Apple Pay Later is a new feature that lets you buy products and services with Apple Pay and pay for them over time. It offers two payment options: Apple Pay in 4, which lets you split your purchase into four interest-free payments made every two weeks, and Apple Pay Monthly Installments, which lets you pay for your purchase over several months with interest. You can choose the option that suits your budget and needs.
To use Apple Pay Later, you need to have an iPhone with iOS 15 or later, a valid Apple ID, and a supported card in Wallet. You also need to apply and be approved for a credit limit with Goldman Sachs Bank USA, the issuer of Apple Pay Later.Apple Pay Later is a convenient and flexible way to pay for your purchases over time without paying any interest or fees.
How to set up Apple Pay Later?
To use Apple Pay Later, you need to have an iPhone or iPad that supports Apple Pay, a debit card linked to your Apple Wallet, and a valid U.S. address. You also need to be 18 years or older and pass a credit check by Apple Financing LLC.
Make sure you have an eligible Apple device that supports Apple Pay Later. This includes an iPhone running iOS 15 or later.
To set up Apple Pay Later, follow these steps:
- Open the Wallet app on your iPhone or iPad.
- Tap the Add button (+) in the upper right corner.
- Tap Set up Apple Pay Later, then tap Continue.
- Follow the onscreen instructions to apply for an Apple Pay Later loan. You will need to enter your name, date of birth, address, and the amount you want to borrow (up to $1,000).
- You’ll need to provide some basic personal and financial information, and Apple will run a credit check to determine your eligibility.
- Tap Next, then review your personal information and agree to the terms and conditions.
- Tap Agree & Apply, then wait for a few seconds to see if you are approved.
- If approved, you will see your payment plan information and loan agreement details. Tap Add to Wallet to add Apple Pay Later to your Apple Wallet.
How to use Apple Pay Later?
- You must first apply for and be approved for the financing program in order to use Apple Pay Later on your iPhone.
- You can view and manage your Apple Pay Later loans in the Wallet app. Tap on Apple Pay Later, then tap on a loan to see its details, such as the remaining balance, due dates, and payment history. You can also make early payments or pay off your loan in full at any time without any fees or penalties.
- You’ll have the option to pay for your purchase in full or spread the cost over several interest free monthly payments. Choose the option that works best for you, and Apple will automatically charge your linked payment method each month until the balance is paid off.
- You can now use Apple Pay Later at any online or in-app merchant that accepts Apple Pay. When you check out with Apple Pay, you will see an option to pay with Apple Pay Later. Tap it and confirm your purchase with Face ID or Touch ID. You will need to make a 25% down payment with your debit card at the time of purchase, and the remaining balance will be divided into three equal payments that will be automatically deducted from your debit card every two weeks.
Until next time, with another topic. Till then, Toodles.