Apple Card offers a unique credit card experience for Apple fans. It has a variety of perks and rewards, including 3% Daily Cash on Apple products and select merchants.

It also has an integrated health tracker that can nudge users towards movement and exercise goals. It can also help them find their car in a parking lot, or call emergency services if needed.

Installments

Apple Watch is an all-in-one smartwatch that combines fitness tracking and health monitoring with iPhone functionality. It also has features that can help users reduce their time spent looking at their phones. The device can be used to make calls, send text messages, and listen to music. It can also track your sleep and detect falls and other emergencies.

Apple Card is a credit card that can be used to buy select products from the company’s app or online store. It has no annual fee and offers a generous 3% cash back on Apple products. It can also be used to pay for purchases on the iPhone, iPad, or Mac. The card also tracks user spending habits and offers helpful tips to improve credit scores.

The credit card is issued by Goldman Sachs and requires a good credit history to be approved. It is important to remember that the purchase amount will be deducted from your overall Apple Card credit limit, so if you are buying an expensive product, you may want to consider other financing options.

Interest

During Apple’s earnings call on Thursday, CEO Tim Cook said the company would expand the zero-percent financing option for the iPhone to 24 months. But Apple Watch installments would be limited to 12 months.

The company says it’s to make sure the Apple Card is used responsibly and doesn’t become a source of debt. Apple also notes that late or missed payments can result in interest charges on financed purchases.

To manage your Apple Card monthly installment balance, open Wallet on your iPhone or iPad and tap Apple Card. You can view your entire purchase history and your current installment plan balance in one place.

If you have an installment plan for a device that gets lowered in price, Apple will refund the difference to your original payment method. However, you’ll still be liable to repay the original principal loan amount and applicable interest. Apple may share transaction order information with your eligible card issuing bank to facilitate the instant savings offer.

Requirements

Apple Card is available in the United States and can be used wherever Mastercard is accepted. The company says it was designed to be as simple and secure as possible. Apple also shared a series of videos explaining how to use the card, including making a purchase in store or online, activating it, making a payment, and getting support.

One interesting thing about the new financing options is that they’re only good for 12 months. In the past, Apple offered 24-month financing for iPhones and Watches. The new plan only applies to those products and select accessories.

When applying for the card, users will need to provide their first and last name, date of birth, address, phone number, country of citizenship, home address, and annual income. The company will perform a soft credit pull when the application is made, and a hard pull when it is approved. The card will also report its balance and payments to the major credit bureaus.

Fees

Apple Card offers users the ability to finance most products on an installment plan. The length of the financing varies depending on the product, but most devices are available for up to 24 months at 0% interest. However, starting August 15, the company will reduce the Apple Watch installment term to 12 months.

The reason behind this change isn’t clear. Apple may want to encourage more people to buy its latest watches, or it might be trying to compete with other fitness tracking services.

Users can see their outstanding installment balances in the Wallet app. They can also make additional payments to reduce the remaining balance at any time. Apple says there are no annual or international fees, and late payments don’t result in penalty rates or increased interest charges. However, the company notes that the payment wheel shows interest charges for illustrative purposes only and may not reflect actual interest charges. This is a different calculation than the one used by most credit cards.