In terms of rewards-earning capability, the Apple Card hasn’t exactly been a game-changer in the credit cards space. The card’s cash-back rate tops out at 3% and is reserved for purchases at fewer than a dozen specific merchants. Plenty of credit cards with no annual fee have superior rewards rates and require less fuss to earn them. Some even come with lucrative sign-up bonuses.
But the Apple Card does boast some unique features not often found on those other cards, and one example is the Daily Cash that cardholders earn on every purchase. Daily Cash may be redeemed as soon as the transaction posts to the card account. The ability to get near-instant rewards distinguishes the Apple Card from most other rewards credit cards, which make cardholders wait until the end of the billing cycle to use their rewards.
Here’s what you need to know about the Apple Card’s Daily Cash.
Daily Cash is the proprietary currency that is earned on every purchase with the Apple Card. Daily Cash is distinct from Apple Cash, which is the digital debit card that’s built into iPhone Apple Wallets.
TERMS TO KNOW• Apple Card: The credit card.• Daily Cash: The card's cash-back rewards currency.• Apple Pay: The mobile payment system compatible with iPhone 6 and later. It allows wireless checkout at store terminals and in apps and websites that support it.• Apple Cash card: The virtual debit card that lives on your iPhone for sending and receiving money (similar to Venmo and PayPal). This is where Daily Cash will be credited.• Wallet app: A native iPhone app that includes your credit cards to be used with Apple Pay, as well as perhaps airplane boarding passes, loyalty cards and other virtual cards you’ve added.
True to its name, Daily Cash is credited to you every day so that you can use it almost immediately after making a purchase.
Some purchases with the Apple Card earn more Daily Cash than others, as noted below:
Rewards
Categories
3% cash back
• Apple Pay purchases made directly with Apple (including Apple stores, within the App Store and for Apple services).
• Ace Hardware purchases via Apple Pay. This includes purchases in the Ace Hardware app, on AceHardware.com and at participating stores nationwide.
• Exxon and Mobil gas station purchases via Apple Pay. This includes fuel, car washes and convenience store purchases.
• Nike purchases via Apple Pay (in U.S. stores, on Nike.com and on Nike apps).
• Panera purchases via Apple Pay.
• In-store T-Mobile purchases via Apple Pay.
• Uber and Uber Eats purchases via Apple Pay.
• Walgreens and Duane Reade purchases via Apple Pay.
2% cash back
All other purchases made via Apple Pay.
1% cash back
All purchases made with the physical Apple Card.
Daily Cash never expires as long as the account is in good standing.
Apple Card holders may occasionally earn Bonus Daily Cash on select purchases. Participating merchants and the Daily Cash earning rate can be found at www.apple.com/apple-card or in the Daily Cash Hub.
How do I use Apple Daily Cash?
Daily Cash may be used in one of several ways:
Deposit Daily Cash to an Apple Savings account. (The Apple Card must be added to the Wallet in order to enable this option.)
Deposit Daily Cash to an Apple Cash card.
Redeem Daily Cash as a statement credit toward the balance on the Apple Card. This credit counts as a payment.
Cardholders may only select one redemption option. In other words, it’s not possible to send some Daily Cash to Apple Savings while the rest is converted to a statement credit.
If you open an Apple Savings account, Daily Cash will automatically be deposited into that account. However, redemption preferences may be modified any time in the Apple Wallet.
Apple Card is a credit card created by Apple Inc. and issued by Goldman Sachs, designed primarily to be used with Apple Pay on an Apple device such as an iPhone, iPad, Apple Watch, or Mac.
earns Daily Cash, which can be deposited to the Apple Cash debit card or an Apple Savings account. Jae Bratton is a writer for the credit cards team at NerdWallet.
What is Daily Cash? When you buy something with Apple Card, you get a percentage of your purchase back in Daily Cash. There's no limit to how much Daily Cash you can get, and you can choose where it goes. Grow your Daily Cash by having it automatically deposited into Savings so that you earn interest.
What are the cons of Apple Pay Cash? Apple Cash is fast and convenient to send payments - however, it can only be used by Apple device users, and it's only available in the US. That means it's not a solution if the person you're sending money to prefers Android, or if you're making an international transfer.
If you don't have an Apple Cash account: You can apply Daily Cash as a credit on your statement balance at card.apple.com.Click Settings in the sidebar.Below Daily Cash Balance, click Apply to Apple Card Balance, then click Apply.
Setting up Apple Cash doesn't affect your credit and won't be impacted by any credit freezes. To protect your account, you might be asked to verify your identity at certain points when using Apple Cash. If you don't want to provide this information, you won't be able to use the full functionality of Apple Cash.
When you buy something using Apple Card, you get a percentage of your purchase back in Daily Cash — not a month from now, but every day. It's real cash, so unlike rewards, it never expires or loses its value.
Once you've linked your bank account, here's how to transfer funds from your Apple Cash: Open the Wallet app on your iPhone or iPad and tap on your Apple Cash card. Tap the three-dot menu at the top right of the screen and select “Transfer to Bank.” Enter the amount you want to transfer and tap “Next.”
Apple Cash is built right into iPhone, making it an easy way to send and receive money. And because it's a digital card that lives in Wallet, your Apple Cash can be spent in stores, online, and in apps with Apple Pay.
With Apple Cash (available in the U.S.), you can send, request, and receive money in the Wallet app or Messages app , get cash back from Apple Card transactions, make purchases, and transfer your Apple Cash balance to your bank account.
The difference between Apple Cash and Apple Pay is that Apple Cash is a digital card that you can use to make payments, while Apple Pay is the digital service that lets you use Apple Cash (as well as other credit and debit cards you add to Apple Wallet) to make payments.
Your account may be locked if there's suspected fraud on the account, or if additional security checks need to be completed. If your account is locked, you can't use Apple Cash to make purchases, send or receive money, add money to your account, or transfer money to your bank.
All other purchases made via Apple Pay. All purchases made with the physical Apple Card. Daily Cash never expires as long as the account is in good standing.
You can transfer up to $10,000 to your debit card or bank account in a single transfer. Within a 7-day period, you can transfer up to $20,000 to your debit card or bank account. For Instant Transfer, a 1.5 percent fee (with a minimum fee of $0.25 and a maximum fee of $15) is deducted from the amount of each transfer.
If you're trying to send money from your debit card in Wallet using Apple Cash, and you see a message that the payment couldn't be completed because it was declined by your bank, contact your bank or card issuer.
It all depends on your needs, but currently, according to experts in this area, the two most secure are Apple Pay and Venmo. Choose whichever you please to use, but remember to take precautions to ensure security when using each platform.
Apple Cash must be tied to a debit or prepaid credit card. Users must be at least 18 years old. Payments are sent and received through Messages on your iPhone, iPad, or Apple Watch.
Here are the limits: Per transaction, you can add a minimum of $10. Per transaction, you can add up to $10,000. Within a 7-day period, you can add a maximum of $10,000.
In Wallet, tap the Apple Cash card, tap. , then tap Card Number.
View the card number, expiration date, and security code. Use this information to make your purchase. Tip: You can automatically enter this information and see your Apple Cash balance when you use Safari AutoFill.
Apple calls Apple Cash a "prepaid debit card in your Apple Wallet." That's because you can only use Apple Cash to pay someone after you've connected it to a debit or prepaid credit card. Unlike a traditional credit card, you're not borrowing the money you spend. Instead, you're paying with your own money.
Introduction: My name is Horacio Brakus JD, I am a lively, splendid, jolly, vivacious, vast, cheerful, agreeable person who loves writing and wants to share my knowledge and understanding with you.
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