topic Re: Apple Card Special Financing in General Credit Topics

Apple Card Special Financing

QuakerOatmeal — Mon, 03 Aug 2020 15:54:40 GMT

I have been considering buying a new Macbook. I have an Apple Card with a semi healthy credit line, so making a macbook purchase will not hurt my utilization.

The Apple Card offers special 12 month 0% APR installments. I was thinking of using this offer, but paying it off sooner than 12 months.

My question:

Is this considered an actual "installment loan"? Will I be penalized for paying it off early?

Thank you so much for your input.

Re: Apple Card Special Financing

FeeBear — Mon, 03 Aug 2020 15:56:17 GMT

Hey Quaker,

From what I have read. the answer is no. You will not suffer any negative affects from paying it off early.

Fee

Re: Apple Card Special Financing

blindambition — Mon, 03 Aug 2020 16:07:32 GMT

When you finance, you can pay off early, you have 12 months to pay off without interest.

You'll be charged full amount. Then your minimum payment for other charges and minimum for promo is what you'd pay each month.

Pay full amount on other charges to avoid interest. Minimum or more on promo to pay off within 12 months, and avoid interest.

Re: Apple Card Special Financing

coldfusion — Mon, 03 Aug 2020 16:34:29 GMT

It won't be treated as an installment loan.

You won't be penalized if you pay it off early.

For best long term results and keeping Goldman Sachs' collective mind at ease pay at least 1/12 of the original balance every month, not make mininum payments followed by a balloon payment.

Re: Apple Card Special Financing

RSX — Tue, 01 Sep 2020 16:03:52 GMT

Here is an interesting note about the financing

I just received a new iMac that I used the 12 month financing option for

they are only posting the monthly payment, not the whole amount

so my CL shows the amount minus the entire cost of the Mac

but what they show as outstanding on the card is only the monthly payment amount. Which is awesome

so likely will not get a Util ding at all throughout the 12 months

i will know more after a couple of months, but this is how it is starting.

Re: Apple Card Special Financing

Anonymous — Tue, 01 Sep 2020 16:53:58 GMT

@RSX wrote:
Here is an interesting note about the financing

I just received a new iMac that I used the 12 month financing option for

they are only posting the monthly payment, not the whole amount
so my CL shows the amount minus the entire cost of the Mac
but what they show as outstanding on the card is only the monthly payment amount. Which is awesome

so likely will not get a Util ding at all throughout the 12 months

i will know more after a couple of months, but this is how it is starting.

Is that how its reporting though? What the UI is showing isn't necessarily how the credit report will read. It would be pretty amazing if they aren't reporting the total to the credit bureaus.

Re: Apple Card Special Financing

RSX — Tue, 01 Sep 2020 16:56:32 GMT

In app so far, correct.

it should have reported yesterday so I will actually know more in 2-5 days, as opposed to 2 months

i will reply here with the results.

Re: Apple Card Special Financing

Anonymous — Tue, 01 Sep 2020 18:07:25 GMT

@RSX wrote:
In app so far, correct.

it should have reported yesterday so I will actually know more in 2-5 days, as opposed to 2 months

i will reply here with the results.

Cool, looking forward to it. I am buying a new phone this year and I'm currently debating with myself how I want to handle the payment plan, through Xfinity Mobile and get locked to them for two years or directly with Apple, so the info on how all that works helps with my decision process.

Re: Apple Card Special Financing

RSX — Tue, 01 Sep 2020 18:20:41 GMT

Will do. I have Xfinity mobile as well, and like that it is zero interest and hidden from the CRA's

Re: Apple Card Special Financing

Anonymous — Tue, 01 Sep 2020 18:38:38 GMT

@RSX wrote:
Will do. I have Xfinity mobile as well, and like that it is zero interest and hidden from the CRA's

Yeah I like that part of it but I use a secondary provider on eSIM for data because XM is too expensive and I can't do that on a locked device. My data needs aren't much though, only when the home internet is out or the power is out, so it's not a huge deciding factor. My bill is like $13.68 a month since I don't use their data and my eSIM costs $5 a gigabyte and doesn't expire until I use it all or a year goes by.

I am hoping they offer some sort of promo on the 12 Pro Max like they had been doing where existing customers could upgrade to the 11 Pro or Pro Max and get a $400 gift card in like 3 months or some such. They still have it for the Samsung devices so here's hoping it comes back in October.

Re: Apple Card Special Financing

jer2305 — Thu, 17 Sep 2020 12:37:14 GMT

Hey there! Any update on how the installment ended up reporting? Curious before I make a purchase with mine if it shows higher util or not.

Re: Apple Card Special Financing

RSX — Thu, 17 Sep 2020 16:03:59 GMT

no update yet - i am checking Experian daily and will post as soon as they update

last update was July 31, so the Aug 31 update seems pretty behind

i just ordered a Watch 6 as well, so i am really hoping they only post the outstanding balance, not the full amount

Re: Apple Card Special Financing

RSX — Mon, 21 Sep 2020 20:55:15 GMT

still no update - i pulled a new 3B report on Sept 18 - still showing $0 on all of them

better for me either way - since i now have $4200 on it - the longer they wait to report, the smaller the amount will be

i will for sure update this again when/if they report

Re: Apple Card Special Financing

RSX — Tue, 22 Sep 2020 14:44:01 GMT

Experian just updated and IS showing the full amount.

so the app shows the monthly outstanding balance only, but the CR's are getting the full amount

it was a good thing to hope for, but no luck.

Re: Apple Card Special Financing

jer2305 — Tue, 22 Sep 2020 14:58:03 GMT

Thanks for the update! Good to know. Also I tried calling and the specialist I spoke to a couple weeks ago stated the opposite, so sounds like they aren't really sure either.

Thanks again!

Re: Apple Card Special Financing

Anonymous — Tue, 22 Sep 2020 15:40:20 GMT

@RSX wrote:
Experian just updated and IS showing the full amount.

so the app shows the monthly outstanding balance only, but the CR's are getting the full amount

it was a good thing to hope for, but no luck.

Thanks for the update!

Re: Apple Card Special Financing

Anonymous — Tue, 22 Sep 2020 16:15:06 GMT

ahh too good to be true

thanks for the update