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Here's how the Apple Card's 'Daily Cash' works

Apple Card Daily Cash
Source: Apple Inc.

Credit card rewards programs can be confusing. And, typically, you have to wait a full billing cycle to receive cash back, points or miles in your account. Apple is looking to change that with the Apple Card's "Daily Cash" program.

Cardholders earn Daily Cash at a rate of 3% cash back on goods or services purchased directly from Apple (including Apple retail stores, the Apple online store, the App Store, iTunes, Apple Music and other Apple-owned properties) and on Uber and UberEats, 2% cash back on Apple Pay purchases and 1% cash back on all other purchases.

Daily Cash is deposited into your account every day — there's no need to wait until you receive your bill. You just have to wait for a transaction to post to your account (move from pending to approved) before you earn cash back. This may take a few days, but it's substantially faster than other rewards cards.

After using the Apple Card for a week, I discovered I'm already a fan of Daily Cash since I can redeem rewards much faster than any of my other eight credit cards. The Apple Card has no minimum redemption amount, unlike many cards that require you to reach $25, so I have the flexibility to apply my $0.20 Daily Cash to cover my Apple Card balance or wait until I accrue more rewards.

Below, I break down how Daily Cash works with screenshots from my Apple Card account.

How to view Daily Cash with the Apple Card

When you open the Wallet app and select your Apple Card, you see a snapshot of your account. Your total balance, weekly activity, payments and latest transactions are displayed.

Alexandria White | CNBC

If you click on one of the latest transactions, in this case my purchase at Posman Books, you see more detail on the purchase, which includes Daily Cash earnings:

  • Category: Shopping
  • Transaction date: 8/8/19
  • Amount of purchase: $70.50
  • Percent of Daily Cash earned: 2%
  • Dollar amount of Daily Cash: $1.41
  • Location of the store: New York, NY (if you click on the map you can see the exact address and merchant's contact information)
  • Total spent at the merchant for the month: $70.50

Alexandria White | CNBC

Click on the arrow next to the amount of purchase and Daily Cash earnings to view the same information as above, plus the time of purchase and the status (pending or approved). You also have the option to report an issue if you think there's something wrong with the transaction.

Alexandria White | CNBC

How Daily Cash works with the Apple Cash card

Daily Cash is automatically deposited into your Apple Cash card, which is also located in the Wallet app. Here, you can see all the cash back you've earned to date. If you don't have an active Apple Cash card, you can easily set up Apple Cash. Otherwise, your cash back will accrue in your Apple Card account and you can manually redeem it through the Wallet app.

View of my Apple Cash card, with Daily Cash deposits and other Apple Cash transactions. Alexandria White | CNBC

When you click on an Apple Card transaction, you see the date the Daily Cash was received by your Apple Cash card and other Daily Cash deposits that month. At the bottom, there's a tally of how much cash back you earned on that day and the total for the month.

Alexandria White | CNBC

You can redeem Daily Cash as a statement credit to your Apple Card balance, spend it like cash through Apple Pay, transfer it to a bank account or send it to friends via iMessage.

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Apple Card Daily Cash
Source: Apple Inc.
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