Apple Card's Base APR Lowered to 10.99% for Some Cardholders
Following two interest rate cuts by the U.S. Federal Reserve in March, the Apple Card's base APR has now decreased from 12.49 percent to 10.99 percent for some cardholders, including MacRumors reader Zed and others on Reddit.
This is at least the third time that the Apple Card's APR range has been lowered since the credit card launched in August 2019.
Due to current affairs, Apple recently launched a customer assistance program that allows Apple Card holders to skip their March and April payments without incurring interest charges. To enroll in the program, read Apple's support document.
Key features of the Apple Card include color-coded spending summaries in the Wallet app, no fees beyond any applicable interest, and up to three percent daily cashback.
To apply for an Apple Card, simply open the Wallet app on an iPhone running iOS 12.4 or later, tap the plus button in the top-right corner, and follow the on-screen steps. The process takes just a few minutes, and if approved, your digital Apple Card will be ready for purchases immediately. A physical titanium-based Apple Card is also available for use at retail stores that do not accept contactless payments.
Popular Stories
The first iOS 17.3 beta rolling out to developers today includes a new "Stolen Device Protection" feature that is designed to add an additional layer of security in the event someone has stolen your iPhone and also obtained the device's passcode. Earlier this year, The Wall Street Journal's Joanna Stern and Nicole Nguyen reported about instances of thieves spying on a victim's iPhone...
Apple has made available for download its major end-of-year iPhone software update, iOS 17.2, featuring a large number of features and changes that users have been anticipating for quite a while. Below, we've listed 33 new things that your iPhone can do once you've installed the update. Check Settings ➝ General ➝ Software Update on your device to get downloading. 1. Help You Keep a Daily ...
With the launch of the iPhone 15, Apple introduced design changes like a curved frame and a frosted glass back. Information acquired by MacRumors suggests that Apple's next-generation iPhone 16 will build on these updates with modifications to the buttons and the camera layout. We have details on early pre-production designs for the iPhone 16, including a look at the variants and hardware...
Earlier this year, General Motors (GM) announced plans to phase out Apple's CarPlay and Android Auto in its future electric vehicles, with the company instead relying on an infotainment system co-developed with Google. This has not been a popular decision with iPhone users, and today, GM provided some additional insight into the decision in a discussion with MotorTrend. According to Tim...
While the iPhone 16 Pro and iPhone 16 Pro Max are still over nine months away from launching, there are already several rumors about the devices. Below, we have recapped new features and changes expected for the devices so far. These are some of the key changes rumored for the iPhone 16 Pro models as of December 2023:Larger displays: The iPhone 16 Pro and iPhone 16 Pro Max will be equipped...
Apple today released tvOS 17.2, the second major update to the tvOS 17 operating system that came out in September 2023. tvOS 17.2 comes more than a month after tvOS 17.1, an update that expanded the availability of the Enhanced Dialogue feature. tvOS 17.2 can be downloaded using the Settings app on the Apple TV. Go to System > Software Update to get the new software. Apple TV...
When Apple releases new software, iOS updates tend to get most of the attention, and there are sometimes useful new features in Mac updates that go under the radar. That's the case with macOS Sonoma 14.2. It doesn't have flashy features like the Journal app that came in iOS 17.2, but there are a number of useful improvements that make it worth installing. Subscribe to the MacRumors YouTube ...
Top Rated Comments
The reason credit card interest rates are so high is because they are in fact loans without collateral, meaning that if you don't pay back what the bank is due, the bank has no asset it can take to recoup the losses. This is different e.g. compared to a loan for a house or car, where if you stop paying the bank has the option to repossess them, resell them and get at least some money back.
This means the bank has a higher risk of not getting back the money from those who don't pay, which means the interest rate is high compared to more secure forms of loan.