Apple Card Base APR Lowered from 12.99% to 10.99% for Some Users

U.S. Federal Reserve recently announced yet another emergency cut to the interest rate. Apple followed suit and reduced Apple Card’s base APR to 10.99 percent from the previous 12.49 percent.

Interestingly only some Apple Card users are seeing the reduced interest rates and we are not sure if all users are being offered a reduced rate of interest. Apple has reduced base interest rate thrice after Apple Card was announced last year. With the reduction in interest rate, the amount of interest paid by Apple Card users will reduce considerably.

Apple along with Goldman Sachs has already offered interest-free deferment for two months. The ongoing COVID-19 global crisis has already affected businesses and users’ ability to pay. If you are an Apple Card users you can check out Apple’s support document and enroll in the program. Enrolling is compulsory to avail deferment benefits, failing to do so will incur interest along with regular minimum payment.

Apple Card users already get a bunch of offers including 3% daily cashback on the purchase of Apple products. During the holiday season last year, Apple Card users were treated to 6% cashback on Apple products. Unlike other credit cards, the cashback amount is credited to your account at the end of each day so you don’t have to wait for it. Additionally, Apple offers a 1% cashback on all transactions and 3% cashback for partner brands like Nike and Uber.

Apple has been adding new features for Apple Card every now and then. Starting this year, Apple extended 24-month interest-free financing for Sim-free iPhones with Apple Card. Moreover, the Apple Card user interface in iOS 13.4 now shows detailed transaction history for Apple Services. Yet to apply for Apple Card? Check out our detailed guide on how to apply for Apple Card.

[via Reddit]