Balance Adjustment
I just received notification of a balance adjustment for my Apple Cash - where does the money go? Is it sent back to my account or does it disappear into Apple's Pocket?
The Apple Card Terms and Conditions describes Daily Cash Adjustments:
DAILY CASH ADJUSTMENTS AND CORRECTIONS
If a credit is issued to your Account as provided below, we will charge your Account an amount up to the amount of any Daily Cash you accrued for the transaction(s) related to the credit (a “Daily Cash Adjustment”). A Daily Cash Adjustment can be incurred in any of the following circumstances:
* If you make a return or a merchant otherwise credits your Account;
* If you successfully dispute a transaction for which you initially earned Daily Cash, which results in a permanent credit being
* applied to your Account; or
* If you are violating the terms of the Daily Cash program, or if we believe you are abusing or gaming the Daily Cash program.
Example:
You made a purchase of $100 and earned $3 of Daily Cash which was transferred to your Apple Cash account. If you later return that purchase, we will charge your Account a Daily Cash Adjustment of $3.
Daily Cash Adjustments are charged as one or more Transactions to your Account, reflected on your Monthly Statement(s), and any unpaid Daily Cash Adjustment amount remaining on your Account at the end of that month will be due in full as part of the Minimum Payment Due on the next payment due date. Daily Cash Adjustments incurred as a result of a return or any other credit from a merchant with whom you have made multiple Purchase Transactions may be charged as separate Transactions and/or may appear on a future Monthly Statement instead of the Monthly Statement on which the return or merchant credit is listed.
We will not charge interest on any Daily Cash Adjustment billed to your Account. If you fail to pay any Daily Cash Adjustment by the payment due date listed on your Monthly Statement, your Account will be considered delinquent and we may exercise our rights and remedies under this Agreement. If you have a Daily Cash Adjustment at the time your Account is closed, you will remain obligated to pay such amount.
In addition, if we mistakenly provide you with Daily Cash in an amount greater than you were entitled to, you agree that we can, at our discretion, recover from you the excess amount that we transferred (a “Daily Cash Correction Amount”). We can withhold future Daily Cash from accruing, or delay transfers to your Daily Cash Election until you have satisfied the Daily Cash Correction Amount, or seek a return of the Daily Cash Correction Amount from you. If you have a Daily Cash Correction Amount at the time your Account is closed, you will remain obligated to pay that amount.
You can read the entire terms and conditions here: https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf