Apple Pay Cash - Hidden Cash Advance Fees

[StangGT909]

I think everyone is aware that there was a 3.0% Fee for credit cards using Apple Pay Cash. (I know Debit cards are free)

Assumed risk of 3.0%....

I got my first statement after using Apple Pay Cash with a credit card, and there are hidden fees!

#1) Transaction was grossed up 3% (ex. $10 = $10.30) and the statement shows Apple Pay

#2) Cash Advance Fee of 3% of (ex. $10.30) (this is on top of the first 3%)

#3) 25% Interest from Credit Card company for prorated days on this Cash Advance!!!


Basically PayPal codes "Credit Card" transactions as a normal charge to your card company.

Apple is Coding Apple Pay Cash as CASH ADVANCE, which is causing it to really be a 6% plus Interest Fee


That amounts seems evil.... but I almost wondering if it's a mistake.... I can't imagine they would intend on it generating fees this much out of the box.


Anyone else have a statement close or look at transaction history ?

 

[lah]

Check with your credit card company. Mine doesn't charge the cash advance fee (Chase).

 

[Strelok]

Don’t use a credit card for this, there’s no real point.

 

[StangGT909]

I agree, a Debit card is the way to go.

I'm just saying most people have a credit card stored for apple pay I think it's not accurate to describe the fee as 3% if it's really 7-8% total effective percent. I still say this is a mistake.

 

[ecschwarz]

I agree, a Debit card is the way to go.

I'm just saying most people have a credit card stored for apple pay I think it's not accurate to describe the fee as 3% if it's really 7-8% total effective percent. I still say this is a mistake.

What bank/card hit you with all those fees?

 

[StangGT909]

Amex Credit Card. Pretty normal card....