August 2, 2019 / 9:55 PM / a month ago

Apple Card will not allow purchase of cryptocurrencies

FILE PHOTO: The Apple logo is displayed onstage before a product unveiling event at Apple headquarters in Cupertino, California October 4, 2011. REUTERS/Robert Galbraith/File Photo

(Reuters) - The Apple Inc (AAPL.O) credit card being launched with Goldman Sachs Group Inc (GS.N) will not allow the purchase of cryptocurrencies with the card, according to a customer agreement posted to Goldman’s website on Friday.

The Apple Card customer agreement said the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets. Goldman declined to comment and Apple did not immediately respond to request for comment.

The Apple Card is part of a broader effort by Apple to derive more of its revenue from services after years of heavily reliance on iPhone sales, which declined 12% in the most recent quarter.

For Goldman’s part, the Apple partnership is part of the longtime investment bank’s effort to build out a consumer-facing business.

Apple and Goldman are not alone in banning the purchase of cryptocurrency such as Bitcoin with credit cards. Major American and British banks Lloyds Banking Group Plc (LLOY.L) and Virgin Money VM.L banned such purchases here last year, following the lead of U.S. banking giants JP Morgan Chase & Co (JPM.N) and Citigroup (C.N). The banks were concerned that volatile prices could leave consumers saddled with debts they could not repay.

Reporting by Stephen Nellis; Editing by Will Dunham

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