Make Purchases with Interest-free Payment Plans with Apple Pay Later
Reading Time: 3 minutes I sometimes use Apple Pay Later to pay for my purchases in 4 interest-free payments. This financing enables you to pay for purchases over time without interest. This means you won’t be charged interest if you pay off the balance within a certain timeframe. In this case, you are required to submit payments every 2 weeks over 6 weeks. You must submit the first payment at checkout, and the remaining balance will be paid with three loan payments. For example, if you spend 1,000 dollars, here is what your payment plan will look like:
- $250: Due at purchase
- $250: 2 weeks later
- $250: 4 weeks later
- $250: 6 weeks later
In this article, I explain how you can set this up. If you want to learn more about Apple Pay Later, we have previously written about how Apple Pay Later works.
Requirements for Apple Pay Later
In order to use Apple Pay Later, you will need to:
- Be 18 years old or older and a US citizen or legal resident.
- Own a debit card, as this feature works with a debit card.
- Have an acceptable credit score.
- Spend between the current minimum of $75 and maximum of $1,000.
Setting up Apple Pay Later
- Open the Wallet app on your iPhone.
- Tap the add (+) button located in the top-right corner of the screen.
- Tap Set Up Apple Pay Later, and then tap Continue.
- The next screen will give you some details about how it works. Read them and tap Next.
- The next step will ask you to submit an amount to spend. This is between $75-$1000. Enter your requested amount and tap Next. I am going to enter 1,000.
- The next screen will show you a payment plan. If everything looks good, tap Continue. Then, your application will be submitted. This may take a few minutes. You may be asked to enter additional details about yourself for credit checking. In a few minutes, you will get your answer:
- Now, if you open the Wallet app again, you will see a new card named Pay Later. Tapping on this will let you follow your transactions when you spend this money.
If you want to spend this money using Pay Later, use the Pay Later option when you are using Apple Pay.
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