Apple Card Arbitration Agreement: how to withdraw

What is called an "arbitration clause" is buried in the details of the new Apple credit card.

This means that in case of dispute with Apple or Goldman Sachs, the bank that actually manages the card and manages the financing, you may have lost your right to sue one or the other company. Instead, Goldman Sachs or Apple may choose to solve the problem through an arbitration process in which a theoretically neutral judge outside the court system decides.

"You hereby knowingly and voluntarily waive the right to be heard by a court or to have a trial in a court of law for all claims subject to this Agreement", in accordance with the terms of this Agreement. Apple Card customer agreement posted on the Goldman Sachs website. (The capital letters come from the contract.)

The arbitration clause is active by default when a consumer requests and is approved for an Apple card.

However, consumers can unsubscribe by contacting Goldman Sachs within the first 90 days. And it's relatively easy compared to other cards.

A user-friendly chat interface allows you to unsubscribe by sending text messages from your iPhone. (You can also unsubscribe by sending a letter or calling a phone number.)

To use it, open the Wallet app on your iPhone and press your Apple Card, which will take you to the Apple Card main interface. In the upper right corner, touch the three-dot menu, then on the next screen, press "Message", which should be under your name.

This should lead you to an automated text message string called "Apple". Ask to withdraw and you should be done.

You may have seen a wave of new Apple Card card holders on social networks explain the importance of not participating in arbitration, as it was something again or delicate with the card:

In fact, arbitration clauses are common in credit card contracts, told CNBC's CreditCards.com analyst, Ted Rossman.

"Compulsory arbitration is very common among credit card issuers," Rossman said. "23 of the 29 major credit card issuers surveyed have resorted to compulsory arbitration."

According to a study conducted in 2015 by the Consumer Finance Protection Bureau, it is generally possible not to join, but most people do not worry because it requires more work or simply, they are not aware of the clause and what it means.

But it is not because they are common that they are harmless.

"It's very anti-consumer, it's a way to mislead consumers," Paul Bland, executive director of public justice, consumer rights advocate, told CNBC.

Arbitration is primarily used to stop class actions, in which many clients unite to sue for often minimal and systemic errors, Bland said.

"I think arbitration is not as fair as litigation, so 99.9% of cases simply go away if you can not get together as a group," said Bland. "What Apple is doing, is that they are sort of giving themselves a card" Free yourself from jail "they're cheating a lot of people with a moderate to modest sum."

Rossman is not in agreement. He says that arbitration is not a major concern for most credit card consumers and recommends to most people to try traditional ways of customer service to solve problems. For people who need a legal remedy, the small claims court is not covered by the arbitration agreement and may be the best solution, he added.

Goldman defended his practice of arbitration in a statement to CNBC. "We believe that we have consumer-friendly arbitration provisions for our consumers, which balance the simple and transparent features of our products with the increased efficiency, cost savings, flexibility and privacy afforded by arbitration. "

Apple declined to comment.

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