Apple Daily Cash: How It Works and Benefits

Apple Daily Cash is a feature that rewards users for purchasing Apple products and services.

It's a way for Apple to show appreciation for its loyal customers.

With Apple Daily Cash, you can earn a percentage of your purchase back as a Daily Cash reward.

For example, if you buy an iPhone, you might earn 5% of the purchase price back as Daily Cash.

For your interest: Daily Pay Cash Advance

The Apple Card's rewards program is designed to give you cash back on your purchases, but it works a bit differently than other credit cards. You'll earn Daily Cash, which is automatically added to your Apple Cash account or Apple Savings account, depending on your preference.

The Daily Cash rewards are tiered, with 3 percent back on Apple purchases and select merchants, 2 percent on Apple Pay purchases, and 1 percent on all other purchases. This means you'll earn more cash back on certain types of purchases than others.

Take a look at this: Apple Account vs Apple Cash

Here's a breakdown of the Daily Cash rewards:

This rewards program is designed to keep you loyal to the Apple ecosystem, with rewards geared towards Apple enthusiasts. But it's still a great way to earn cash back on your purchases, especially if you're already using Apple Pay or shopping at Apple-owned properties.

The Apple Card program has some unique features that are worth understanding. The card comes with no annual fee, no foreign transaction fees, and no late fees, making it a convenient option for many users.

You can earn up to 3 percent back on some purchases, which is a great incentive for frequent Apple shoppers. This reward rate applies to goods or services purchased directly from Apple, including those from Apple online and retail stores, iTunes, Apple Music, and other Apple-owned properties.

Here's a breakdown of the rewards program:

The Apple Card also offers an average variable interest rate range of 19.24 percent to 29.49 percent, but it can help you pay less in interest by suggesting a payment amount to help you pay down your balance faster.

Explore further: Apple Cash Interest Rate

The Apple Card's rewards program is a game-changer, earning you cash back on every purchase you make. You'll earn 3% Daily Cash on Apple purchases and select merchants, 2% on Apple Pay purchases, and 1% on all other purchases.

One of the standout features of the Apple Card is that your cash back rewards are earned in the form of Daily Cash, which accrues every day. This means you'll see the rewards added to your account as you earn them, rather than waiting until the end of a statement period.

The Daily Cash rewards can be redeemed alongside any other funds you have in your Apple Cash account, giving you more flexibility with how you use your rewards. You can choose to collect your Daily Cash in the Apple Cash spot in the Wallet app or deposit it into an Apple HYSA.

To give you a better idea of how the rewards program works, here are the key takeaways:

Using Apple Pay with your Apple Card is also a great way to earn rewards. With every purchase you make using your Apple Card with Apple Pay, you get 2% Daily Cash back.

You can use Apple Daily Cash in three main ways: depositing it to an Apple Savings account, depositing it to an Apple Cash card, or redeeming it as a statement credit towards your Apple Card balance.

To deposit Daily Cash to an Apple Savings account, you need to add your Apple Card to the Wallet first.

Daily Cash will automatically be deposited into an Apple Savings account if you have one, but you can change your redemption preferences anytime in the Apple Wallet.

You can only select one redemption option, so you can't send some Daily Cash to Apple Savings and the rest to a statement credit at the same time.

Here are your options for using Apple Daily Cash:

This statement credit counts as a payment towards your Apple Card balance.

You can redeem your Apple Card's Daily Cash rewards in various ways. You can use them to buy items via Apple Pay, which is accepted almost everywhere, from grocery stores to boutiques.

You can also send money to friends, pay down your credit card balance, or grow your savings in a high-yield Apple Savings account.

Here are some specific ways you can use your Daily Cash rewards:

To see the Daily Cash you earned for a specific purchase, open the Wallet app on your iPhone and tap Apple Card.

Tap the More button, then tap Daily Cash to access your rewards.

Scroll down to Merchant Benefits, then tap See Details to see the complete list of merchants that offer 3% Daily Cash when you use your Apple Card with Apple Pay.

