One of the cool features of the new credit card from Apple is Daily Cash, which rewards you with a certain percentage of the purchase price. The iPhone maker has now clarified in a support document when customers can expect to get paid a cash reward in their account.
Following last week’s Apple Card Preview program that has allowed some early adopters to apply for their Apple Card through the Wallet app, Apple has now published a bunch of support documents detailing every aspect of the product.
According to a support document titled “Get unlimited Daily Cash with Apple Card”, your monetary reward is paid back to your account as soon as the purchase is settled rather than having to wait for a specific time of day to get Daily Cash. “Once a purchase is settled, your Daily Cash is added to your Apple Cash card,” says Apple.
The Daily Cash total in your Activity on Apple Card reflects the Daily Cash from transactions that have settled from any given week or month. As transactions from the current time period settle, the corresponding Daily Cash total will increase.
A billing period runs from 12:00am on the first day of a month to 11:59:59pm on the last day of the month. Another interesting revelation: if you return an Apple Card purchase, you get refunded the purchase price and the corresponding Daily Cash is charged back to your card.
Every purchase made with your Apple Card entitles you to three percent back on any Apple purchases (whether you buy something at an Apple Store, apple.com, App Store or iTunes, including apps and games, in‑app purchases, subscriptions and services like Apple Music and iCloud storage), two percent on Apple Pay purchases or one percent if you use your titanium physical card to pay for something via a store, website or app.
Apart from send your Daily Cash to friends and family using the iMessage app in Messages, you can also use it to make purchases or apply it to your Apple Card balance.
You can access your Daily Cash from spending activity in Apple Card in the Wallet app on your iPhone: tap your Apple Card, then select Monthly Activity or Weekly Activity. To view a previous week or month, swipe to the side. For the selected week/month, you can see all of the Daily Cash transactions from purchases that have settled. To see how much you earned back for each of the listed transactions, simply tap Daily Cash.
You automatically receive a Daily Cash notification each day from Apple Cash. You also receive a weekly and monthly Daily Cash notification from Apple Card based on your spending for that period. Weekly and monthly Daily Cash notifications will only include transactions that have settled by the time the notification is sent.
Apple also details when these Daily Cash and spend notifications go out.
- Daily Cash notification from Apple Cash: Each morning, a notification shows you how much Daily Cash was added to your Apple Cash card the day before and how much Daily Cash has been added to your Apple Cash card so far in the current month.
- Weekly and monthly spend notifications from Apple Card: Each Sunday, a notification summarizes your weekly Apple Card spending and shows you how much Daily Cash you earned on purchases that settled from your spending that week. At the end of each month, a notification summarizes your monthly Apple Card spending and how much Daily Cash you earned on purchases that settled from your spending that month.
Taking advantage of the MasterCard payment network, Apple Card is issued by Apple’s partner Goldman Sachs Bank USA, Salt Lake City Branch. Apple Card is also available on iPads.
The product currently lacks support for exporting data to third-party financial apps and is unavailable to non-US customers, but regulatory filings indicate it could launch in Canada later this year. To learn more about Apple Card, be sure to watch Apple’s video tutorials.
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