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The agreement covers eligibility requiring an Apple ID and two-factor authentication, how accounts can be used, credit limit details, eligible devices, returns, payment information, fees and charges. (there is none) and more, reported MacRumors Friday.
The document also explains how interest rates are determined, how daily balances are collected, when interest begins to accrue, how minimum payments are calculated and when payments must be made to avoid interest.
Earlier in March, Apple had introduced the Apple Card, integrated with the iPhone Wallet app, to provide users with a familiar Apple Pay experience and the ability to manage their card on their devices.
The iPhone manufacturer has partnered with Goldman Sachs and Mastercard to provide the necessary support for the creation of a bank and a global payment network for Apple Card.
Apple Card does not need any 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 while providing a new level of privacy and security.
Earlier this week, Apple CEO Tim Cook announced that the Apple card will be launched in August, so it will be available next week, the report adds.
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