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Well, people sometimes doubt Apple is an "American" company.

Here's proof. Buying on credit and on time is the American way.


These "pay later" loans are ethically one step away from a title loan.
"American Way" despite 8 other countries having a higher percentage of people with credit cards and several more close behind.

Screenshot 2023-03-28 at 12.12.29 PM.png
 
Nice to have the option available to those who could benefit from it. What I’m waiting on though is a way to add more than 16 cards to AW. Can‘t Apple remedy this limitation? Would it be that difficult? That’s what I’m personally interested in.
 
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This seems like a way into debt. Why not save up for 4 weeks and then buy the thing when you have the money? I could see how this would be good in case of emergency, but it seems most people will just get into a cycle of spending next month's money. Not good.
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
 
I don't see the appeal of this. It's like a form of lay-away. No Thanks. Just wait till you have the money. lol.
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.
 
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
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.
 
How about Apple Pay Sooner so I can backdate my IRS checks to get out of trouble.
 
FYI people the limit on this is 1k, nobody is going to be buying something that costs 6 grand as an impulse purchase with Apple Pay Later. They'll just use a credit card they already had. We can stop acting like Apple is creating some new evil concept here. Someone is going to spend outside their means with or without this service existing.
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."
 
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.
 
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Pretty cool given that there are no interest or fees to pay. What's Apple's angle here though?
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.
 
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"American Way" despite 8 other countries having a higher percentage of people with credit cards and several more close behind.

View attachment 2180169
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.
 
I wonder if anyone has gotten invited yet. I don't see anyone saying it's hit their accounts yet.
 
How is this better than PayPal Credit for $100+ purchases?

With the above pay within 6 months for no interest.
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.
 
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.
Yea I was going to say is there a chart of Utilization?
 
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