Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
I mean, I don't like it either, but only cause it's not on your credit card gaining you points or money back. But installed purchases on credit are great when you pay off on time to get the rewards. Buying a $1500 phone or $3000 computer is great to have the payments split up. Nothing wrong with it imo.

How do the interest rates work on those? I'm Dutch so I got no idea about credit card debt rates over in the states.
 
Apple needs to go into payday cash advance and title loans next.

Seems inevitable, doesn't it. There's obviously tons of money in finance... and Apple Inc likes tons of money.

Then, move over loan sharks. Instead of breaking legs to collect, they'll just turn off iPhone service... which will motivate fans to break legs to make others pay and/or sell body parts to pay. ;)
 
Last edited:
  • Like
Reactions: Stenik
That’s not what the article is about. This is about Pay Later, not Apple Pay.
Pay Later is an option within Apple Pay...so yes, it is about Apple Pay. It works with in-app purchases for physical goods, like in the McDonald's app. Not sure if it works when you are using Apple Pay via tap at a physical location.
 
  • Disagree
Reactions: boss.king
Works perfectly, at least for me - but would prefer more than 1k. Money can stay in my account for few more weeks until it is withdrawn automatically.
 
  • Like
Reactions: compwiz1202
Be careful with this if your budget is tight and must rely on installments to afford a purchase. Neither 6 weeks nor 42 days divide evenly into 4, and the standard payday cycle in the U.S. is every 2 weeks. So one of your pay periods you will have to make 2 of your 4 payments on a single paycheck.
 
  • Like
Reactions: jjm3
I was very confused by this process. I thought it was tied to my Apple Credit Card. But it makes you setup with a debit card or bank account and directly come out of your checking account in installments. So you don't get any Apple Card benefits like the 2-3% back or anything. Not worth it really.
Agreed. I was most looking forward to combining this with Apple Card to smooth out large purchases across two credit card statements so that I can more readily understand my average-monthly expenses.

One scenario that comes to mind is let’s say my average monthly spend has been calculated to be $1000/month where $250 of that is typically discretionary spending. Now say I buy a PS5 for $500. Month 1 will show ~$1250 in spending, which means if I have some way of automatically preventing myself from going over my average spend it will always block the PS5 purchase. Now if Pay Later worked with Apple Card I would see that $500 (for example purposes) be distributed into Month 2 at $250. Now extrapolate this idea with Pay Later with a year-long pay-back system. You would be able to tightly control your discretionary spending for the year without much hassle.

I think that’s something the technically challenged could get on board with and improve spending habits
 
I was very confused by this process. I thought it was tied to my Apple Credit Card. But it makes you setup with a debit card or bank account and directly come out of your checking account in installments. So you don't get any Apple Card benefits like the 2-3% back or anything. Not worth it really.
Yeah, I'm really confused and wondering how this is better than just using an Apple Card.
 
I'm seeing it now. It's tucked away under the add card button. I thought there'd be a little more fanfare. Hmph.

it also shows up as an additional pay later tab when you make a purchase online or in-app using apple pay.
 
I wonder when these payments would start.

The time from purchase to payment on most credit cards are 30-60 days depending on when in the cycle you make a purchase.

A lot of cards also offer additional product "warranty" or protections.

Apple Card for example; If I buy something with my AC on Nov1 that payment wont be due until Dec31.
 
The point is for you to buy something now and pay for it later.

If it's launching soon, my guess is Apple wants to get it out for people to use during the holiday shopping season.
It launched today. Previously it was by invitation only, now everyone has the option.
 
  • Like
Reactions: jjm3
Pay Later is an option within Apple Pay...so yes, it is about Apple Pay. It works with in-app purchases for physical goods, like in the McDonald's app. Not sure if it works when you are using Apple Pay via tap at a physical location.
It doesn’t. Apple Pay Later is only for online purchases.
 
Interestingly, the minimum still showed as $50 for me... Maybe I was in the early access group though and just never knew it because I never thought to look!
 


Apple Pay Later appears to have officially launched for all qualifying U.S. residents today, as it is now widely available in the Wallet app on the iPhone. The feature had been available on an invite-only "early access" basis since March.

Apple-Pay-Later.jpeg

Apple removed the following sentence from all Apple Pay Later support documents today:Apple Pay Later is a "buy now, pay later" feature that lets qualifying customers split a purchase made with Apple Pay into four equal payments over six weeks, with no interest or fees. The feature is available for eligible purchases between $75 and $1,000 made on an iPhone or iPad on most websites and apps that accept Apple Pay.

The minimum purchase amount required to use Apple Pay Later was $50 during the early access period, but Apple has now raised it to $75.

Every purchase made using Apple Pay Later is a separate loan and requires a new application, which has no impact on your credit score, according to Apple. The feature is available to U.S. residents who are 18 years of age or older. Apple Pay Later is currently unavailable in Hawaii, New Mexico, Wisconsin, and the U.S. territories.

Apple Pay Later is part of the Wallet app on the iPhone, and found in the Settings app under Wallet & Apple Pay on the iPad. Users can view, track, and manage loans, with upcoming payments shown on a calendar and payment reminders sent via Wallet notifications and email. Users must set up a debit card as a loan repayment method.

Article Link: Apple Pay Later Officially Launches in U.S. Following Early Access Period
If you need multiple weeks to pay for something under a $1,000 but higher than $75 you don't need it that badly. You need to figure out your life priorities before making 4 payments over 6 weeks for stuff. Get it together people, do better.
 
What even is the point, seriously.

I'm really not sure what the point of this is. Isn't it basically a credit card?

When I buy something with my Apple Card I don't have to pay for it until the end of next month, which can be as far away as eight weeks. I already have this, basically.

Yeah, I'm really confused and wondering how this is better than just using an Apple Card.
Its not a credit card. Its like the easy pay PayPal already does. Buy whatever and they debit you in 4 equal installments over 6 weeks time. No interest or fees. Just free financing to spread your purchase over several payments verses paying for it all at once. You link a debit card to it so they charge your debit over installments.
 
Interestingly, the minimum still showed as $50 for me... Maybe I was in the early access group though and just never knew it because I never thought to look!

Could be. I know several people who were clearly selected for early access and the option popped up for them a while ago, yet they got no invitation email about it.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.