You can download or open merchant apps, access merchant websites, and find store locations from this list.

Check this out: Apple Cash Restricted Merchant

You can redeem Apple Card's Daily Cash rewards in a variety of ways, making it easy to put your earnings to good use.

You can use your Daily Cash rewards to buy items via Apple Pay, which can be used anywhere it's accepted - from grocery stores to restaurants.

Curious to learn more? Check out: How Do I Use Apple Cash at a Store

Here are some specific ways to redeem your Daily Cash rewards:

You can also use your Apple Cash to make purchases in iTunes, Apple Music, the App Store, iCloud, and Apple News+.

Apple Daily Cash is a feature that allows users to earn cash back on their purchases, but it's not just about getting money back - it's also about building financial health and savings.

Earning cash back on purchases can add up quickly, with some users receiving up to $100 per year in rewards.

To make the most of Apple Daily Cash, it's essential to understand how it works and set up your account correctly.

Savings is a great way to earn interest on your Daily Cash and deposits from a linked external bank account or Apple Cash. You can't spend money or make purchases in Savings directly through your Apple Card or Apple Pay.

To access your funds, you can transfer money from Savings to Apple Cash or a linked external bank account. There are no fees or minimum balance requirements in Savings.

If you have any Daily Cash available to redeem as an Apple Card statement credit, it will be transferred to your Savings account when you set up Savings. This is a great way to start earning interest on that money right away.

You can set up Savings by following these steps:

If your Apple Card account is restricted or locked, you may not be able to open a Savings account. Similarly, if your Apple Cash or Savings account is restricted or locked, you may not be able to transfer money to or from Savings.

See what others are reading: How to Change Apple Cash Bank Account

Making financially healthy choices is crucial for achieving financial stability and security. This means being mindful of how you spend your money and making intentional decisions that align with your financial goals.

Consider reading: Synchrony Financial Earnings

One key aspect of financially healthy choices is living below your means, which can be achieved by creating a budget that accounts for all your expenses and income. By prioritizing needs over wants, you can avoid overspending and build a safety net for unexpected expenses.

A 50/30/20 budget is a great starting point, allocating 50% of your income towards necessities, 30% towards discretionary spending, and 20% towards saving and debt repayment. This can help you strike a balance between enjoying your life and building a secure financial future.

Avoiding impulse purchases can also help you stay on track with your financial goals. By taking time to think before buying, you can avoid making costly mistakes and save money in the long run.

According to the 30-day rule, waiting 30 days before buying something non-essential can help you determine if the purchase is truly necessary. This simple trick can save you from making impulse purchases and help you develop healthier spending habits.

Expand your knowledge: Synchrony Financial News

If you don't set up Savings or Apple Cash, your Daily Cash from Apple Card purchases accumulates.

This can lead to a significant amount of money being stored in your Apple Card account, which might not be used for its intended purpose.

If you later make a Daily Cash Election, any accrued but unredeemed Daily Cash will be transferred to your Daily Cash Election.

This means you can still access the money you've earned, but it will be tied to your new Daily Cash Election.

Here's a summary of what happens when you don't set up Savings or Apple Cash:

Setting up and managing your Apple Daily Cash is a straightforward process. You can only have one Daily Cash Election at a time, so choose wisely.

To change where you send your Daily Cash, simply open the Wallet app on your iPhone and tap Apple Card. This will take you to the next step.

Tap the More button, then tap Daily Cash - it's a simple two-tap process. From there, you can select where you want your Daily Cash to go.

Under Daily Cash Election, you have two options: Savings or Apple Cash. Choose the one that works best for you.

If you want to send your Daily Cash to Apple Cash, or have it automatically deposited into Savings, follow these steps:

That's it - your Daily Cash is now set up and ready to go!

If you return a purchase made with Apple Card, the Daily Cash you received when you made the purchase is charged back to your Apple Card.

You won't receive Daily Cash on a returned purchase.