Monthly Payments, Interest Charges Deferred for Apple Card Cardholders

Apple and Goldman Sachs again are allowing Apple Card owners to defer their monthly payments due to the coronavirus epidemic, reports Bloomberg.

Apple is not only allowing its customers to skip a payment, but it is also deferring interest charges. These two changes are meant to help customers deal with the financial burden and economic disruption from the coronavirus outbreak.

Apple Emails Its Cardholders

In an email sent to cardholders, Apple expressed concern for its customers who were struggling financially. “We understand that the COVID-19 situation poses unique challenges for everyone, and some customers may have difficulty making their monthly payments,” said Apple.

The U.S. economy is taking a hit from the coronavirus with stocks plummeting and unemployment claims skyrocketing as workers are laid off from their jobs.

Deferment Continued

Goldman, the bank behind Apple’s credit card, first allowed deferments last month when the coronavirus affected not only the country’s health but its economy.

Apple made it easy for customers to participate in the deferment program. Customers could use the Apple Wallet app to text message a customer service representative who would then help them enroll.

Apple did confirm that those who signed up for a deferment in March will have to re-enroll for April.

Apple Card Success Story

Apple introduced its credit card last year with lots of perks for those who qualify. It has minimal fees with no extra charges for late payments, cash advances or more.

The card is tightly integrated into Apple Wallet. Users can apply for the card within Apple Wallet and then use Apple Pay to purchase goods and services.

The Apple Card also offers interest-free monthly installment plans for those who buy an iPhone.

Customers leaped at the chance to get an Apple card with Goldman Sachs calling the consumer credit card, its most successful launch ever.