Getting Cash From Your Apple Card: Untangling the Myth

The Apple Card, sleek and integrated into the Apple ecosystem, is primarily designed for seamless digital transactions and earning Daily Cash on purchases. While not inherently a cash-back or ATM-friendly card like some others, there are ways to effectively access cash from your Apple Card, though they may require a little planning and understanding of the available options. In essence, while you can’t directly withdraw cash from an ATM with your Apple Card (there’s no PIN for cash advances), you can indirectly convert your available credit into usable cash.

How to Access Cash Using Your Apple Card

There are a couple of primary methods to access cash indirectly with your Apple Card:

• Send Money to Yourself via Apple Cash: This is the most direct (though still indirect) method. You can use the Apple Cash feature within your Wallet app to send funds from your Apple Card to your own Apple Cash balance. Once the funds are in your Apple Cash, you can transfer them to your bank account for withdrawal.
• Utilize the “Pay Anyone” Feature (Goldman Sachs Pay): While technically designed for paying others, this feature, accessible through the Wallet app, can be used to send money from your Apple Card to a trusted individual who can then provide you with cash.

Let’s break down each method in more detail:

1. Sending Money to Yourself via Apple Cash

This method leverages the integration of the Apple Card with Apple Pay and Apple Cash. Here’s how it works:

1. Open the Wallet App: Locate the Wallet app on your iPhone.
2. Select Your Apple Card: Tap on your Apple Card within the Wallet app.
3. Tap the Three Dots: Find the “More” button, represented by three dots in the upper-right corner of the screen and tap on it.
4. Choose “Send Money”: From the menu that appears, select the “Send Money” option.
5. Enter the Amount: Enter the amount of money you wish to send from your Apple Card to your Apple Cash.
6. Select “Apple Cash” as the Recipient: Ensure the recipient is set to your own Apple Cash account. If you haven’t set up Apple Cash, you’ll be prompted to do so.
7. Confirm and Authenticate: Review the transaction details and authenticate using Face ID, Touch ID, or your passcode.

Once the funds are in your Apple Cash account, you can transfer them to your linked bank account. This transfer typically takes 1-3 business days to complete. From your bank account, you can then withdraw the cash as needed.

2. Using the “Pay Anyone” Feature (Goldman Sachs Pay)

This method relies on sending money to a trusted individual who can then give you cash. Remember to only do this with someone you trust implicitly!

1. Open the Wallet App: As with the previous method, start by opening the Wallet app on your iPhone.
2. Select Your Apple Card: Tap on your Apple Card to view its details.
3. Tap the Three Dots: Tap on the three dots for “More” options.
4. Choose “Send Money”: Select the “Send Money” option.
5. Enter the Amount: Enter the amount you wish to send.
6. Enter the Recipient’s Information: Enter the recipient’s name, phone number, or email address.
7. Choose to Pay with Apple Card: The system should automatically use your Apple Card. Confirm that it’s the selected payment method.
8. Confirm and Authenticate: Review the transaction and authenticate using Face ID, Touch ID, or your passcode.

After the recipient receives the money, they can provide you with the cash equivalent.

Important Considerations for Both Methods:

• Fees: When using your Apple Card to send money through Apple Cash or the “Pay Anyone” feature, a fee of 3% is charged for each transaction. This is essentially a cash advance fee, and it’s important to factor this into your decision. This is the most significant drawback to using these methods.
• Credit Limit: Ensure you have sufficient available credit on your Apple Card to cover the amount you wish to transfer, plus the 3% fee.
• Impact on Credit Score: Utilizing these methods counts as a cash advance. Cash advances often come with higher APRs and can negatively impact your credit utilization ratio, potentially affecting your credit score.
• Grace Period: Cash advances typically don’t have a grace period, meaning interest accrues immediately.

Frequently Asked Questions (FAQs) About Getting Cash from Your Apple Card

1. Can I withdraw cash from an ATM using my Apple Card?

No, you cannot withdraw cash directly from an ATM using your Apple Card. The Apple Card does not have a PIN that would be required for ATM withdrawals. It is designed for digital transactions and purchases.

2. What is the fee for sending money with my Apple Card via Apple Cash or Goldman Sachs Pay?

The fee is 3% of the transaction amount when using your Apple Card to send money through either Apple Cash or the “Pay Anyone” feature. This is considered a cash advance fee.

3. How long does it take to transfer money from Apple Cash to my bank account?

Transfers from Apple Cash to your bank account typically take 1-3 business days to process and complete.

4. Does using the “Send Money” feature affect my credit score?

Yes, it can potentially affect your credit score. Using the “Send Money” feature is treated as a cash advance, which can increase your credit utilization ratio and may come with a higher APR, both of which can negatively impact your credit score.

5. Is there a limit to how much money I can send with my Apple Card?

Yes, there are limits. The exact limits can vary depending on your account and creditworthiness. You should review your Apple Card account details within the Wallet app or contact Goldman Sachs for specific information on your sending limits.

6. Can I avoid the 3% fee by using a different method to get cash?

Not directly. The 3% fee applies specifically when using your Apple Card to send money through Apple Cash or the “Pay Anyone” feature. There is no direct fee-free way to get cash from your Apple Card.

7. What happens if I don’t have enough available credit on my Apple Card?

The transaction will be declined if you don’t have enough available credit to cover the amount you wish to send, including the 3% fee.

8. Does the Apple Card offer a grace period for cash advances?

No, the Apple Card typically does not offer a grace period for cash advances. Interest accrues immediately on cash advances, unlike purchases where you have a grace period to pay the balance before interest is charged.

9. Can I use my Apple Card to get a cash advance at a bank or credit union?

Generally, no. Since the Apple Card doesn’t have a physical card number readily available (it’s primarily designed for Apple Pay), it would be very difficult to get a cash advance at a bank or credit union using the card itself. The process isn’t set up for this kind of transaction.

10. Are there any alternatives to using my Apple Card for cash if I need it urgently?

Yes, consider alternatives like:

• Using a debit card: Withdraw cash directly from your bank account using your debit card at an ATM.
• Selling items: Sell items you no longer need online or at a local pawn shop.
• Borrowing from a friend or family member: This can be a more affordable option than a cash advance.
• Exploring payday loans (use with extreme caution): Payday loans are extremely expensive and should be a last resort.

11. How do I check my Apple Card’s cash advance APR?

You can find your cash advance APR in the Apple Wallet app by:

1. Opening the Wallet app.
2. Selecting your Apple Card.
3. Tapping the three dots in the upper-right corner (“More”).
4. Selecting “Card Details”.
5. Look for the section that mentions “Interest Rates” or “APRs.” The cash advance APR will be listed there.

12. Is it a good idea to use my Apple Card for cash advances regularly?

No, it is generally not a good idea. Due to the high fees (3%) and immediate interest accrual, using your Apple Card for cash advances regularly can be very expensive and detrimental to your financial health and credit score. It’s best to reserve this option for emergencies and explore alternative solutions whenever possible.