No Gambling or Crypto Purchases With The New Apple Credit Card
Apple credit card not for gambling activities or purchasing cryptocurrencies
Apple- the world's most profitable company. A company which managed to revolutionise the technology domain, it turned out to be a company making a difference. Most of the companies in technology space focus on one or two core sectors. Well, this is not the case with Apple which is involved in all of them. What is. more, now, people will have the opportunity to make use of the brand new Apple credit card. What a company, right?
Innovative as usual
Unsurprisingly, many people are waiting eagerly to order their brand new Apple credit card. While this sounds relatively good, there are some bad news for gamblers and crypto enthusiast. According to recent release by Apple's partner for the credit card project, Goldman Sachs, the credit card agreement will have some restrictions. These have been labeled as “cash advance and cash equivalents', meaning that some transactions will not be allowed. Amongst them will be casino gambling, online betting and purchasing of digital currencies. However, you can still benefit from the new release as the credit card will offer daily cashback incentives which include a 3% cashback on purchases from Apple stores or 1% cashback for purchases from other stores. Very interesting, isn't it?
Currently, Apple has been very busy with the broad strategy to diversify its revenue sources instead of relying purely on hardware sales. On the other hand, Goldman Sachs has been working on a more consumer-focused business. This new cooperation can potentially lead to a resounding success, at least we believe so. It seems that both companies will fully benefit from this cooperation, but we have to wait to see the outcome.
Gambling Restrictions
According to the agreement, people who applies for the Apple credit card, regardless being digital or physical version, will be unable to gamble or purchase cryptocurrency. Nevertheless, this is not the first time gamblers receive bad news in terms of online gambling with credit cards. Just last month the Australian bank, Macquarie, informed that they will cut gambling and lottery related transactions on credit cards. The rationale behind this decision was the growing regulatory pressure within the nation's gambling industry.
A further reason could be the potential loss. When it comes to credit cards they can be regarded as a main problem. This is because when you use credit cards you can gamble with money you do not have. As a result, if this short-term investment is unsuccessful, you will have your debt increased and encourage problems with your well-being.
Apple credit card: Thinking about the future
In conclusion, what lies behind Apple's success is not luck- it is their focus on generating better ideas faster. Unfortunately, it looks like the day when Apple credit card appears on the market will not be the happiest one for gamblers. On the other hand, gambling authorities are currently considering banning all credit card gambling activities. So far, some jurisdictions such as United Kingdom, New Zealand and Australia have started cracking down on such activities. Thus, it seems that Apple wants to solve a future problem from the very beginning. All we can say for sure is that millions of people will get their hands on those Apple credit cards.
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