Can You Get an Apple Card Cash Advance?
You cannot get a cash advance from your Apple credit card. Apple Card does not offer this feature. However, a lot of other credit cards offer this. As of now, Apple Card is only used to make purchases. The Apple credit card uses the Mastercard network, which means that you can use your Apple card anywhere Mastercard is accepted. One of the essential features of Apple Card is its simplicity. Apple card does not charge any fees (no annual fee, no foreign transaction fees, etc.) except the interest rates when you do not pay your balance. Thus, Apple does not offer cash advance features as they bring additional fees and complexities.
What is a cash advance?
Emergencies do happen. Sometimes you may be in need of cash quickly. If you have a credit card, this is a quick way to receive funding. Credit card cash advances are used to get cash against your existing credit line when you need it. A lot of credit card issuers offer this. These cash advances are basically high-interest loans. Although cash advances may offer a huge convenience, it is important to know that these loans may carry higher APRs (annual percentage rates) than your typical credit card purchase and other fees for the service. In short, they can be an expensive way of borrowing money.
As I stated above, you may experience temporary cash-flow problems. However, if you absolutely need cash, and after exhausting all other reasonable options (like asking families or friends), you may want to use it during a crisis. They are still a more rational option to consider than taking out pay-day or pay-day like loans such as car title loans. If you have a card that offers card advances, and it is absolutely necessary to take out a cash advance, you can get this advance through bank branches or ATMs.
You should note that most banks limit cash advances. It is usually capped at a percentage of your total credit limit.
How much does a cash advance cost?
As I stated above, cash advances are expensive. APR rates and other fees vary among credit card issuers. However, the average fees are usually an APR of about 15-20% and about a 5% cash advance fee. There may also be additional fees such as ATM fees, etc. They may include other hidden fees. As you can see, they can be an expensive way of borrowing. As an Apple Card owner, you will realize that Apple’s not offering cash advances is, in fact, a blessing in disguise.