Ways To Refinance a HELOC (2024)

Vault’s Viewpoint on Apple Cash

• Apple Cash works with Apple Wallet to send and receive payments and make online and in-store purchases.
• Apple Cash is a digital debit card that also allows you to transfer money to your bank and store and use Apple Card cash back rewards.
• It has added security features that aren’t found in other P2P payment platforms.

What Is Apple Cash?

Apple Cash is a digital card that exists on the digital wallet, Apple Pay. Similar to peer-to-peer (P2P) payment platforms like Venmo and Zelle, Apple Cash allows you to send and receive money to friends and family and make contactless payments with merchants.

That said, there are a few key differences between Apple Cash and P2P payment methods:

• By working in tandem with Apple Pay, Apple Cash lets you send and receive money through the Messages app.
• You can make purchases or receive money through Apple Pay, Apple’s digital wallet.
• Apple Cash is only available if you have an iPhone, iPad or Apple Watch and Messages. If your Mac has Touch ID, you can also use Apple Cash through your Wallet.

How Does Apple Cash Work?

Apple Cash is essentially a digital debit card. Your Apple Wallet comes preloaded with Apple Cash—no need to sign up for it separately. It comes with your iPhone or iPad.

Apple Cash works like a physical debit card, where you can:

• Send and receive money from fellow Apple users through Messages on your iPhone, Apple Watch or iPad. If your Mac has Touch ID, you can also use Apple Cash through Apple Pay to make purchases on your computer. To send money to someone, they’ll need to have a compatible Apple device.
• Make purchases anywhere Apple Pay is accepted—in stores, online and in apps.
• If you have the Apple Card linked to an Apple savings account and have set up automatic deposits, you can move money into and out of your savings with Apple Cash. You can also have your Daily Cash dropped into your Apple Cash account.
• Transfer funds to and from your Apple Cash balance to your linked bank account.
• If you have kids, you can set up a family account where family members under 18 can also use Apple Cash.

How To Use Apple Cash

While Apple Cash is pretty straightforward to use, there are a few requirements you’ll need to meet to use it:

• Have an Apple device; Apple Cash is only available in the U.S. on eligible devices, such as the iPhone, iPad and Apple Watch
• Have an Apple ID.
• Have the Apple Wallet app installed
• Be at least 18 years of age
• Be a U.S. resident
• Link a separate debit card; this is how you add money to your Apple Cash balance or transfer money to your bank account

If you have kids under 18, you can set up Apple Cash for them. Once you do, you can transfer funds to them and send and receive money from each other.

How To Use Apple Cash in Messages

You can send or receive cash to any of your contacts using the Messages app. Here’s how:

1. To send someone money through Apple Cash, first, open the Messages app. Next, punch in an existing conversation or start a new one. This only works if the other person is on a compatible Apple device and Apple ID.
2. Tap the Apps button. This button is nestled to the left of your text box and brings up a list of apps you can use on Messages. You’ll see your options below the text box.
3. Tap the Apple Pay button.
4. Punch the amount you want to pay or receive, then tap “Pay” or “Request.”
5. The amount will pop up in the text box. Once you accept it and request funds, you must wait until the other person accepts the request. If you’re sending money, you’ll need to verify your payment in one of three ways: your passcode, Touch ID or Face ID.

You must manually accept the money if you’re receiving an Apple Cash payment for the first time. You have seven days to do so. After you accept the terms and conditions, money will be automatically added to your Apple Cash card.

Once the funds drop, you can send money, spend it with Apple Pay or transfer it to your bank account. You can also opt to manually or automatically receive payments on your Apple Cash card.

How To Use Apple Cash Online

A perk of Apple Cash is that, while it functions like a P2P payment platform (like Venmo or Zelle), you can also use it to make purchases online and in apps through your Wallet. Remember: It’s essentially a digital debit card.

You’ll need to have funds loaded onto your Apple Cash card. There are two easy ways to check your balance to ensure you have enough money to make an online purchase: You can see your current balance below your card or check under Apple Pay in your settings.

How To Use Apple Cash In Stores

You can use your Apple Cash just like any other digital debit card stored in your Wallet. Apple Cash can be used as a contactless payment anywhere Apple Pay is accepted, which is 85% of retailers in the U.S.

If you can use a contactless payment—think at the grocery store, at your favorite boutique or to pay for the bill at a restaurant—you’ll likely be able to use Apple Cash through your Wallet.

How To Use Apple Daily Cash

If you’re an Apple Card holder, chances are you’re familiar with Apple Daily Cash, which is its cash back rewards program. Every time you swipe, tap or go online and use your Apple Card to make a purchase, you get cash back.

The current cash back rates are as follows: 3% back on Apple purchases and purchases at select merchants, 2% back on purchases made using Apple Pay and 1% back on purchases made using the physical card.

The cash back rewards you rack up through Apple Daily Cash can be deposited onto your Apple Cash card.

How To Transfer Apple Cash to Your Bank

There are two ways to move money from your Apple Cash card to your bank: Into a debit card and directly into your bank account. Transfers to debit cards are instant, while transfers to your bank account take one to three business days.

To transfer Apple Cash with your iPhone, tap on the Wallet app, then tap on the Apple Cash card. Next, click “More” to get to “Transfer to Bank.” You’ll then enter the amount you’d like to transfer. Select either “Transfer to Bank” or “Instant Transfer.” If you choose an instant transfer, the funds will load to your debit card.

There is a catch to instant transfer, though. You’ll get hit with a transaction fee: 1.5% of the amount, subject to a $0.25 minimum and $15 maximum.

Apple Cash Spending and Funding Limits

Your Apple Cash balance cannot exceed $20,000 at any given time. You’ll need to go through some ID verification hoops beforehand.

Caps on sending or receiving money. You can send or receive anywhere from $1 to $10,000 per transaction, and you can send or receive up to $10,000 within a seven-day time frame.

Loading funds onto Apple Cash. If you’re adding money to your Apple Cash card, you can do so from either a debit card stored in your Apple Wallet or a prepaid debit card. You can add anywhere from $10 to $10,000; as noted, the most you can add within a seven-day time frame is $10,000.

How Secure Is Apple Cash?

Apple Cash comes with a few layers of protection. First, you must use Face ID or Touch ID to authenticate your transactions. Plus, your account number isn’t visible, so would-be scammers can’t get their hands on your sensitive financial data.

Your P2P payments and other Apple Cash card functionalities are powered by Apple Cash’s partner bank, Green Dot Bank. Digging into the weeds, your funds are technically held or transferred by Green Dot, and once you register your card, funds in Green Dot are insured up to $250,000.

Apple Cash is a secure, convenient way to send and receive money and make payments online and in stores. It can be an easy option that already comes with your Apple Wallet. Knowing the basics of how it works and how to send and receive cash can help you make the most of this payment option.