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Tag: Apple Card

  • Apple Canada ends interest-free finance program as financial providers change within the country

    Apple Canada ends interest-free finance program as financial providers change within the country

    Apple has terminated the Canadian market’s last option for interest-free financing of iPhones, Macs, and more.

    Canada doesn’t have access to Apple Card or other financing options like iPhone Upgrade Program, but Apple customers did have a zero-interest finance option for a time. PayBright offered a zero-interest finance option in Canada as a subsidiary of Affirm, but that option is now gone.

    Per Apple’s website, Affirm has taken over as the finance provider for Canada, and interest rates now apply. For Canadian customers purchasing an iPhone, the interest rates have been set to 7.99 percent over 24 months, while iPad and Mac are set at 4.99 percent over 12 months.

    In another example of financial inequality between the Canadian and U.S. markets, Canadian customers are still unable to secure an Apple Card. The Apple Card launched in 2019 and still isn’t available anywhere outside of the U.S.

    Stay tuned for additional details as they become available.

    Via AppleInsider, Apple, and MacRumors

  • Apple offers 5 percent Daily Cash rewards to customers who sign up for an Apple Card between December 1st and December 25th

    Apple offers 5 percent Daily Cash rewards to customers who sign up for an Apple Card between December 1st and December 25th

    Sometimes there are some pretty good incentives at hand.

    Apple has announced that customers who open an Apple Card account between December 1 and December 25 are eligible for an increased 5 percent Daily Cash on Apple products purchased with the card between those dates at Apple Stores and on Apple.com.

    The following purchases made with the Apple Card are currently ineligible for 5 percent Daily Cash rewards:

    • Purchases made with Apple Card Monthly Installments or the iPhone Upgrade Program
    • Wireless carrier financing plans, Apple services, and monthly AppleCare+ payments.

    Full terms and conditions are listed at the bottom of the Apple Card website.

    The Apple Card reward system typically offers 3 percent Daily Cash on purchases completed via Apple Pay at Apple, Nike, Panera Bread, Walgreens, T-Mobile, Exxon Mobil, and Ace Hardware.

    Other purchases made with Apple Card via Apple Pay are eligible for 2 percent Daily Cash, and purchases made with the physical Apple Card are eligible for 1 percent Daily Cash.

    Apple’s credit card launched in 2019 and is available for approved U.S. customers only.

    Stay tuned for additional details as they become available.

    Via MacRumors and Apple

  • Apple Card interest rates expected to rise along with Fed’s interest rate hike

    Apple Card interest rates expected to rise along with Fed’s interest rate hike

    As is won’t with most credit cards, the Apple Card’s interest rate on overdue balances will rise as the Federal Reserve raises its benchmark overnight interest rate in an attempt to slow inflation in the United States.

    As of July 1, the Apple Card’s variable APRs now range from 12.49 percent to 23.49 percent based on creditworthiness, compared to 11.74 percent to 22.74 percent previously. This is in line with the Fed’s 0.75 percentage point increase to its overnight rate in June.

    The Apple Card interest rates had been as low as 10.99 percent to 21.99 percent for much of 2020 and 2021 as the Fed lowered interest rates in response to the COVID-19 pandemic.

    With the Fed’s recent interest rate hike, the Apple Card’s APR range will likely see another increase to 13.24 percent to 24.24 percent based on creditworthiness. This would be the Apple Card’s highest interest rate range since 2019.

    If you’re carrying an overdue balance on your Apple Card, be aware that interest charges have been increasing and will cost you extra.

    The Apple Card remains limited to the United States.

    Stay tuned for additional details as they become available.

    Via MacRumors and The Wall Street Journal

  • Apple Pay Later to take advantage of Apple ID data to help detect fraudulent activity ahead of time

    Apple Pay Later to take advantage of Apple ID data to help detect fraudulent activity ahead of time

    Well, this is a bit more reassuring.

    Following its announcement of its Apple Pay Later financing option and its Apple Financing LLC division, Apple has stated that it plans to use a customer’s Apple ID and associated data to minimize the chance of fraud and losses.

    While most financial firms offering a “buy now, pay later” service generally use third-party credit reports to judge whether it can afford to offer credit to new and existing customers, Apple will apparently be doing this on its own via the Apple Financing LLC division. This move, in turn, could offer Apple more direct control over the service. Apple could also provide information to Apple Financing that wouldn’t necessarily be provided to a third-party outfit, such as its existing relationship with Goldman Sachs for Apple Card.

    Alongside traditional credit checking systems, Apple Pay Later will also take advantage of Apple’s own platform in various ways. Among these techniques would be the use of Apple ID data to verify the user’s identity, as well as for fraud prevention.

    Applicants with Apple IDs that have been in good standing for a long time, and don’t seem to have any indications they will commit fraud, will be more likely to be accepted for the service.

    Following its release of the Apple Card and its partnership with Goldman Sachs, Apple seems comfortable handling its own finances. This will include a cap of $1,000 for the payment plans, though the final amount will still depend on usual credit checks.

    Customers will also be required to link their debit card to the account, with payments automatically deducted from their bank account every two weeks, unless the customer opts out.

    Stay tuned for additional details as they become available.

    Via AppleInsider and the Wall Street Journal

  • Apple extends zero percent Apple Card financing offer for confused customers

    Apple extends zero percent Apple Card financing offer for confused customers

    Following some confusion as to a zero percent APR financing offer for some Apple Card customers, Apple has extended the terms of the financing after some customers incorrectly assumed they would receive the payment option with their purchase.

    Last week, Apple and banking partner Goldman Sachs sent out an email informing certain Apple Card customers that they were entitled to zero percent financing on their recent Apple product purchase.

    This apparently lead to some cardholders expecting the financing perk, known as Apple Card Monthly Installments, on ineligible items. Apple noticed the confusion and has decided to honor the installment conditions for certain transactions:

    “We understand that some customers expected to receive 0% APR financing automatically when purchasing Apple products with their Apple Card. If you expected to receive 0% APR financing with Apple Card Monthly Installments when purchasing an Apple product from either Apple or an Apple Authorized Reseller, but you did not, we can help.”

    The original offer was slated to end on December 8, although Apple has extended the deadline to December 15.

    A special program available to Apple Card customers, Monthly Installments is a zero percent financing option that applies to purchases made through Apple.com, the Apple Store app or at a brick-and-mortar Apple Store. Most major product lines, including iPhone, Apple Watch, iPad, Mac and AirPods and Apple TV, are considered eligible for monthly installments. Payment periods range from six months to 24 months, depending on the product.

    Stay tuned for additional details as they become available.

    Via AppleInsider and 9to5Mac