After first being announced back in October, Apple’s new Apple Card Savings Account is officially available. Head below for a closer look at how to sign up for an Apple Card Savings Account, what it looks like in the Wallet app, and how to manage your Daily Cash rewards.
How to sign up for Apple Card Savings Account
Apple Card Savings Account is integrated directly into the Wallet app on your iPhone. It’s available exclusively to Apple Card users, so if you aren’t an Apple Card user, you won’t be able to sign up for the savings account. This, of course, also means that the Apple Card Savings Account is only available in the United States.
The process to sign up for an Apple Card Savings Account is incredibly straightforward. Here’s how to do it.
Open the Wallet on your iPhone.
Tap on your Apple Card.
Tap the “…” three dots in the upper-right corner.
Tap on the “Daily Cash” option in the menu.
Scroll down and look for the “Apple Card Savings Account” option.
Now, the Wallet app will walk you through the sign-up process for an Apple Card Savings Account. You’ll need to enter your Social Security number, agree to the terms and conditions, then submit your application to Goldman Sachs (Apple’s partner bank) for final approval.
It should only take a few minutes to complete this sign-up process. Once you’re approved, you’ll receive an email from Apple, and you’ll be able to access your Apple Card Savings Account directly in the Wallet app.
After approval, you’ll see a new “Savings Account” interface within the Apple Card section of the Wallet app. Tap on this to view your current account balance, to add money to your account, and to withdraw any money to a linked bank account or to your Apple Cash card.
You can fund your account through a linked bank account or from your Apple Cash balance. Withdrawals and deposits “typically take 1-3 business days,” Apple says, and there are no fees whatsoever.
Finally, to set up your Apple Card Daily Cash rewards to instantly deposit into your Savings account, follow these steps:
Open the Wallet on your iPhone.
Tap on your Apple Card.
Tap the “…” three dots in the upper-right corner.
Tap on the “Daily Cash” option in the menu.
Under “Daily Cash Election,” choose “Savings.”
The current interest rate for Apple Card Savings Account is 4.15%, but as always, this APY can change based on the broader economy. “Your account starts earning interest on the day of your first deposit,” Apple explains. “Interest is compounded daily and paid at the end of the month.”
Apple Card Savings Account, a new integration for the Wallet app first announced back in October, may finally be about to launch. Apple is reportedly making changes to its back-end code in preparation for a full launch of the new feature…
This change was first pointed out by @aaronp613 on Twitter, who spotted a new file in Apple’s back end promoting Apple Card Savings Account. While Apple announced its plans for Apple Card Savings Account back in October, the company didn’t share any specific timeline on when the feature would actually launch.
Changes to the back end were also how @aaronp613 was able to spot the impending launch of Apple Pay Later, just a day before the feature ultimately debuted.
Apple Card Savings Account will allow you to automatically deposit your Daily Cash rewards into the account. So as you earn Daily Cash with your Apple Card, that money can be automatically deposited into the high-yield savings account in the Wallet app.
In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance.
Users will also be able to track the balance of this high-yield savings account directly in the Wallet app. There will be a new “Savings Account” button in the Apple Card interface. Tapping on it will show a list of transactions and a chart showing the account’s growth. You’ll also be able to withdraw it to your bank easily.
Apple Card Savings Account will be operated in partnership with Goldman Sachs, which is also Apple’s partner for the Apple Card itself. There’s no word on what exact percentage rate the account will pay out in interest, but Goldman’s existing online savings account offers an annual percentage yield of 3.75%.
The new savings account will only be available to Apple Card users, including owners and co-owners. Apple Card is only available in the United States.
Apple Card integrating new savings account feature for Daily Cash
Apple has announced an expansion of its relationship with Goldman Sachs for a new Apple Card feature. In a press release, Apple says that Apple Card users will be able to have their Daily Cash rewards deposited automatically into a high-yield savings account from Goldman Sachs.
You’ll even be able to track the balance of that savings account right in the Wallet app. There are no fees, minimum deposits, or minimum balance requirements.
Apple says:
Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.
In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance.
To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.
