George Dawes
Suspended
My aunt many years ago actually wrote a cheque out for a bar of chocolate, I kid ye not . This was in the early 1980 s and things were different. She certainly was … 😝
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Apple Pay Later Available on Limited Basis Starting Today, Launching Widely in Coming Months
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ProfessionalFan
macrumors 603
"American Way" despite 8 other countries having a higher percentage of people with credit cards and several more close behind.
Ronald Reagan
macrumors regular
Macusercom
macrumors regular
Can I split my liver into 6 monthly payments or does it need to be sold upfront?
ProfessionalFan
macrumors 603
npmacuser5
macrumors 68020
Lots of hate for what numerous other companies are doing. If you don't like it...don't do it. Interest free financing for those who can pay their bills is fantastic .
iGeneo
Suspended
At 0.0%, why not keep your money in your bank and use their money?
If you have discipline, this is always a great option
vegetassj4
macrumors 68020
Draft version they forgot to take down:
"CUPERTINO, CALIFORNIA Apple today introduced Apple Pay Later in the U.S. Designed withshareholders users’ financial health in mind..."
"CUPERTINO, CALIFORNIA Apple today introduced Apple Pay Later in the U.S. Designed with
sw1tcher
macrumors 604
This is nothing like layaway though. With layaway, the retailer holds an item for you until you pay for it in full. Only after it's been paid off do you get to take it home.
With "buy now, pay later" (or "pay never" for some), you get it ASAP since the item is being bought on credit.
I can use any credit card and get to use the bank's money between 4-8 weeks before paying my statement in full each month. This doesn't really have any advantage over that. Except maybe for people who haven't built any credit to get a regular credit card. Hopefully favorable participation in this will get reported to people's credit reports. I also hope Apple educates the users and is fully transparent with the fees and consequences of not paying on time.
sw1tcher
macrumors 604
Data shows that BNPL services actually increase the likelihood of someone spending more and outside of their means than without BNPL
"Americans are spending more on clothing, travel and experiences, the report also said, and are now conditioned “to believe they can get whatever they want, whenever they want.”
But that also makes shoppers more susceptible to impulse buying.
Another recent report by online lender SoFi found that 56% of consumers said that more than half of their online purchases are spontaneous, driven largely by changing habits post-Covid and the rise of buy now, pay later, which has exploded in popularity along with the general surge in online shopping."
cocky jeremy
Suspended
If $125 needs to be split into 4 payments, you really don't need it.. lol.
MacDaddyPanda
macrumors 65816
YEah one of my credit cards now offers similar services. But they charge "small fee" instead of the normal interest rate. Though my thinking is they did the math it probably still equates to the credit cards interest rates or close.
If you take this offer will they still give 2% for using Apple Pay. Amazon has a similar by now pay later program. The catch is you don't receive the 5% for using your Amazon credit card.
The thing I'm confused by is why they feel this is necessary when its not credit check free like afterpay or what Amazon has been doing with their non-credit based monthly payments. Why do they need this AND their normal Apple credit card? Other than the obvious reasons, one more way to pull people into spending money. I could see somewhat of a reasoning if they were offering this the way Amazon does because then you can claim you're 'helping' those with bad credit by giving them access to goods and also able to make money off of that group of people. I suppose its good they're choosing to not be quiet that predatory, but at the same time I fail to see what this offers someone who can already get a credit line.
cannono
macrumors 65816
This chart isn't helpful. Americans have more cards per person than many of those countries, and more importantly, the presence of cards doesn't tell us about debt. Americans carry the most long term debt, with more than half of users here leaving a balance unpaid at some point and nearly 1 in 5 having over 15 years of carried debt on their credit cards.
Dumb you can do that but they don’t offer financing on the HomePod
How is this better than PayPal Credit for $100+ purchases?
With the above pay within 6 months for no interest.
With the above pay within 6 months for no interest.
cannono
macrumors 65816
This isn't competing with PayPal Credit, which requires a credit check. This is competing with PayPal Pay in 4, which works on purchases under $100. PayPal Credit also requires credit approval to apply, while Pay in 4 and Apple Pay Later applications don't do a hard credit approval.
These smaller Pay Later type services are more popular with younger consumers and those with less credit history, as they are less rigorous to apply for since they are short term and minimal checks.
For Apple products, the Apple Card probably has better terms since you get 3% cash back, 0% APR and 2 years to pay it off.
