Posted publicly on the website of investment bank Goldman Sachs, the Apple Card User Agreement states that users will need an eligible device to access the card, meaning a device linked to an "Apple ID associated with an iCloud account that is in good standing with Apple, as well as a valid email address associated with your Apple ID." The account will also need to have two-factor authentication turned on.
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There's also bad news for those with jailbroken iPhones – according to the agreement, "disabling hardware or software controls" via jailbreaking will render your device "no longer… eligible to access or manage your Account."
When signing up for the Apple Card, users must also "acknowledge that use of a modified Eligible Device in connection with your Account is expressly prohibited, constitutes a violation of this Agreement, and could result in our denying or limiting your access to or closing your Account as well as any other remedies available to us under this Agreement."
Additionally, users will not be allowed to use their accounts for cash advances, which the agreement describes as "any cash advance and other cash-like transaction, including purchases of cash equivalents such as travelers checks, foreign currency, or cryptocurrency."
This also includes "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."
Admittedly, these stipulations are quite common in credit card agreements, so they shouldn't come as much of a surprise. However, they'll surely be disappointing to those who were hoping Apple's "smarter" credit card might prove an exception. It doesn't appear to be thinking too differently – at least in this regard.