Apple Card's Base APR Lowered to 10.99% for Some Cardholders

[MacRumors]

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.

Article Link: Apple Card's Base APR Lowered to 10.99% for Some Cardholders

 

[DoctorTech]

Mine hasn't dropped that far but I just checked it and it has dropped by 2% since I got the card last August. I pay it off every month so I have never paid any interest on the card so far.

 

[mattopotamus]

Still sitting at 12.49, but credit card interest rates are irrelevant if you are using them right.

 

[gsmornot]

I don't recall what mine was but I pay it off each month so it could be 30% and still be ok.

 

[ApplelD]

mine dropped to 10.99% as well. Would like it even more if they approved my CLI from $250🙄

 

[cmaier]

mine dropped to 10.99% as well. Would like it even more if they approved my CLI from $250🙄

Cool. Cool. Hey, just curious, what was the name of your first pet?

 

[jbachandouris]

Mine is still 21.99% which is why I rarely use it. $4500 limit is meaningless with that interest rate.

 

[nikhsub1]

Took me a bit to find the APR info in the wallet but sure enough, mine is at 10.99% too.

 

[ryanmcv]

Cool. Cool. Hey, just curious, what was the name of your first pet?

Just curious -- How does an APR and credit limit reveal anything about a person's identity?

 

[Rychiar]

mine dropped to 15.99 from I think 17.99. I pay it off every month

 

[FelixDerKater]

10.99 it is.

 

[CheesePuff]

Mine is still 17.49 with $7500 limit.

 

[cmaier]

Just curious -- How does an APR and credit limit reveal anything about a person's identity?

It was a joke, dude.

But, we also know, for example, that he's in Auburn, Washington. We could probably glean more information by seeing if the same user id is used on other sites, etc.

 

[whoknows2597]

Dropped to 21.99, same limit of $2000 after CLI last month. Always pay off my balance completely with weekly payments.

 

[segfaultdotorg]

17.49% and I have perfect credit.

 

[Andres Cantu]

Mine is at 17.49%, lowered twice from 17.99% when I first got it last year, but before this virus situation. Really curious as to why mine isn't lowered more, especially since I always pay on time.

 

[Pearple]

In times of 0% interest rates for your balance and a Federal funds rate of 0,25%. even 10,99% is a total Rip-off!


3-4% would be adequate depending on credit score. Steve would have never allowed this.

 

[unobtainium]

Huh. 15.99 still and I’ve never missed a payment or carried a balance on this or any card.

 

[ingambe]

11% ?!!!!
you’re telling me people takes loan with 11% interest rate ??
This is so dumb ! It’s literally a poverty trap !
Don’t buy stuff you can’t afford, loans are for house, cars and health issue, period.

 

[blacktape242]

I'm now at %10.99, 12K limit

 

[LbSigman]

I'm still at 12.49% with a $15k credit limit. I don't use it often which may explain why it hasn't dropped.

 

[AppleZilla]

Checked. They did it for me.
[automerge]1585931314[/automerge]

11% ?!!!!
you’re telling me people takes loan with 11% interest rate ??
This is so dumb ! It’s literally a poverty trap !
Don’t buy stuff you can’t afford, loans are for house, cars and health issue, period.

Must be nice to be perfect and not dumb.

 

[bsolar]

In times of 0% interest rates for your balance and a Federal funds rate of 0,25%. even 10,99% is a total Rip-off!

3-4% would be adequate depending on credit score. Steve would have never allowed this.

It's not entirely the case.

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.

 

[ingambe]

Checked. They did it for me.
[automerge]1585931314[/automerge]


Must be nice to be perfect and not dumb.

I'm not perfect
But I will not take a 11% loan for sure
Especially for basic consumption product

 

[jonblatho]

11% ?!!!!
you’re telling me people takes loan with 11% interest rate ??
This is so dumb ! It’s literally a poverty trap !
Don’t buy stuff you can’t afford, loans are for house, cars and health issue, period.

If you pay the balance in full every month — in other words, if you live within your means — you are charged zero interest, you get some cash back, you’ll likely build or maintain good credit for when it comes time to buy something like a house or car, and you have a lifeline in case whatever’s in your checking account isn’t enough to cover an substantial emergency expense.