The invitations to obtain an Apple Card are coming, but even before making the first purchase with your new shiny credit card, you must reject your arbitration provision.
If you do not, you give up the right to benefit from any class action lawsuit filed against Goldman Sachs, the bank that supports the Apple Card.
I hope for the best, plan the demand
It's a bit bleak to plan for a disaster, but it's necessary. And if something ever goes wrong in your dealings with Goldman Sachs, it is better to have the option of taking the financial institution to court.
Or you can let others take Goldman Sachs to court on your behalf, through a class action lawsuit. Over the years, such lawsuits were addressed to other credit card issuers for allegedly charging excessive interest or surcharges. The agreements won compensation for customers.
With the Apple Card (as with other credit cards), any arbitrator who does not opt for the arbitration provision will have their complaints individually heard by an arbitrator. Consumer advocates warn against this.
How to reject the arbitration provision of the Apple Card
The process to opt out of arbitration is detailed in the Apple Card Customer Agreement. You will find the key section conveniently located on page 14:
“You can reject this arbitration provision by contacting us by messages, calling 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 "Notice of Rejection"). Your rejection notice must be received within 90 days of opening your account. ”
According to Goldman Sachs, cardholders can contact the company through:
- Apple messages
- Call toll free 877-255-5923
- Writing in Lockbox 6112
PO Box 7247
Philadelphia, PA 19170-6112
As a new Apple card holder, I contacted the company on that phone number, talked to a customer service representative and rejected the provision in just a few minutes.
Remember, you have 90 days after opening your account to opt out of Apple Card arbitration. After that, you cannot change this setting.