Also, the interest-free installment period for Apple Pay Later - six weeks - is much shorter than the payment plans offered by Apple Card Monthly Installments. With Apple Pay Later, you can finance any purchases from $50 to $1,000 using a debit card, as long as it's connected to Apple Wallet. Installment plans range from six months to two years.Īpple Pay Later isn't restricted to Apple products, nor does it require the use of the Apple Card. The length of the 0% APR period for these purchases depends on the product. How is Apple Pay Later different from Apple Card Monthly Installments?Īpple Card Monthly Installments is an Apple program that lets you finance the purchase of certain Apple products when using the Apple Card credit card. The first update - iOS 16.1 - came in October 2022 the second - iOS 16.2 in December 2022 the third - iOS 16.3 - in January 2023 and the fourth - iOS 16.4 - in March 2023.īased on that bimonthly release schedule, all Apple Wallet users can probably expect access to Apple Pay Later some time in May 2023. For the rest of us, based on the wording in Apple's press release, Apple Pay Later will likely be enabled for all Apple Wallet users in a future update to iOS.Īpple has already released four point upgrades since iOS 16 launched in September 2022. If you're one of the "select users" to receive an invite from Apple, you can start using Apple Pay Later now. When can I use Apple Pay Later on my iPhone? The minimum purchase for Apple Pay Later is $50 the maximum is $1,000. Each BNPL purchase will be reviewed and approved or rejected using a soft credit check.Īpple Pay Later has no plan to charge fees for late payments, though it may use late payments as an excuse to reject future BNPL loans. You can set up automatic payments or make additional payments at any time. Payments for Apple Pay Later must be made with a debit card you can't use a credit card.
Banking partner Goldman Sachs is the official loan issuer.
Apple has created its own financial subsidiary - Apple Financing - that handles loan approvals and credit checks. MasterCard Installments, the credit card company's white-label BNPL service, is providing the merchant payments for Apple Pay Later. Apple Pay Later will work with any merchants who accept Apple Pay. Transactions occur as they did before - the only difference will lie in how back-end payments are made. Stores and merchants don't have to implement any changes in order to accept payments through Apple Pay Later.
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