Apple Pay is an easy way to make purchases with your iPhone, iPod Touch or iPad. You can use it to make payments at any store that accepts debit cards. Once you complete a transaction using the device, a bill will be sent to your email. This bill will be for the full amount of your purchase and the company will credit your account on a regular basis until you make another payment.
The company has partnerships with several credit card companies. To receive your payments automatically through your account, you must make an initial deposit that is equal to twenty percent of the total amount of the payment you have just made. This initial deposit is not refundable but can be withdrawn to pay other bills in case you run out of money.
If the balance due in your account is less than the amount required to make the payment, you will receive a notification from your credit card company to let you know that you have reached the maximum allowed amount of withdrawal each month. You may then wish to withdraw some or all of the funds to your account or take advantage of the cash back incentive offered by many credit card companies.
Capital One Apple Pay is available at almost every retail store that accepts major credit cards. You will need to provide your credit card number to the cashier when you make your purchase. When the transaction is complete, the cashier will automatically deduct the appropriate amount from your account.
Once the account is debited from your credit card company, you may wish to immediately apply for another credit card. A second deposit of twenty percent of the original purchase amount will be required as the initial deposit. Once you have received your new card, you will again be able to make payments on your new card through your account.
There are limitations to the amount of time you can use the Apple Pay feature. You may be able to use the account to pay off outstanding debt but you will not be eligible for rewards or cash back. Once you run out of money in your account, you will not be able to make a new payment on the account. However, your account can still be accessed by using the debit card for emergencies.