Tim Cook, Apple’s CEO, has recently announced that the company will be moving into the credit card business after partnering with Goldman Sachs for this specific purpose. The credit card is highly anticipated among the Apple users, as they see it as another great and innovative part of the Apple corporations plan for the future. But, just like with their recent update regarding the App Store, the company is going to be incredibly restrictive about credit cards, which is a shame, but par for the course for the company and the industry in general. 

App Store update, credit card release

The Apple corporation came out with an announcement about two updates to its operations. The first was regarding the App Store and its update. The update would now require all apps that are sold within the store to be written in a language that is native to the App store, created specifically for Apple. This will have long-lasting effects on all of the apps that are sold with the store. It will also be affecting all online casinos, who will now have a harder time developing apps for mobile casino players who use iOS. This has been met with a lot of disappointment by both developers and users but is something that all companies will end up having to adapt to if they want to be part of the app store. 

The Apple corporation also came out with the news that they will be introducing a new product – the Apple credit card. The company has decided to partner with Goldman Sachs in order to be able to provide this product, which is already highly anticipated by many. The piece of plastic is new territory for the company, but one that it has been thinking of entering for a while. Unfortunately, the credit card will not be used for anything that would be interesting to many of those who like to have fun and take risks. Specifically, the company and Goldman Sachs together have announced that the credit card will have specific restrictions against being used for purposes of gambling, cash advances or other related subjects. The list is quite long and includes many financial products that are not going to be available to the users of this credit card. 

  • Users will not be able to purchase: 
  • Cash advances
  • Casino chips
  • Cryptocurrencies
  • Traveller’s checks
  • Foreign currencies
  • Money orders
  • P2P transfers
  • Wire Transfers
  • Other cashlike transactions
  • Lottery tickets
  • Race track wagers

Other betting and gambling-related products

This might seem like a very limiting set of rules for many people, but the truth of the matter is, this practice is standard among credit card issuers. Most major credit card companies, such as American Express, disallow the use of credit cards for the purpose of gambling. Furthermore, Nevada has made it illegal to purchase casino chips with the use of credit cards within the state and specifically within Las Vegas. This is standard legislation put in place to protect users from going into debt because of gambling. 

But, the good news is that there is a way to get around the rule when playing with online casinos. People will be able to register their credit cards as a way to guarantee payment for cash advances that they get from the casino. This way, users who want to use their credit cards in order to purchase casino chips or get cash advances from online casinos, will be able to do so with the use of their credit cards. This avoids the restriction on cash advances but also allows their purchase without an issue. So if a user wants to use an Apple credit card to gamble, they will be able to do so with ease, as long as they do it with an online casino.