagarjha 7y agoI wonder if this verbiage is coming from Apple or Goldman Sachs (as I take it, banking apps are generally not too pleased when they run on jailbroken hardware).
- vineyardmike 7y agoThe linked documents are Goldman Sachs documents. So they're coming from GS, at least directly.
- shmerl 7y ago> we know now the Apple Card won’t play nice with a jailbroken iPhone Smells like anti-trust violation.
- dylz 7y agoVirtually every banking app on Android tries to detect rooted devices as much as possible and many suspend your online banking access if they find one..
- floatingatoll 7y agoAs do most enterprise MFA apps, unless your site admin permits jailbroken devices to enroll.
- cyphar 7y agoSome bank apps used to work on rooted phones, but thanks to Google SafetyNet (proprietary spyware which reports metrics about your phone to Google so they can determine whether it is "safe" for apps to run) a lot of apps that never did rooted checks have started using it. It might be possible to use XPosed to trick apps into think that the SafetyNet checks passed, but I bet they've worked hard to make that as hard as humanly possible.
- noahster11 7y agoIf you use Magisk, which is one of the most common ways to root nowadays, it not only roots, but allows custom software to be installed "systemlessly". This means in most cases, SafetyNet won't be able to detect a rooted phone. Just like with jailbreaking, smart people will always find a way around these barriers Apple and Google put up
- netsharc 7y agoIt's funny, it's basically installing a rootkit on your phone (one that you trust), it's a piece of software that has access to everything but tries to hide from detection. But yes I have it too...
- dylz 7y agoDoes that really work? If it was me doing this (NB: I would hate this as a user): I would retrieve the signed token from Google server-side, check whether it's true or false, and remotely lock out the account so it can't be signed in from any phone until you call customer service.
- ValentineC 7y agoGovernment apps too. I was told that jailbreak detection is a must for an app to pass certain audits.
- closeparen 7y agoYour plastic credit card also contains a general purpose computer that will respond similarly to tampering.
- briandear 7y agoI don't think you know what anti-trust violation means. You are free to sign up for a card that doesn't have anything to do with Apple. And Apple doesn't prevent you from using other cards with Apple Pay.
- shmerl 7y agoIt's product tying (tying it to their store).
- ptmcc 7y agoI'm still mystified by what supposed competitive edge the Apple Card is supposed to have. Its rewards program is pretty mediocre, and virtually every Visa/MC/Amex supports Apple Pay seamlessly as is. I'm pretty bought into the Apple ecosystem and do almost all my spending via credit card. I feel like I am supposed to be the target market, so what is the selling point?
- reaperducer 7y agoIt's my understanding that it will be easier to get an Apple branded credit card than most cards with similar features and rewards. To get no fees and cash back rewards, a lot of banks make you jump through hoops, have better than average credit, maintain a linked account with a minimum balance, and other things. Apple also seems to be emphasizing the simplicity of its card, and making it easier to manage than many other cards currently available. It's not the right card for everyone. But if there was a single "best" card, then there would be only one card, and everyone would have it.
- bdibs 7y agoI’m thinking about getting it for online purchases with Apple Pay and Apple purchases (maybe). It’d be a replacement for my Citi Double Cash, but even then the only real difference would be daily rewards vs monthly.
- paul7986 7y agoI think I read that if you lose your Apple Credit Card they will issue you a new one automatically in Apple Pay. You'll still get the physical one in the mail later, but if true that's a better UX then what all other cards currently do.
- shimms 7y agoUp, a relatively new digital bank in Australia does this already - I had my card setup in Wallet about 2 minutes after signing up online, a full week before the physical card arrived.
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- Mengkudulangsat 7y agoNot allowing cryptocurrency purchases with a credit card is good, for the same reason we should not allow credit cards on Robinhood.
- aey 7y agoCan I buy Warcraft gold? Or rmb?
- Mengkudulangsat 7y agoWarcraft gold, sure. RMB, I hope not. When you charge your credit card, on the bank's books these are marked as retail credit. The bank expect this portion of their portfolio to consist of consumer expenses and manages default risks accordingly. Banks also provide credit for currencies / investments, but those are containerized in another portion of the portfolio with different risk management practices. Mixing these two portfolios together will make risk management tricky.
- earenndil 7y agoWhy should you be able to buy rmb? Card in general have specific provisions against buying cash.
- floatingatoll 7y agoThe card terms prohibit cash equivalent purchases. RMB is cash equivalent, so no. World of Warcraft gold is not^ cash equivalent, so yes. ^You can trade WoW gold for another in-game currency, “Battle.net wallet”, which is pinned to a 1:1 ratio with various currencies but cannot be withdrawn and thus does not qualify as “cash equivalent”.
