Here's The One Thing You Need To Know If You're Sending Apple Cash To Friends

young pretty woman make selfie, girl together posing in the street, outdoor portrait, work in intern...

The new Apple Card has tons of user-friendly perks, and one of those perks is the option to send Apple Daily Cash rewards to friends. Long gone are the days where you have to pay a friend back with a bunch of crumpled dollar bills from the bottom of your bag. Now, you have the option of sending them cash in a text message — all they have to do is accept that cash within a week, otherwise the transfer will expire.

Apple Daily Cash is structured like most cash back rewards systems for credit cards: you get 3% back from any Apple purchase you make (like at the Apple store, or even on iTunes); 2% back every time you buy something using Apple Pay; and 1% back on all other purchases at stores that don't yet take Apple Pay.

What you save is rewarded to you in the form of Daily Cash. And once you get your Daily Cash (which is updated daily, as you might have guessed), you can hop over to your Apple Cash card on the Wallet app in your phone. From there, you can send friends cash. And yes, this transfer of Daily Cash into your Apple Cash account happens automatically.

There's only one small catch to this seamless process, which was mentioned briefly above. When you send your friends money via Apple Cash, there's an expiration date for that transfer. Your friends have to accept the transfer within seven days, otherwise it's cancelled and the funds are returned to the sender.

Of course, you can always send the money again, since it'll be returned directly to you. But it's definitely worth keeping in mind, just so that everyone's aware that the process does have a time limit.

The great part about Apple Cash is that you can use it for lots of aspects of your financial life. You can use it to pay friends, as explained above, or you can even use it to make a one-time or recurring payment to your Apple Card. So the money you're making back for your Apple Card purchases can actually be cycled back towards your Apple Card statement.

For what it's worth, you can also receive money from friends via Apple Cash, and can even request it, similarly to Venmo. However, your friends also have to have Apple Pay set up in order to send you money, and you have to have an iPhone or iOS device that's compatible with the iOS 11.2 software or later, according to Apple Support.

And if you don't have Apple Cash set up, don't sweat it. You're still earning Daily Cash from your purchases, Apple has confirmed: it's just accumulating via your Apple Card, and can still be used towards your Apple Card statement. Once you set up Apple Cash, you should be able to access all of the Daily Cash you've been earning over time.

You also don't have to worry about accidentally forgetting about your accumulation of Daily Cash. According to Apple, you should get a daily notification showing you what Daily Cash you earned the day before, as well as info on how much Daily Cash has been added to your Apple Cash account so far in the given month. You can learn more about the Apple Card here, if the benefits of Daily Cash and Apple Cash sound like something you want to enjoy.