Users can track the balance of this high-yield savings account directly in the Wallet app. There will be a new “Savings Account” button in the Apple Card interface. Tapping on it will show a list of transactions and a chart showing the account’s growth. You’ll also be able to withdraw it to your bank easily.
Apple hasn’t announced when this feature will be available, instead simply saying it will launch “soon.” It also hasn’t confirmed the exact percentage rate that the account will pay out in interest. Goldman’s existing online savings account offers an annual percentage yield of 2.15%.
The new savings account will only be available to Apple Card users, including owners and co-owners.
Apple Card users will be able to grow their rewards in Apple Wallet by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs
Apple Card users will be able to grow their Daily Cash while saving for the future by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs.
Apple announced a new Savings account for Apple Card that will allow users to save their Daily Cash and grow their rewards in a high-yield Savings account from Goldman Sachs. In the coming months, Apple Card users will be able to open the new high-yield Savings account and have their Daily Cash automatically deposited into it — with no fees, no minimum deposits, and no minimum balance requirements. Soon, users can spend, send, and save Daily Cash directly from Wallet.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.
Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet.
To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.
Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases. There is no limit to the amount of Daily Cash users can receive.
The new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers. Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.
PayPal has announced that it is now rolling out Apple Pay as a checkout option for small businesses. This means that small businesses using PayPal’s “complete payments solution” online can now offer Apple Pay as a payment option during their checkout flow.
PayPal first detailed its plans to adopt Apple Pay support last year as part of its roadmap of “strategic initiatives and business updates” for 2023. In a press release April 4,2023, the company announced that Apple Pay support is now rolling out for small businesses online.
The option to enable Apple Pay for checkout is available to small businesses that use PayPal’s “complete payments solution” platform. This is the unbranded checkout flow that many small businesses use and it’s different than the branded checkout page. Essentially, this means that small businesses using PayPal as the backend for their payment processing can now enable Apple Pay.
Small businesses that are leveraging PayPal’s complete payments solution will now be able to accept Apple Pay alongside a variety of other popular payment options. Apple Pay offers their customers an easy, secure and private way to pay online and in-apps when using Apple devices.
“The retail landscape is constantly evolving and SMBs need access to a range of tools to help them drive sales, cut costs and protect themselves and their customers from fraud,” said Nitin Prabhu, VP, Merchant Experiences and Payment Solutions, PayPal. “With our complete payments solution, small businesses can get access to all of these tools with one integration.”
At launch, the ability to pay with Apple Pay through PayPal’s unbranded checkout flow is available only for one-time transactions. The company says that recurring payment support will be added soon.
PayPal and Venmo adding Tap to Pay on iPhone, Apple Pay for online purchases, and Wallet app support
PayPal will soon be rolling out new ways for customers and merchants to take advantage of Apple Pay, iPhone, and more. PayPal says it will soon be adopting Apple’s new Tap to Pay on iPhone feature for merchants, as well as adding support for Apple Pay to its branded debit and credit cards and adding Apple Pay as a payment option in checkout flows.
PayPal adopting Apple Pay and more
PayPal made these announcements in an update to investors as part of its Q3 2022 earnings release. As one of its “strategic initiatives and business updates,” the company says it is “working with Apple to enhance our offerings for PayPal and Venmo merchants and consumers.”
We’re very pleased to be working with Apple to enhance our offerings for our PayPal and Venmo merchants and consumers,” PayPal Chief Executive Officer Dan Schulman said in the statement.
There are different components to today’s announcement from PayPal, which also owns the popular peer-to-peer payment platform Venmo. Here they are:
Leveraging Apple’s Tap to Pay on iPhone technology, US merchant will soon be able to accept contactless debit or credit cards and mobile wallets, including Apple Pay, using an iPhone and the PayPal or Venmo iOS app.
Adding Apple Pay as a payment option in PayPal’s unbranded checkout flows on merchant platforms, including the PayPal Commerce Platform.
Next year, US customers will be able to add PayPal and Venmo network-branded credit and debit cards to Apple Wallet and use them anywhere Apple Pay is accepted.
