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Apple Credit Card Can't Be Used To Buy Cryptocurrencies

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The Apple credit card, launched in March by Apple Inc. in partnership with the Goldman Sachs Group and MasterCard, cannot be used to buy cryptocurrencies such as Bitcoin, according to the Apple Card customer agreement.

The agreement says the card cannot be used to purchase cash advances or cash equivalents - travelers checks, foreign currency, cryptocurrency, money orders, race track wagers, lottery tickets, casino gaming chips, etc.

Most of the American, Canadian and British banks had banned the use of their credit cards to purchase cryptocurrencies way back in 2018.

In February last year, leading banks and financial firms such as the Bank of America, Citigroup, JP Morgan Chase, Capital One, Discover, Virgin Money, Toronto-Dominion Bank (TD Bank), Royal Bank of Canada (RBC), and the Lloyds Bank had banned purchase of cryptocurrencies using credit cards. The ban, however, did not apply to debit cards.

Payment processors VISA and Mastercard also made it more difficult to buy cryptocurrencies using cards by charging additional fees.

Apple is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network for the apple Card.

Apple Card is built into the Apple Wallet app on iPhone and is designed for use in concert with Apple Pay, Apple's digital wallet.

Apple has also designed a physical, laser-etched titanium card for shopping at locations where Apple Pay is not accepted yet. The physical card has no card number, CVV security code, expiration date or signature on the card, which makes it more secure than other physical credit cards.

The card comes with unique security features like Face ID or Touch ID and a one-time unique dynamic security code. There are also no fees associated with the card, including annual membership fee, late fee, international fee or over-the-limit fees.

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