After getting announced earlier this spring, Apple is finally starting to invite customers to try out its new credit card this week. And while the Apple Card’s rewards aren’t all the impressive compared to high-end cards from Chase and Citi, for anyone intrigued by the card’s privacy features or deeply invested in Apple’s ecosystem, the Apple Card could still be a welcome alternative to existing credit cards.
However, if you do plan on getting an Apple Card, there’s one thing you might want to do: opt out of forced arbitration. By default, when you sign up for an Apple Card, you are agreeing to be bound by the rules of Goldman Sach’s (Apple’s financial partner for the Apple Card) customer agreement, which includes a section that says
“THIS AGREEMENT REQUIRES CLAIMS TO BE ARBITRATED AND FORBIDS CLASS ACTIONS UNLESS YOU (1) ARE SUBJECT TO THE PROTECTIONS OF THE MILITARY LENDING ACT OR (2) EXERCISE YOUR RIGHT TO REJECT ARBITRATION AS PROVIDED IN THE ARBITRATION PROVISION, WHICH IS SET FORTH AT THE END OF THIS AGREEMENT.”
Depending on the situation, this makes things more difficult if something goes wrong, because by agreeing to arbitration, you are forfeiting the ability to take part in a class-action lawsuit or sue Goldman Sachs if anything ever goes wrong. Instead, in the event of a disagreement or “claim”, an arbitrator will review the case and make a ruling without ever getting the courts involved or you being able to make your case.
Thankfully, it’s possible to reject Goldman Sachs arbitration provision, but there are a few things you need to know. The first and most important thing is that Goldmach Sachs must receive a rejection notice within 90 days of you opening your Apple Card account. Second, even if your arbitration rejection notice is accepted, it doesn’t retroactively apply to any claims filed prior to Goldman Sachs receiving the notice, so sending in your rejection notice should be the first thing you do. Third, if you don’t opt-out, any claims against both Goldman Sachs and Apple (along with any Apple affiliates) will be subject to arbitration.
OK, now that we’ve gotten that out of the way, here’s how to send in your rejection notice, which fortunately is relatively straightforward. Goldman Sachs says (emphasis ours):
“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”).
In this case, the phone number you are looking for is 877-255-5923. Meanwhile, if you prefer to send in a physical letter, you can address your rejection notice to Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112. And if you’re feeling particularly concerned, after sending in your initial arbitration rejection notice, you may want to contact Goldman Sachs later to confirm that they have received your notice.
All this said, while most people probably won’t ever have a dispute that requires arbitration, by opting out, at least you give yourself the best chance to make your claim if something does happen.