A handy feature for folks using the Apple Card is Daily Cash Back. This will automatically deposit your earned cash back from purchases onto the Apple Cash card saved in your Wallet. From there, you can choose to use those funds to help pay down the Apple Card’s balance, pay for items when using Apple Pay, or transfer the money to a bank.
If you choose the transfer route, there are a couple of options. First, you can choose to send it over via a standard ACH transfer. This means it will take anywhere between one to three business days, depending on your bank of choice. The other option is Instant Transfer.
As you can guess from the name, that transfer is instant, usually happening in minutes — but could take up to 30 minutes in some cases. It’s much faster than the ACH transfer, but it also costs a fee. And, up until late yesterday, only worked with Visa-branded debit cards.
But, late last night, Apple informed customers that the Apple Cash Instant Transfer feature now supports Mastercard debit cards, too. This should be a welcomed change for a lot of customers out there, as this means they now have more bank options that can support Instant Transfer.
However, there’s something else to be aware of as well. Instant Transfer fees are changing for many companies, including Apple. The company’s notification to customers last night also stated that the Instant Transfer fee is going up starting August 26, 2021.
Beginning on that date, customers who choose to use Instant Transfer will now be saddled with a fee of 1.5% — up from 1%. The minimum fee is still $0.25, but the maximum this can cost is now set at $15 — up from $10, previously. So that’s something to be aware of.
If you want to not be charged a fee, simply use the ACH bank transfer instead.