PSA: Apple Card's Interest Rate is Rising as Fed Battles Inflation

As is common with most credit cards, the Apple Card's interest rate on overdue balances is steadily rising as the Federal Reserve continues to raise its benchmark overnight interest rate in an attempt to slow inflation in the United States.

apple card 1 iPhone 13
As of July 1, the Apple Card's variable APRs now range from 12.49% to 23.49% based on creditworthiness, compared to 11.74% to 22.74% previously. This is in line with the Fed's 0.75 percentage point increase to its overnight rate in June.

Apple Card interest rates were as low as 10.99% to 21.99% for much of 2020 and 2021 as the Fed lowered rates in response to the COVID-19 pandemic.

According to The Wall Street Journal, the Fed is expected to announce another 0.75 percentage point increase to its overnight rate later today, which means the Apple Card's APR range will likely see another increase to 13.24% to 24.24% based on creditworthiness. This would be the Apple Card's highest interest rate range since 2019.

All in all, if you are carrying an overdue balance on your Apple Card, be aware that interest charges have been increasing and will cost you extra.

Apple Card remains limited to the United States.

Note: Due to the political or social nature of the discussion regarding this topic, the discussion thread is located in our Political News forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

Popular Stories

iPhone 17 Pro Lower Logo Feature 1

iPhone 17 Pro Coming Soon With These 14 New Features

Monday June 30, 2025 1:08 pm PDT by
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are less than three months away, and there are plenty of rumors about the devices. Apple is expected to launch the iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max in September this year. Below, we recap key changes rumored for the iPhone 17 Pro models:Aluminum frame: iPhone 17 Pro models are rumored to have an...
A18 Pro Chip

New MacBook With A18 Pro Chip Spotted in Apple Code

Monday June 30, 2025 8:05 am PDT by
Apple is developing a MacBook with the A18 Pro chip, according to findings in backend code uncovered by MacRumors. Earlier today, Apple analyst Ming-Chi Kuo reported that Apple is planning to launch a low-cost MacBook powered by an iPhone chip. The machine is expected to feature a 13-inch display, the A18 Pro chip, and color options that include silver, blue, pink, and yellow. MacRumors...
Apple Watch Ultra Night Mode Screen

Apple Watch Ultra 3 Launching Later This Year With Two Key Upgrades

Wednesday July 2, 2025 1:13 pm PDT by
The long wait for an Apple Watch Ultra 3 appears to be nearly over, and it is rumored to feature both satellite connectivity and 5G support. Apple Watch Ultra's existing Night Mode In his latest Power On newsletter, Bloomberg's Mark Gurman said that the Apple Watch Ultra 3 is on track to launch this year with "significant" new features, including satellite connectivity, which would let you...
iPhone 17 Pro Lower Logo Magsafe

iPhone 17 Pro's New MagSafe Design Revealed in Leaked Photo

Wednesday July 2, 2025 8:37 am PDT by
The upcoming iPhone 17 Pro and iPhone 17 Pro Max are rumored to have a slightly different MagSafe magnet layout compared to existing iPhone models, and a leaked photo has offered a closer look at the supposed new design. The leaker Majin Bu today shared a photo of alleged MagSafe magnet arrays for third-party iPhone 17 Pro cases. On existing iPhone models with MagSafe, the magnets form a...
macbook air spacegray purple

Apple Planning to Launch Low-Cost MacBook Powered By iPhone Chip

Monday June 30, 2025 3:20 am PDT by
Apple is planning to launch a low-cost MacBook powered by an iPhone chip, according to Apple analyst Ming-Chi Kuo. In an article published on X, Kuo explained that the device will feature a 13-inch display and the A18 Pro chip, making it the first Mac powered by an iPhone chip. The A18 Pro chip debuted in the iPhone 16 Pro last year. To date, all Apple silicon Macs have contained M-series...
iOS 18

Apple Releases Second iOS 18.6 Public Beta

Tuesday July 1, 2025 10:19 am PDT by
Apple today seeded the second betas of upcoming iOS 18.6 and iPadOS 18.6 updates to public beta testers, with the betas coming just a day after Apple provided the betas to developers. Apple has also released a second beta of macOS Sequoia 15.6. Testers who have signed up for beta updates through Apple's beta site can download iOS 18.6 and iPadOS 18.6 from the Settings app on a compatible...
Wi Fi WiFi General Feature

iOS 26 Adds a Useful New Wi-Fi Feature to Your iPhone

Wednesday July 2, 2025 6:36 am PDT by
iOS 26 and iPadOS 26 add a smaller yet useful Wi-Fi feature to iPhones and iPads. As spotted by Creative Strategies analyst Max Weinbach, sign-in details for captive Wi-Fi networks are now synced across iPhones and iPads running iOS 26 and iPadOS 26. For example, while Weinbach was staying at a Hilton hotel, his iPhone prompted him to fill in Wi-Fi details from his iPad that was already...
maxresdefault

