Goldman Sachs updates users about working of Apple Card

Ahead of the launch of Apple’s first-ever credit card for iPhones, the customer agreement for the Apple Card has been found on the Goldman Sachs website about the ins and outs of its working.

The agreement goes over eligibility that requires an Apple ID and two-factor authentication, how accounts may be used, credit limit details, eligible devices, returns, payment info, fees (there are none) and more, MacRumors reported on Friday.

The document also details on how interest rates are determined, how daily balances are collected, when interest begins to accrue, how minimum payments are calculated and when payments should be made to avoid interest.

Earlier in March, Apple introduced the Apple Card, built into the Wallet app on the iPhone, to offer users a familiar experience with Apple Pay and the ability to manage their card on their devices.

The iPhone-maker has partnered Goldman Sachs and Mastercard to provide the support of issuing a bank and a global payments network for Apple Card.

Apple Card needs no number, CVV security code, expiration date or signature.

According to the company, Apple Card simplifies the application process, eliminates fees and encourages customers to pay less interest and providing a new level of privacy and security.

Earlier this week, Apple CEO Tim Cook said that the Apple Card would launch in August, so it could become available as soon as next week, the report added.