Even if you were an early adopter of all things Apple, losing track of the various Apple products is easy. For example, you've got the Apple Watch, Apple TV, and Apple TV+. And there's Apple Pay, Apple Card, and Apple Cash. Here, we'll clear up any lingering confusion regarding the difference between the latter three.
Before we lay out the differences, let's touch on what these three Apple offerings have in common. All are accessible from the Apple Wallet on your iPhone.
Apple Pay
At the heart of everything is Apple Pay. It's the system within your iPhone that makes digital payments possible. Once you load debit and credit card details into the Apple Pay app, there's no reason to carry the physical cards.
Let's say you're at the grocery store and about to pay for your purchases. Instead of pulling out a credit card, you open the Apple Pay app and pull up the virtual credit card you want to use.
Apple Pay wants to make sure it's you using the card, so it requires authentication through Face ID, fingerprint scan, or personal passcode. Once you've verified your identity, you'll hold your iPhone near the payment terminal until the purchase is confirmed.
Due to the number of security layers built into the system, you don't have to worry about someone accessing your personal financial information or hacking your account.
Apple Card
Goldman Sachs backs the Apple Card. And like other credit cards, the Apple Card can be loaded into Apple Pay and used to make digital purchases. However, if you'd prefer (or if you're shopping somewhere that doesn't take Apple Pay), you can use the physical Mastercard sent when your credit card application is approved.
Here's a quick rundown of other Apple Card benefits:
- You can find out if you're approved without impacting your credit score. It takes minutes to find out if you qualify and receive an interest rate offer.
- There are no fees. This means no annual, late, or foreign transaction fees.
- You receive unlimited daily 3% cash back at Apple and select other merchants, and 2% cash back on other purchases when you use your iPhone or Apple Watch to pay with Apple Card.
- Apple Card will estimate interest costs in real time, leaving you better equipped to make an informed purchase decision.
- Apple Card never sells your data to third parties for marketing or advertising.
Apple Cash
Apple Cash is a digital card that allows you to send and receive money in Messages or your Apple Wallet. Like regular currency, you can spend the funds any way you'd like. You can use Apple Cash to shop online, in stores, and anywhere that accepts Apple Pay.
Apple calls Apple Cash a "prepaid debit card in your Apple Wallet." That's because you can only use Apple Cash to pay someone after you've connected it to a debit or prepaid credit card. Unlike a traditional credit card, you're not borrowing the money you spend. Instead, you're paying with your own money.
Here are some of the specifics associated with Apple Cash:
- The sender and receiver must have a compatible device with iOS 11.2 or later.
- Apple Cash must be tied to a debit or prepaid credit card.
- Users must be at least 18 years old.
- Payments are sent and received through Messages on your iPhone, iPad, or Apple Watch.
- The maximum balance you can carry on Apple Cash is $20,000, and you can only add $10,000 per transaction (or a total of $10,000 within seven days).
- Using Apple Cash is free.
In a nutshell, here are the differences between these three Apple offerings:
Apple Pay: The system in your iPhone that makes digital payments possible.
Apple Card: A digital and physical credit card.
Apple Cash: Like a prepaid debit card in your Apple Wallet that allows you to send and receive money.
While technology has made life easier in many ways, it's also given us far more terms to understand and remember.
FAQs
Apple Pay: The system in your iPhone that makes digital payments possible. Apple Card: A digital and physical credit card. Apple Cash: Like a prepaid debit card in your Apple Wallet that allows you to send and receive money.
What are the cons of Apple Pay cash? ›
Cons of Apple Pay
- Limited options for use. Apple Pay is not accepted at all retailers and not compatible with all banks or card issuers.
- Backup may be required, just in case. Apple Pay only works if your phone does. ...
- Apple Pay availability.
The best way to use Apple Card is with Apple Pay — the secure payment technology built into iPhone, Apple Watch, iPad, and Mac and accepted at 85 percent of merchants in the United States.
Can I pay my Apple Card with Apple Cash? ›
Choose or change a payment source. You can add a bank account to make Apple Card payments, or use Apple Cash to help pay off your Apple Card balance. The first time you choose to add a bank account, you're asked if you want to add the same bank account that you use with Apple Cash.