Five Features Coming to AirPods Pro 3

Friday June 27, 2025 10:52 am PDT by
Apple hasn't updated the AirPods Pro since 2022, and the earbuds are due for a refresh. We're counting on a new model this year, and we've seen several hints of new AirPods tucked away in Apple's code. Rumors suggest that Apple has some exciting new features planned that will make it worthwhile to upgrade to the latest model. Subscribe to the MacRumors YouTube channel for more videos. Heal...
replay all time playlist apple music

Apple Music Debuts All-New Personalized Playlist

Monday June 30, 2025 7:16 am PDT by
As part of its 10-year celebrations of Apple Music, Apple today released an all-new personalized playlist that collates your entire listening history. The playlist, called "Replay All Time," expands on Apple Music's existing Replay features. Previously, users could only see their top songs for each individual calendar year that they've been subscribed to Apple Music, but now, Replay All...

Top Rated Comments

Airforcekid Avatar
38 months ago
Interest is irrelevant pay in full each month if you find yourself paying interest switch to cash/debit and pay it off ASAP you will not come out ahead with 1-2% rewards like most people seem to think.
Score: 48 Votes (Like | Disagree)
chairguru22 Avatar
38 months ago

I owe a little bit and pay the interest on it in order to increase my credit score. Whenever I pay in full, Apple and Credit Institutions think of me as a dead beat and it hurts my score. After I pay off what I owe though I’m just going to switch to my debit card for August.
I don’t think it works like that. My credit score is fine and I pay off in full every month. Save yourself the money.
Score: 41 Votes (Like | Disagree)
WestonHarvey1 Avatar
38 months ago
Never finance purchases unless you have no other choice. If you do, aim to pay it off in 3 months, not 10 years.
Score: 25 Votes (Like | Disagree)
jent Avatar
38 months ago

I owe a little bit and pay the interest on it in order to increase my credit score. Whenever I pay in full, Apple and Credit Institutions think of me as a dead beat and it hurts my score. After I pay off what I owe though I’m just going to switch to my debit card for August.
I think this is a widely held myth ('https://www.nerdwallet.com/article/finance/credit-score-does-carrying-a-balance-help'). I don't know where it came from but I would recommend always paying in full.
Score: 25 Votes (Like | Disagree)
BootsWalking Avatar
38 months ago
As is common with most credit cards, the Apple Card's interest rate on overdue balances is steadily rising as the Federal Reserve continues to raise its benchmark overnight interest rate in an attempt to slow inflation in the United States. As of July 1, the Apple Card's variable APRs now range from 12.49% to 23.49% based on creditworthiness, compared to 11.74% to 22.74% previously. This is in line with the Fed's 0.75 percentage point increase to its overnight rate in June.

Just for reference, the current Federal Reserve Fed Funds rate is 1.58%, which includes all the recent interest rate increases. Yet credit card rates are 12% to 23%. This isn't unique to Apple's card but demonstrates how twisted and corrupt the financial industry is in our country. Cheap money is handed out but only to banks and they in turn lend that out at 20%. Must be nice to be one of the chosen financial businesses who are virtually guaranteed by the Fed to make a profit.
Score: 24 Votes (Like | Disagree)
Mlrollin91 Avatar
38 months ago

I owe a little bit and pay the interest on it in order to increase my credit score. Whenever I pay in full, Apple and Credit Institutions think of me as a dead beat and it hurts my score. After I pay off what I owe though I’m just going to switch to my debit card for August.
You can carry a balance at the end of the statement and not pay interest. As long as you pay off the previous statement balance before the following statement closes, you won’t pay interest but it will still show that the card is being used. The statement balance is reported.

It’s been long proven as a myth that carrying a balance and paying interest increases your credit score.

https://www.consumerfinance.gov/about-us/blog/credit-score-myths-might-be-holding-you-back-improving-your-credit/#:~:text=Paying%20off%20your%20entire%20balance,you're%20also%20paying%20interest. ('https://www.consumerfinance.gov/about-us/blog/credit-score-myths-might-be-holding-you-back-improving-your-credit/#:~:text=Paying%20off%20your%20entire%20balance,you%27re%20also%20paying%20interest.')
Score: 11 Votes (Like | Disagree)