- IloveHN84 7y agoLooks like car makers pumping 500hp under the hood and then speed limiting to 250km/h (Audi, Mercedes, BMW related?).
- AVTizzle 7y agoThe specific callout of restricting "cryptocurrency purchases" in the title is click-bait. Actual context from the article: >And according to Reuters, it will also come with a ban on purchasing cash advances and cash equivalents, with the latter including cryptocurrencies, casino chips, and lottery tickets. >>It would seem neither Apple nor Goldman Sachs has anything in particular against cryptocurrencies, but Bitcoin and other digital tokens would seem to fall under the cash equivalents umbrella.
- jbverschoor 7y agoThis is to protect from a loophole of getting a 1% Apple Cash over cash purchases, which you could theoretically do unlimited times
- zxcvbn4038 7y agoNo, this is a fairly standard clause in credit card contracts to limit risk. Crypto currency values are extremely volatile. Not everyone can handle gambling (have you ever watched a card counting video on YouTube? Mostly bellyaching because some other player got “their” card). Cash advances are always loan shark rates (though I’m not clear how cash is considered high risk and a consumed meal is not). You’ll find similar clauses in many card agreements these days. Everyone is hungry for Apple Card details or this wouldn’t be news. There is a separate clause where Apple reserves the right to close the account of anyone reselling or gaming the system (doing something Apple didn’t think of).
- vineyardmike 7y agoI think part of the concern or risk around cash is that the CC company cannot 'undo' the transaction or get their money back the way they can in other transactions.
- sitharus 7y agoThe cash advance penalty is to protect the system cut. When you pay $50 for a meal the credit card system takes a 2-6% (some countries/regions limit this to sane amounts like 0.5-1%, eg EU countries and Australia) cut depending on the card, split between the network (visa, MasterCard etc) and the source and settling banks. If you take a cash advance for $50 you only see $50 on your statement and the network doesn’t get its cut. If there’s no penalty for using a cash advance you’d find many businesses would have an in-house ATM so you could pay in cash and they could avoid the cost of accepting cards. You actually see this in places like New Zealand where we have unregulated credit/debit card interchange rates but also have an established fee-free(ish) card system. Almost all smaller retailers accept EFTPOS card transactions but not credit/debit cards.
- yalogin 7y agoI hope the Apple Card is a huge success. There will be a fight to win customers and there will be better rewards from competitors. I will be waiting for those.
- cooperaustinj 7y agoCompetitors already have better rewards. The Apple Card will have no impact on the world of credit cards.
- briandear 7y agoApple Card has no fees at all. Not even a late fee. And privacy is far ahead of competitors. Competitors sell your purchase history everywhere. You also get the virtual numbers, you can change your number any time you want and customer support is via iMessage without the nonsense of the "Press 1 for your balance" phone systems common for more credit cards. It also comes down to trusting Capital One etc. with your data, vs. trusting Apple.
- lawnchair_larry 7y agoNot quite - the issuer is not Apple, but Goldman Sachs. So it’s about trusting Goldman Sachs and Apple and Mastercard with your data, vs trusting Capital One.
- TazeTSchnitzel 7y agoYou mean Capital One and Mastercard?
- sgjohnson 7y agoNot having a late fee doesn’t matter. Most people in the game for rewards have good credit. And you can’t have good credit with missed/late repayments. Doesn’t matter if you get charged a fee on it or not — not having a late repayment likely matters to you more than the fee you’d be charged for having one. Then again, judging by FICO scores that are okay for the Apple Card, it’s a entry-level card anyway.
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- ianai 7y agoYou also have to have an iPhone and apple account. If you don’t have a “required device” they only support interaction through snail mail. They will terminate accounts that fail to maintain a Required Device and Apple account (in good standing).
- kitchenkarma 7y agoThis is the future of electronic money. Companies will decide for you what you can or cannot buy.
- mFixman 7y agoThis is not money, it's a credit card. Banks have restricted what you can buy with the money you loan for ages. You can always buy bitcoin with your debit card.
- SmellyGeekBoy 7y agoIt's their money, they can place whatever restrictions on it they like. You're under no obligation to use their service.
- skywhopper 7y agoPointless clickbait article. None of this is interesting, new, surprising, or unique to the Apple Card.
- cascom 7y agoI’d be more interested in reading the privacy policy, as that is where I think this card may have a true edge vs the competition.
- sdinsn 7y ago> It’s rare to have a line of credit that can be used for cash equivalents Not true. Most credit cards have cash advances.
- ceejayoz 7y agoTechnically, I believe that's a loan taken with your credit line as the collateral. It often has a different interest rate and limit than the main line of credit does.