Apple Card Balance Transfer – Learn How it Works

Apple Card Balance Transfer

Apple cardholders enjoy many benefits. For instance, they are guaranteed 3% cash back on Apple Pay purchases when they shop with Uber, Apple, Walgreens, or Exxon. Besides, they get 2% cash back whenever they use Apple Pay on their iPhones. In addition, they get a 1% cashback when they make payments to retailers who don’t use Apple Pay. 

It amazes many people that they won’t pay any fee, including foreign transactions, annual fees, or late fees on their Apple cards. But can you transfer your Apple Card balance?

Key Takeaways

  • You can not transfer to or from your Apple Card. Thus, you can’t transfer debt from a credit card to your Apple Card.
  • Balance transfers impact your credit score. The credit score increases when you move your balance to one account and make efforts to lower the debt balances.
  • Your credit score will drop if you open multiple new accounts and make random balance transfers.

Read through to learn more. 

Does the Apple Card Allow Balance Transfers?

No, Apple Card does not allow balance transfers. The terms and conditions for the Apple Card have one interesting omission; it doesn’t include a balance transfer fee or an Annual Percentage Rate (APR). You may wonder how the hell Apple missed out on this one. But no. They missed nothing. They left out this section because they don’t allow balance transfers on Apple cards.

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Can I Transfer My Apple Card Balance to Another Credit Card?

Cardholders have different reports on whether they can transfer their Apple Card balance to another credit card. Most say they can’t transfer their Apple Card balance to another credit card. You’ll encounter mixed reactions from users on Reddit and myFICO forum reviews. 

But what has Apple got to say about this issue? Apple considers transferring Apple’s card balance to another credit card a non-conforming payment. Concerning non-conforming payments, Apple says they may reject any payment which fails to comply with their payment instructions. However, they may delay crediting your account if they accept the payment. In addition, the process may result in additional interest charged to your account.  

They continue to say that accepting non-conforming payments does not make them lose any rights—they may still close your account. The same applies to a late payment, payment with a restrictive endorsement, and partial payment. They may accredit you less than what you indicate as paid in full.

Apple has, in every capacity, the right to accept or reject any balance transfer from the Apple Card to another credit card. If you want to make a successful transaction, you can choose one of their approved payment methods, such as a wallet app or online payment. 

Do Balance Transfers Hurt Your Credit?

Yes, a balance transfer can hurt your credit score. However, the impact on your credit score will depend on whether you open a different card for a balance transfer. The effect will also depend on your actions after transferring your balance. 

Your credit score will likely increase if you create a new card and transfer your balance. You’ll also need to lower the debt balance for the credit score to increase.

On the contrary, your credit score will likely drop if you randomly open multiple accounts and transfer balances. Remember that predicting the balance transfer effect may be tricky. Therefore, you need to have enough information to conduct and balance transfer. 

However, there are instances where a balance transfer won’t have any impact. If you have several credit cards and one of them has a high balance with a high-interest rate, you can distribute it to other accounts. The credit score won’t be affected if you move your balance to a card with a lower interest rate.

What Is the Balance Transfer Fee for Apple Card?

Apple cards don’t have any balance transfer fee. The card doesn’t outline foreign, late payment, or annual fees. There isn’t any balance transfer fee because Apple does not allow balance transfers.

How to Transfer the Apple Card Balance to a Bank Account

You can transfer your Apple Card balance to a bank account using a bank transfer or send it to a Visa debit card or Mastercard through an instant transfer. Bank transfer takes one to three business days, while instant transfer takes less than 30 minutes. 

Bank transfer

Follow the steps below to transfer your Apple Card balance to a bank account.

  1. Open the card info. For iPhone: 
    a. Go to the Wallet app.
    b. Press the Apple Cash card. 
  1. Select the More button.
  2. Click on the Transfer to Bank. 
  1. On iPad:
    1. Go to the Settings app.
    2. Select Wallet & Apple Pay.
    3. Press your Apple Cash card.
    4. Click on the Transfer to Bank tab.
  2. Input the amount you wish to transfer and click on the Next tab.
  3. Select 1-3 Business Days
  4. Create an account if you don’t have one. Follow the on-screen instruction to create the account. 
  5. Click on the Transfer tab. You’ll need to confirm the transaction with your passcode, Face ID, or Touch ID.

Otherwise, you can transfer your Apple card balance to an eligible debit card. To do so, follow the instructions below. 

  1. Open the card info. For iPhone: 
    1. Go to the Wallet app.
    2. Press the Apple Cash card.
    3. Select the More button.
    4. Click on the Transfer to Bank. 
  2. On iPad:
    1. Go to the Settings app.
    2. Navigate to Wallet & Apple Pay.
    3. Press your Apple Cash card.
    4. Click on the Transfer to Bank tab.
  3. Enter the amount you wish to transfer and click on the Next tab.
  4. Press Instant Transfer.
  5. Click on the Add card tab to add an eligible debit account if you don’t have one. Follow the on-screen instructions to add your account.
  6. Select the Transfer tab.
  7. Choose the debit card you wish to make payments.
  8. Choose the billing information for the specific debit card.

The funds should transfer in less than 30 minutes. 

For this process to succeed, you need to update your iPhone to the latest iOS or iPadOS if you’re using an iPad. 

Apple Card Account Number for a Balance Transfer

The Apple Card account number is 16-digit in the wallet app. 

Follow the guide below to access it. 

  1. Launch the Settings app.
  2. Proceed to the Wallet app.
  3. Press Apple Card and select More.
  4. Select the Card Information option.
  5. Authenticate the request with your passcode, Face ID, or Touch ID.

Besides your card number, you’ll also see your name, card network, expiration date, and security code. 

However, you can not use this card account number to transfer your balance.

Apple Card Balance Transfer myFICO

myFICO is a reliable credit monitoring service you can rely on for tracking your Fair Isaac Corporation (FICO) credit score and for credit report updates.

myFICO reflects that Apple’s terms and conditions stipulate users should use the Wallet app to make payments. You can’t push payments from a different source.

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