Tap to Pay on iPhone is a new feature launched by Apple earlier this year, currently available in Apple Stores and via Square’s merchant app. Tap to Pay on iPhone works by the merchant prompting the customer to hold their iPhone or Apple Watch near the merchant’s iPhone to pay with Apple Pay, a contactless credit or debit card, or another digital wallet. The payment is then securely completed using NFC technology.
Meanwhile, PayPal’s announcement today also means that you’ll see Apple Pay as a payment option at select online stores that use the company’s unbranded checkout flows. This will increase the availability of Apple pay for purchases on the web, but it sounds like the implementation will be somewhat limited.
Finally, PayPal also says that consumers will be able to add their PayPal and Venmo-branded debit and credit cards to Apple Wallet and Apple Pay.
PayPal Adds New Features to Its Complete Payments Solution for Online Small Businesses
PayPal’s online payment solution enables SMBs to accept PayPal payments, credit and debit cards, digital wallets and more. Beginning today, SMBs will also be able to accept payments with Apple Pay®, allow their customers to save payment methods with the PayPal vault and keep their cards up to date with real-time account updater, as well as get access to features to help them run their business including interchange plus plus (IC++) pricing with gross settlement.
SAN JOSE, Calif., April 4, 2023 /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it has added new features to its complete payments solution for small businesses. The solution enables small businesses to accept a range of payments including PayPal, Venmo and PayPal Pay Later products. Giving customers more choice in how they can pay can help drive checkout. Fifty-nine percent of respondents of a recent Ponemon Institute study said their customers frequently abandon their shopping cart when their preferred payment method is unavailable.PayPal’s complete payments solution also enables small businesses to process card payments directly on their website, and customize the checkout experience to match the look and feel of their brand, all through a single integration.
Beginning today, PayPal will also give small businesses access to four new features to help them drive payment acceptance and enhance how they run their business. This will include Apple Pay as a checkout option, the ability for customers to save payment methods with the PayPal vault for faster future checkout, real-time account updater to help customers keep their payment methods up to date, and access to IC++ pricing.
“The retail landscape is constantly evolving and SMBs need access to a range of tools to help them drive sales, cut costs and protect themselves and their customers from fraud,” said Nitin Prabhu, VP, Merchant Experiences and Payment Solutions, PayPal. “With our complete payments solution, small businesses can get access to all of these tools with one integration.”
Enabling more payment choice to help drive checkout
Small businesses that are leveraging PayPal’s complete payments solution will now be able to accept Apple Pay alongside a variety of other popular payment options. Apple Pay offers their customers an easy, secure and private way to pay online and in-apps when using Apple® devices.
Simplifying the checkout experience to help drive conversion
In addition, PayPal’s complete payments solution now allows consumers to securely save their payment information on a business’s ecommerce website for future purchases. This can reduce friction and drive conversion. By letting PayPal help manage some of the business’s PCI compliance for the storage of financial instruments, businesses are better able to manage risk and complexity of their businesses. Small businesses can save multiple payment methods — including PayPal, Venmo and cards — in the PayPal vault. Once saved, these payment methods will remain fresh via PayPal’s real-time account updater service and network tokens, which can help reduce declines and drive conversions by automatically updating lost, stolen or expired cards-on-file.
Helping businesses better manage their cashflow and get more transparent pricing
Small businesses will continue to get access to features like automatic transfer, which helps businesses better manage their cashflow. Businesses will now be able to choose between flat-rate pricing or an IC++ pricing model, which helps them get paid the full amount up-front and get a transparent view into processing costs.
Helping keep businesses and their customers secure
To help keep small businesses secure in an environment where fraud is on the rise, PayPal’s complete payments solution will continue to offer Fraud Protection, Chargeback Protection and Seller Protection, on eligible transactions. SMBs will also get one of the market-leading rates on processing fees for card payments, alternative payment methods and other digital wallets, at just 2.59% + 49 cents. Pricing for PayPal payments is 3.49% + 49 cents.
You can learn more about PayPal’s complete payments solution here.
