Apple Card base APR lowered by 2% for some users

Apple Card physical and virtual
Apple Card physical and virtual (Image credit: Lory Gil / iMore)

What you need to know

  • Several users are reporting that their Apple Card interest rate has changed.
  • It seems the rate may have dropped from 12.49% to 10.99%.
  • The move may be a response to the coronavirus pandemic.

A report suggests that several Apple Card users are seeing their interest rates dropping from 12.49% to 10.99%.

According to MacRumors:

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. 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.

Apple has also recently stated that Apple Cardholders will be able to defer their April payments without interest due to the coronavirus pandemic, having done the same thing in March. from that report:

If you're an Apple Cardholder and need some assistance with your April payment because of the COVID-19 situation, then you're in luck. Just as Apple and Goldman Sachs did in the month of March, you'll be able to opt-in to the Apple Card Customer Assistance Program for April.The goal of the Customer Assistance Program is to offer financial help to those who have been affected by economic disruption from COVID-19. In order to opt-in for assistance, you will need to send a message to an Apple Card support representative. This is done through the Wallet app (tap on your Apple Card, then select the "..." button, and then tap Message)

Apple's Card support document, last updated April 1, 2020, still states the following:

Variable APRs range from 12.49% to 23.49% based on creditworthiness. Rates as of December 1, 2019.


Img (Image credit: Lory Gil/iMore)

We can also confirm that some users are seeing drops of 2% from other APR values as well, so it looks like these changes may be more widespread for some.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9