Can I Do a Balance Transfer With an Apple Card?
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Whether you’re an Apple brand loyalist or just a fan of earning cash back through digital wallet purchases, the Apple Card has plenty of perks that make it a credit card worth considering. When it comes to balance transfers, however, this card is about as appealing a PC running Windows Vista.
Here’s what you need to know about the Apple Card’s balance transfer policies, as well as alternatives if you find yourself in need of transferring a credit card balance.
Can I transfer a balance from a different account onto my Apple Card?
The short answer: No, you can’t transfer a balance from another credit card onto the Apple Card. And frankly, that’s a good thing. The Apple Card doesn’t offer any sort of introductory APR period, and as of this writing, it carries an ongoing APR of 18.49%-28.74% Variable APR. So even if you could transfer a balance from another high-interest credit card onto your Apple Card, you might find yourself paying a big premium on interest.
If you need to transfer a credit card balance, look for a card that offers a 0% introductory APR period on balance transfers with a reasonable balance transfer fee. The Apple Card doesn’t meet those parameters. However, any of these options would be a strong choice:
on Bank of America's website
APR: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.49%-25.49% will apply
Balance transfer fee: 3% for 60 days from account opening, then 4%.
APR: 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.49%, 23.99%, or 29.24% Variable APR.
Balance transfer fee: 5% of the amount transferred ($5 minimum).
APR: 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 18.49%-27.49% Variable APR.
Balance transfer fee: 3% intro balance transfer fee; up to 5% fee on future balance transfers (see terms).
APR: 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.99%-28.99% Variable APR .
Balance transfer fee: 3% intro fee on balance transfers made within 60 days, then 5% after that (minimum $5).*
Can I transfer my Apple Card balance to a different credit card?
Officially, no. Per official policy, the Apple Card does not support balance transfer requests. If you attempt to transfer your Apple Card balance, the payment may be rejected by Apple as a “non-conforming payment,” which could mean it’s rejected outright or becomes subject to extra fees.
Potential workarounds: How to transfer your Apple Card balance
With a few extra steps, you may be able to use funds from a balance transfer credit card to pay off your Apple Card balance. However, the process comes with a lot of complexity. Here's what you would need to do:
Open a new balance transfer credit card, like one of the alternatives listed above. We heard explicitly from Discover customer service that it can help with this process, so the Discover it® Chrome would be a great option.
Contact customer service for your new card and ask that it issue a check to Goldman Sachs (the Apple Card's issuer) for the balance of your card. You may have to do this step by phone.
To ensure the check is properly credited to your account, ask that the email address or phone number associated with your Apple ID be included on the check's memo line.
Allow seven to 10 days for Apple to receive the payment and post it to your account.
Once that check clears, you'll now owe the remaining balance to the issuer of your new balance transfer card instead of to Apple. You may be charged a balance transfer fee, but you'll have the period of the balance transfer offer to pay down the balance without accruing interest. Keep in mind, though, that this method carries potential risks, and your exact experience may vary. Any payment by check technically falls outside of Apple's conforming payment clause, meaning that Apple reserves the right to reject the payment outright or tack on extra fees.
If that process sounds too complex, you could consider other ways to work toward paying down your Apple Card balance. For instance, you could open a low-interest card or 0% APR credit card, use it to pay some other major expenses, and then put the portion of your monthly cash flow that would ordinarily go toward those expenses to pay off your Apple Card. Just keep in mind that the bill for those other expenses will eventually come due. Other options to pay off the balance might include taking out a personal loan or picking up a temporary side gig.
Reconsidering the Apple Card for everyday spending
Since you're contemplating a balance transfer, chances are high that you're not paying off your card each month, leading to interest charges. With the Apple Card's relatively high ongoing interest, any rewards you earn in Apple Cash will be quickly overshadowed by the interest accrued on your Apple Card debt. That means despite Apple's flashy rewards rates, you’re probably better off moving that spending onto a less tech-savvy but ultimately more affordable card. Instead, limit future spending on your Apple Card to purchases that you'll be able to pay off in full each month. » MORE: How to make the most of rewards credit cards
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