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.
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.
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Top Rated Comments
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.
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.')