BUSINESS

Apple to release credit card, just not for anything fun

TAGs: Apple, Credit Cards, Gambling app, Tim Cook

Apple CEO Tim Cook has already made it obvious that, either for financial incentives or personal beliefs, doesn’t support gambling. A recent change of the Apple App Store guidelines requires that apple-to-release-credit-card-just-not-for-anything-funall apps be built using the company’s native language, not alternatives such as HTML5, which instantly made it difficult for any online casino to offer its products to iOS users. As the company is preparing to launch its own credit card, thanks to Goldman Sachs, it has announced that the card cannot be used for virtually anything but cash advances.

In other words, don’t expect to use the Apple Card for gambling – not for purchasing casino chips, betting on horse races, topping off an online gaming account or anything remotely tied to gambling. It also won’t allow the cards to be used for purchasing cryptocurrency and, without crypto or gambling, what else is there? An overpriced Double Mocha Latte at Starbucks?

According to a statement by Goldman Sachs, anything that could be viewed as an alternative to any “traditional” cash advance is not permitted. The company asserts, “Cash Advance and Cash equivalents means any cash advance and other cash-like transaction, including purchases of cash Cash Advance and Cash Equivalents; equivalents such as travelers checks, foreign currency, or cryptocurrency; money orders; peer to peer transfers, wire transfers or similar cash-like transactions; lottery tickets, casino gaming chips (whether physical or digital), or race track wagers or similar betting transactions.”

The good news, is that the card can be used to make purchases in Apple’s retail stores, Apple Music and iTunes. Of course, with iTunes soon to be destroyed, the pool of options will be reduced.

To be fair, Apple isn’t alone in making its card restrictive. Many cards prevent their cardholders from making gambling-related purchases, and Discover and American Express explicitly prevent gambling chips from being purchased with plastic. Nevada itself prevents the use of credit cards for the purchase of chips and California won’t allow them to be used to purchase any items associated with the lottery.

Fortunately, there’s an easy workaround that cardholders can use, the results of which are the same as if purchasing chips directly were made. Many casinos offer the ability to use credit cards for cash advances, which means a patron can take a cash advance in the casino and then use the funds to make gambling purchases.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com