Is there a fee for Apple Cash? ›
There's no fee to send, receive, or request money using Apple Cash. Setting up Apple Cash doesn't affect your credit and won't be impacted by any credit freezes.
Is Apple Pay the same as Apple cash? ›
The money you receive appears on your Apple Cash card in Wallet. You can spend it however you like in stores, online, and in apps with Apple Pay. Apple Pay enables you to make secure, contactless purchases using Apple Cash, Apple Card, and any other credit and debit cards that you add to Wallet.
Why would someone use Apple cash? ›
You can use Apple Cash on your iPhone to send money in your Messages app and Apple Wallet and to make payments online and in apps and stores. You can receive money in your Messages app. You also have the option to transfer your Apple Cash balance to your bank account.
Should I pay with Apple Pay or card? ›
Apple Pay is safer than using a physical credit, debit or prepaid card. Face ID, Touch ID or your passcode is required for purchases on your iPhone, Apple Watch, Mac or iPad. Your card number and identity aren't shared with merchants, and your actual card numbers aren't stored on your device or on Apple servers.
Does Apple Pay card affect credit score? ›
If you apply for Apple Card and your application is approved, there's no impact to your credit score until you accept your offer. If you accept your offer, a hard inquiry is made. This may impact your credit score.
Can I transfer Apple cash to my bank? ›
Transfer in 1 to 3 business days to a bank account
On iPhone: Open the Wallet app, tap your Apple Cash card, tap the More button. , then tap Transfer to Bank. . On iPad: Open the Settings app, tap Wallet & Apple Pay, tap your Apple Cash card, then tap Transfer to Bank.
Your account may be locked if there's suspected fraud on the account, or if additional security checks need to be completed. If your account is locked, you can't use Apple Cash to make purchases, send or receive money, add money to your account, or transfer money to your bank.
Does Apple cash expire? ›
Daily Cash never expires as long as the account is in good standing. Apple Card holders may occasionally earn Bonus Daily Cash on select purchases. Participating merchants and the Daily Cash earning rate can be found at www.apple.com/apple-card or in the Daily Cash Hub.
Can I use Apple cash to pay for gas? ›
Many major gas station chains accept Apple Pay.
If there are any caveats, they will be listed alongside the gas station below: 7-11: In-store & at the pump (with the 7-11 Wallet app) BP/Amoco: In-store (with the BPme app) & at the pump (with the BPme app) Caseys: In-store & at the pump.
What are the disadvantages of Apple Pay? ›
Is there a downside to Apple Pay? Of course, no system is perfect. Apple Pay is limited in some ways, including whether or not a merchant supports contactless payments or if they have added Apple Pay to their iOS app or website. Also, you'll need to use your physical payment card if your iPhone battery is dead.
What is the difference between Apple Pay and Apple Card? ›
In a nutshell, here are the differences between these three Apple offerings: Apple Pay: The system in your iPhone that makes digital payments possible. Apple Card: A digital and physical credit card. Apple Cash: Like a prepaid debit card in your Apple Wallet that allows you to send and receive money.
Does Apple Pay charge a monthly fee? ›
No. Apple does not charge any fees when you pay with Apple Pay — in stores, online, or in apps.
Is it safe to pay with Apple cash? ›
Apple Pay uses security features built-in to the hardware and software of your device to help protect your transactions. In addition, to use Apple Pay, you must have a passcode set on your device and, optionally, Face ID or Touch ID. Apple Pay is also designed to protect your personal information.
Can you go negative with Apple cash? ›
If you have a negative balance in your Apple Cash Balance, we may deduct the negative balance amount from a P2P Transfer or Disbursem*nt that you receive or from any other Apple Cash Balance and Apple Cash Account you register with us.
What are the limits on Apple Pay cash? ›
You can transfer up to $10,000 to your debit card or bank account in a single transfer. Within a 7-day period, you can transfer up to $20,000 to your debit card or bank account. For Instant Transfer, a 1.5 percent fee (with a minimum fee of $0.25 and a maximum fee of $15) is deducted from the amount of each transfer.
Does Apple Pay cash affect credit score? ›
Apple Pay Later loans and payment history will be reported to Experian. Your credit score won't currently be affected when we share your Apple Pay Later loan and payment history, but might be affected in the future once data is incorporated by credit scoring models, like FICO® Score 9.
