topic Re: Apple’s Pay Later is now Live! in Personal Finance

Apple’s Pay Later is now Live!

sznthescore — Thu, 26 Oct 2023 21:07:57 GMT

Not a fan of BNPL accounts as they tend to show up as CFAs. What are your thoughts?

https://www.apple.com/apple-pay/later/

Apple Pay Later is available with Apple Pay for purchases between $75 and $1000 made on iPhone or iPad on most websites and apps that accept Apple Pay.

Re: Apple’s Pay Later

GZG — Thu, 26 Oct 2023 21:07:33 GMT

@sznthescore wrote:
Apple states they do no report unless consumer goes south on payments.

After making Apple Pay Later purchases, your Apple Pay Later loan and payment history will soon be shared with credit bureaus. Your credit score won’t be impacted when we start reporting to the credit bureaus, but may be impacted in the future. To learn more, visit https://support.apple.com/en-us/HT212971.

How credit reporting for Apple Pay Later works

Soon, Apple Pay Later loans and payment history will be reported to one of the three major national credit reporting agencies. Your credit score won't be affected when we start sharing your Apple Pay Later loan and payment history, but may be affected in the future once data is incorporated by credit scoring models, like FICO® Scores9. Information about your purchase, like the loan start date, loan amount, loan status, outstanding balance, payment dates, and payment history will be shared, which will help to build your credit history. If your purchase is canceled or fully refunded, the loan will not be reported. Apple Pay Later loan information will be available in your credit report.

it seems like they will report? I don't honestly know either way. I was looking at this earlier and all I saw was wishy washy language about if they report or not

they really need to not report unless it's late, kills the product for me otherwise, they might as well add it to the apple card and just do it through there if they're going to report

Re: Apple’s Pay Later

sznthescore — Thu, 26 Oct 2023 21:09:42 GMT

@GZG Lol scratch that then. I must have misread somewhere 🙃. Time to edit post 🏃🏽‍♂️💨

Yes, it isn't clear. I could have sworn I saw that they didn't.

Re: Apple’s Pay Later

GZG — Thu, 26 Oct 2023 21:09:56 GMT

@sznthescore wrote:
@GZG Lol scratch that then. I must have misread somewhere 🙃. Time to edit post 🏃🏽‍♂️💨

I have no idea what any of their language even means, it's purposefully vague probably because they're going to report each individual loan tbh

the more interesting thing IMO is: Loans made by Apple Financing LLC, NMLS

I wonder if Apple wants to eventually takeover the apple card in 10-20 years once they figure out how to bank or something

Re: Apple’s Pay Later is now Live!

sznthescore — Thu, 26 Oct 2023 21:15:04 GMT

The fact that it may report as a CFA, doesn't help your credit at all and is misleading to say the least.

Re: Apple’s Pay Later is now Live!

FireMedic1 — Thu, 26 Oct 2023 21:18:22 GMT

Fine print:

"After making Apple Pay Later purchases, your Apple Pay Later loan and payment history will soon be shared with credit bureaus. Your credit score won’t be impacted when we start reporting to the credit bureaus, but may be impacted in the future. To learn more, visit https://support.apple.com/en-us/HT212971.

Subject to eligibility and approval."

Re: Apple’s Pay Later

LADave — Tue, 31 Oct 2023 05:59:16 GMT

@GZG wrote:

I wonder if Apple wants to eventually takeover the apple card in 10-20 years once they figure out how to bank or something

That will probably be enough time for Goldman Sachs to figure out how to run a profitable bank. 😂