About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 435 million active accounts in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
1 Ponemon Institute, Commissioned by PayPal. The 2022 True Cost of Online Fraud Global Study. 2 Pay with Apple Pay on Advanced Checkout is currently for one-time transactions with recurring payment support to be added soon. 3 Apple and Apple Pay are registered trademarks of Apple Inc. 4 Fraud Protection is available on “Advanced Card Payments” (unbranded processing) and branded PayPal payments but not guest transactions. 5 Certain chargebacks are not eligible for the Chargeback Protection tool. See terms for details. Chargebacks that are not related to fraud or item not received (INR), such as broken Item, significantly not as described (SNAD), refund not processed, and duplicate charge, are not protected by Chargeback Protection. Chargeback Protection is available for accounts enrolled in Advanced Credit and Debit Card Payments. 6 Available on eligible purchases. Limits apply. 7 Fees are subject to change.
Designed with users’ financial health in mind, Apple Pay Later allows users to split purchases into four payments, spread over six weeks with no interest and no fees.
Apple Pay users can split purchases into four payments with zero interest and no fees
CUPERTINO, CALIFORNIA Apple introduced Apple Pay Later in the U.S. Designed with users’ financial health in mind, Apple Pay Later allows users to split purchases into four payments, spread over six weeks with no interest and no fees. Users can easily track, manage, and repay their Apple Pay Later loans in one convenient location in Apple Wallet. Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay. Starting today, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.
“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
Apply for, Track, and Manage Loans Seamlessly in Wallet
To get started with Apple Pay Later, users can apply for a loan within Wallet with no impact to their credit.4 They will then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms. A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.
After a user is approved, they will see the Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad, and can use Apple Pay Later to make a purchase. Once Apple Pay Later is set up, users can also apply for a loan directly in the checkout flow when making a purchase.
Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
Users can seamlessly view, track, and manage all of their loans in Wallet. They can also choose to see all upcoming payments on a calendar view in Wallet.
Apple Pay Later is built right into Wallet, so users can seamlessly view, track, and manage all of their loans in one place. With Apple Pay Later in Wallet, users can easily see the total amount due for all of their existing loans, as well as the total amount due in the next 30 days. They can also choose to see all upcoming payments on a calendar view in Wallet to help them track and plan their payments. Before a payment is due, users will also receive notifications via Wallet and email so they can plan accordingly. Users will be asked to link a debit card from Wallet as their loan repayment method; to help prevent users from taking on more debt to pay back loans, credit cards will not be accepted.
Apple Pay Later was designed with privacy and security at its core. Purchases using Apple Pay Later are authenticated using Face ID, Touch ID, or passcode, and users’ transaction and loan history are never shared or sold to third parties for marketing or advertising.
Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc., which is responsible for credit assessment and lending. Apple Financing plans to report Apple Pay Later loans to U.S. credit bureaus starting this fall,5 so they are reflected in users’ overall financial profiles and can help promote responsible lending for both the lender and the borrower.
Mastercard and Goldman Sachs
Apple Pay Later is enabled through the Mastercard Installments program, so merchants that accept Apple Pay do not need to do anything to implement Apple Pay Later for their customers. When a merchant accepts Apple Pay, Apple Pay Later will be an option for their customers during checkout online and in apps on iPhone and iPad. Goldman Sachs is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.
Availability
Starting March 28,2023 , randomly selected users will be invited to get early access to a prerelease version of Apple Pay Later via Wallet and through their Apple ID email. Apple Pay Later is available in the U.S. for online and in-app purchases on iPhone and iPad.Apple Pay Later is available with iOS 16.4 and iPadOS 16.4.
Apple Pay Later is subject to eligibility and approval. Apple Pay Later is available only in the U.S. It may not be available in all states. It is not available in U.S. territories. Loans are made by Apple Financing LLC, NMLS #2154940. For California residents, loans are made or arranged pursuant to a California Financing Law license. To use Apple Pay Later, a user must have an iPhone or iPad updated to the latest version of iOS or iPadOS. For more eligibility details, see support.apple.com/en-us/HT212967.
A user’s bank may charge them fees if their debit card account contains insufficient funds to make loan repayments.
