Apple Card's Base APR Lowered to 10.99% for Some Cardholders

Following two interest rate cuts by the U.S. Federal Reserve in March, the Apple Card's base APR has now decreased from 12.49 percent to 10.99 percent for some cardholders, including MacRumors reader Zed and others on Reddit.

apple card lower apr
This is at least the third time that the Apple Card's APR range has been lowered since the credit card launched in August 2019.

Due to current affairs, Apple recently launched a customer assistance program that allows Apple Card holders to skip their March and April payments without incurring interest charges. To enroll in the program, read Apple's support document.

Key features of the Apple Card include color-coded spending summaries in the Wallet app, no fees beyond any applicable interest, and up to three percent daily cashback.

To apply for an ‌Apple Card‌, simply open the Wallet app on an iPhone running iOS 12.4 or later, tap the plus button in the top-right corner, and follow the on-screen steps. The process takes just a few minutes, and if approved, your digital ‌Apple Card‌ will be ready for purchases immediately. A physical titanium-based Apple Card is also available for use at retail stores that do not accept contactless payments.

Top Rated Comments

mattopotamus Avatar
28 months ago
Still sitting at 12.49, but credit card interest rates are irrelevant if you are using them right.
Score: 28 Votes (Like | Disagree)
cmaier Avatar
28 months ago

mine dropped to 10.99% as well. Would like it even more if they approved my CLI from $250?
Cool. Cool. Hey, just curious, what was the name of your first pet?
Score: 22 Votes (Like | Disagree)
jonblatho Avatar
28 months ago

11% ?!!!!
you’re telling me people takes loan with 11% interest rate ??
This is so dumb ! It’s literally a poverty trap !
Don’t buy stuff you can’t afford, loans are for house, cars and health issue, period.
If you pay the balance in full every month — in other words, if you live within your means — you are charged zero interest, you get some cash back, you’ll likely build or maintain good credit for when it comes time to buy something like a house or car, and you have a lifeline in case whatever’s in your checking account isn’t enough to cover an substantial emergency expense.
Score: 12 Votes (Like | Disagree)
bsolar Avatar
28 months ago

In times of 0% interest rates for your balance and a Federal funds rate of 0,25%. even 10,99% is a total Rip-off!

3-4% would be adequate depending on credit score. Steve would have never allowed this.
It's not entirely the case.

The reason credit card interest rates are so high is because they are in fact loans without collateral, meaning that if you don't pay back what the bank is due, the bank has no asset it can take to recoup the losses. This is different e.g. compared to a loan for a house or car, where if you stop paying the bank has the option to repossess them, resell them and get at least some money back.

This means the bank has a higher risk of not getting back the money from those who don't pay, which means the interest rate is high compared to more secure forms of loan.
Score: 9 Votes (Like | Disagree)
Rychiar Avatar
28 months ago
mine dropped to 15.99 from I think 17.99. I pay it off every month
Score: 8 Votes (Like | Disagree)
DoctorTech Avatar
28 months ago
Mine hasn't dropped that far but I just checked it and it has dropped by 2% since I got the card last August. I pay it off every month so I have never paid any interest on the card so far.
Score: 6 Votes (Like | Disagree)

Popular Stories

iPhone 14 Pro Purple Front and Back MacRumors Exclusive

iPhone 14 Pro Renders Highlight Multiple Design Changes

Wednesday May 25, 2022 8:56 am PDT by
Leaker Jon Prosser today shared ostensibly accurate renders of the iPhone 14 Pro, providing the most accurate look yet at what the device could look like when it launches later this year. In the latest video on YouTube channel Front Page Tech, Prosser revealed renders of the iPhone 14 Pro made by Apple concept graphic designer Ian Zelbo, highlighting a range of specific design changes...
iPad Pro USB C Feature Coral

Deals: Apple's iPad Pro Reaches Up to $449 Off in Amazon's Latest Sales

Wednesday May 25, 2022 10:09 am PDT by
Amazon is marking down a wide variety of 11-inch and 12.9-inch iPad Pro models this week, with prices starting as low as $749.00 for the 11-inch tablet. You'll find the full list of sales below, all of which can be found on Amazon. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep...
apple account card

Wallet App Now Supports Apple Account Cards on iOS 15.5

Wednesday May 25, 2022 5:01 pm PDT by
Apple appears to have recently updated the Wallet app to allow users to add an Apple Account Card, which displays the Apple credit balance associated with an Apple ID. If you receive an App Store or Apple Store gift card, for example, it is added to an Apple Account that was previously visible in the App Store and Apple Store apps. As of today, the Apple Account balance can also be added to...
iphone 13 pro max display bleen

iPhone 14 Max Reportedly Weeks Behind Schedule [Updated]

Thursday May 26, 2022 7:25 am PDT by
The iPhone 14 Max is currently behind schedule by around three weeks, according to Haitong International Securities analyst Jeff Pu. Yesterday, Nikkei Asia reported that at least one iPhone 14 model was three weeks behind schedule due to the impact of lockdowns on Apple's supply chains in China, but it was not clear which iPhone 14 model this related to. Now, Pu has clarified that the model...
iPhone 13 Always On Feature

iPhone 14 Pro Screen Refresh Rate Upgrade Could Allow for Always-On Display

Tuesday May 24, 2022 7:23 am PDT by
Last year's iPhone 13 Pro models were the first of Apple's smartphones to come with 120Hz ProMotion displays, and while the two iPhone 14 Pro models will continue to feature the technology, their screens could well boast expanded refresh rate variability this time round. To bring ProMotion displays to the ‌iPhone 13 Pro models‌, Apple adopted LTPO panel technology with variable refresh...
Apple Tap to Pay iPhone

Apple Stores Rolling Out iPhone-to-iPhone Contactless Payments Starting Today

Wednesday May 25, 2022 6:54 am PDT by
Apple in February unveiled a new "Tap to Pay on iPhone" feature that will allow compatible iPhones to accept payments via Apple Pay, contactless credit and debit cards, and other digital wallets, with no additional hardware required. Apple began testing the feature at its Apple Park Visitor Center earlier this month, and now Bloomberg's Mark Gurman has tweeted that the feature will begin...
apple tv 4k design green

Apple Releases tvOS 15.5.1 for Apple TV HD and Apple TV 4K

Wednesday May 25, 2022 9:42 am PDT by
Apple today released tvOS 15.5.1, a minor update to the tvOS operating system that first launched in September 2021. tvOS 15.5.1 comes about 10 days after the launch of tvOS 15.5. tvOS 15.5.1 can be downloaded over the air on the Apple TV through the Settings app by going to System > Software Update. ‌‌‌‌‌‌Apple TV‌‌‌‌‌‌ owners who have automatic software updates...