How and why you should reject arbitration on your Apple Card

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Apple Card
There’s something you need to do before you make your first Apple Card purchase.
Photo: Apple

Invitations to get an Apple Card are trickling out, but even before you make the first purchase with your shiny new credit card, you should reject its arbitration provision.

If you don’t, you give up the right to benefit from any class-action lawsuits brought against Goldman Sachs, the bank backing Apple Card.

Hope for the best, plan for the lawsuit

It’s slightly gloomy to plan for disaster, but it’s necessary. And if anything ever goes wrong in your dealings with Goldman Sachs, it’s better to have the option to take the financial institution to court.

Or you could let others take Goldman Sachs to court on your behalf, via a class-action lawsuit. Over the years, such lawsuits targeted other credit card issuers for allegedly charging excessive interest or late fees. Settlements earned customers compensation.

With Apple Card (as with other credit cards), anyone who does not opt out of the arbitration provision will have their complaints heard individually by an arbiter. Consumer advocates warn against this.

How to reject the Apple Card arbitration provision

The process to opt out of arbitration is spelled out in the Apple Card Customer Agreement. You will find the key section conveniently located on page 14:

“You may reject this arbitration provision by contacting us using messages, calling us, or writing to us, and stating the following: (I) your name; (ii) the email address associated with your account; (iii) the address associated with your account; and (iv) that you are exercising your right to reject this arbitration provision (a “Rejection notice”). Your rejection notice must be received within 90 days after the opening of your account.”

According to Goldman Sachs, card holders can contact the company via:

  • Apple Messages
  • Calling toll-free at 877-255-5923
  • Writing to Lockbox 6112
    P.O. Box 7247
    Philadelphia, PA 19170-6112

As a new Apple Card holder myself, I contacted the company on that phone number, spoke with a customer care representative, and rejected the provision in only a few minutes.

Remember, you have 90 days after you opened your account to opt out of Apple Card arbitration. After that, you can’t change this setting.