Some merchants may not be eligible to offer Apple Pay Later.
Upon purchase, a user’s Apple Pay Later loan and payment history may be reported to credit bureaus and impact their credit.
Apple Financing LLC may report past, current, or future Apple Pay Later loans.
After seeing an Apple Card outage earlier this month that affected all users, the credit card is seeing downtime again this morning which is preventing some from using it for in-store purchases.
Apple Card is seeing downtime June 02,2021 and Apple says the outage is impacting all users.
Update 12:19 pm PT: Apple’s system status webpage indicates the Apple Card outage has been resolved.
Update 11:06 am PT: The outage is still ongoing and appears to be affecting purchases as well, according to tweets we’ve embedded below.
Update 10:28 am PT: Going on four hours, the Apple Card downtime continues.
Update 8:28 am PT: The outage is still ongoing.
Apple updated its System Status page last June 02,2021 noting the issue with Apple Card. Along with Apple confirming all users are affected by the outage, it looks like most all functionality such as making payments, viewing/managing the card, and even seeing payments is not available.
Users may not be able to manage their Apple Card, make payments, and may not see recent transactions.
The outage started at 6:17 am PT/ 9:17 am ET. We’ll update this post as we learn more about the situation.
last June 02,2021 issue comes shortly after Apple Card Family Sharing arrived with iOS 14.6 at the end of May.
as of June 14,2021 Apple Card outage is more minor than the one we saw two months ago. But the company has confirmed on its System Status page that Apple Card via Apple Pay isn’t working for some in stores.
Some users may not be able to make in-store purchases with Apple Card using Apple Pay.
That means using the physical card with the chip or to swipe should work for in-store purchases and also Apple Card via Apple Pay online and in apps should be fine as well.
The outage has been going on since 12:30 am PT / 3:30 am ET. We’ll update this post as the issue is worked on and resolved.
The previous Apple Card outage that took the credit down completely for all users lasted about six hours. Hopefully this one will be resolved more quickly.
Apple Card is a credit card offered by Apple and Goldman Sachs that offers daily cash back, in-app data about your purchases and spending habits, and other benefits, and you can use it directly from iPhone in the Wallet app. You’ll get a physical Apple Card too, which is crafted out of a fancy metal material, making the physical card somewhat similar in appearance to other notoriously high end credit cards like the AmEx Centurion or JP Morgan Reserve card. But unlike those other high-end credit cards, the Apple Card is much more broadly accessible and without the same requirements to obtain.
If you like to use credit cards for cash back and the convenience they offer, and you have an iPhone, applying for Apple Card may be something you’re interested in.
How to Apply & Sign Up for Apple Card from iPhone
Note that you must have an iPhone to be able to apply for the Apple Card:
Open the “Wallet” app on your iPhone
Click on ‘Apply’ on the Apple Card promo, or click the “+” plus button to add an Apple Card
Click continue and through the signup process
Confirm your Apple ID, name, address, and other personal information as required by Apple Card
Agree to the terms after reviewing interest rate and charges
You’ll either be immediately approved for Apple Card and shown your credit limit and details to which you can approve and accept, or asked to submit additional documentation like taking a photo of your ID
If you are granted immediate approval than you can use the Apple Card right away with your iPhone and Apple Pay. If you have to submit additional documentation there will be a delay until you’re either approved, or denied.
The credit limits and interest rates vary on the individual persons credit scores and other details, and there seems to be a large range of numbers for both. If you’re not happy with what is offered to you, you can always reject the card, or close it.
Like all other credit cards, Apple Card charges interest (and at varying rates depending on your credit), so it’s best to use the credit card responsibly. Paying the card balance off in full before any interest is accumulated is one way to do that.
After you’re signed up, managing your Apple Card is also done through the Wallet app, and you can also have a live chat with customer service if needed, or call a phone number of course too.
While you’re in the Wallet app, you might also find it worthwhile to add other credit cards to Apple Pay on the iPhone too.
Note that if you’ve never setup Apple Pay you will need to do that as well in order to apply for and use Apple Card.
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