Apple Pay and Apple Pay Cash will no longer support sending person-to-person payments with a credit card as the funding source. Only debit cards or Apple Pay Cash balance are available funding options.
Starting on March 25, 2019, we will no longer support using credit cards to fund person to person payments. This will ensure Apple Pay Cash customers never have to worry about cash advance fees that may be charged by issuing banks. You can continue to send money for free with Apple Pay, with no fees at all, using your debit card or your Apple Pay Cash balance.
Previously, it was possible to send money with a credit card by incurring the 3% fee. I’m not sure if this was used much as a means of manufactured spend, possibly for meeting a spend requirement, for the US Bank Altitude, or to unload Amex gift cards. Regardless, it’s no longer an option anymore.
In the same update email, Apple notes that they’ve now added an Instant Transfer option where the funds from your Apple Cash balance can be instantly credited to your bank for a 1% fee with a minimum $.25 fee and maximum $10 fee. You can still use the slower ACH transfer option for free.
Thanks to our friend Grant from Travelwithgrant for sharing this with us.
