Apple Card payment question

[Fico_2020]

Got approved for Apple Card with a $5500 CL. Apple payment due off date is the last day of the month. Since I got the card in Dec 2021, the first due date is Jan 31, 2022. I spend about $600 on the card in Dec 2021 and paid it in full in Dec 2021. Now in January 2022, i have spend about $1200, but looks like that is due to be paid by end of Feb i.e. 28 Feb. The question is whatever is used in Jan 2022 (i.e. around $600) is paid in full before Feb 22, will it be considered PIF?

[nomadic_triathlete]

That is my experience with it.  If I spend $1000 in January I just need to pay that off before the end of February for it to be considered PIF and no interest will be charged on that $1000.

The Apple Wallet app is really good at telling you how much you need to pay off so you are considered paid in full and pay no interest every month. 

[Trini88]

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@Fico_2020 wrote:

Got approved for Apple Card with a $5500 CL. Apple payment due off date is the last day of the month. Since I got the card in Dec 2021, the first due date is Jan 31, 2022. I spend about $600 on the card in Dec 2021 and paid it in full in Dec 2021. Now in January 2022, i have spend about $1200, but looks like that is due to be paid by end of Feb i.e. 28 Feb. The question is whatever is used in Jan 2022 (i.e. around $600) is paid in full before Feb 22, will it be considered PIF?

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I spent $600 in January.

Its needs to be paid in full by February 28th in order to not incur interest.

I paid it off today (Jan 26) because if it's not paid in full by January 31st, that is the "statement balance" getting reported to the credit bureaus.

[Fico_2020]

Great comment and advise. thanks a lot

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@Trini88 wrote:

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@Fico_2020 wrote:

Got approved for Apple Card with a $5500 CL. Apple payment due off date is the last day of the month. Since I got the card in Dec 2021, the first due date is Jan 31, 2022. I spend about $600 on the card in Dec 2021 and paid it in full in Dec 2021. Now in January 2022, i have spend about $1200, but looks like that is due to be paid by end of Feb i.e. 28 Feb. The question is whatever is used in Jan 2022 (i.e. around $600) is paid in full before Feb 22, will it be considered PIF?

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I spent $600 in January.

Its needs to be paid in full by February 28th in order to not incur interest.

I paid it off today (Jan 26) because if it's not paid in full by January 31st, that is the "statement balance" getting reported to the credit bureaus.

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[NoMoreE46]

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@nomadic_triathlete wrote:

That is my experience with it.  If I spend $1000 in January I just need to pay that off before the end of February for it to be considered PIF and no interest will be charged on that $1000.

The Apple Wallet app is really good at telling you how much you need to pay off so you are considered paid in full and pay no interest every month. 

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Yup.  The app will indicate if your specific payment will leave any interest assessed by month's end.  It is a nice live feature.

[NRB525]

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@Fico_2020 wrote:

Got approved for Apple Card with a $5500 CL. Apple payment due off date is the last day of the month. Since I got the card in Dec 2021, the first due date is Jan 31, 2022. I spend about $600 on the card in Dec 2021 and paid it in full in Dec 2021. Now in January 2022, i have spend about $1200, but looks like that is due to be paid by end of Feb i.e. 28 Feb. The question is whatever is used in Jan 2022 (i.e. around $600) is paid in full before Feb 22, will it be considered PIF?

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I'd suggest you not pay it all off in January. Wait until February 1, when your January statement will be visible in the Wallet app. From there, you can schedule a payment in the app, and it will present you with a selector wheel, of the various levels of payments you have the option to make. The wheel will start with the full amount of new, non-financed charges, to avoid interest. You can spin that counterclockwise to reduce the payment, but then the app will automatically calculate the forecasted interest you would pay. Spin the selector clockwise back up to the full payment, interest forecast goes to zero because that is "paid in full".

If you buy items at the Apple Store and finance them, those monthly payments are included in your proposed payment amount, again to ensure you have no interest costs. If financed through the Apple Store at 0% APR, those are not "paid in full" but the other charges you put on the card are paid in full.

Congrats on getting the Apple Card.

[Fico_2020]

I am getting from the respective folks in this forum the Apple CLI usually can be requested in about 90 days and the only thing that is asked is annual pay. Do people increase the annual pay in a certain percentage every 90 day or how that happen. or they keep the same annual pay numbe that was used when the card was opened?

[NoMoreE46]

@Fico_2020 ,

that's a good question. When you apply for a credit line increase the BOT will ask your annual income.  If you are denied, it says it will keep your income answer for the next time you request...

However, every time I've requested an increase after a denial,  it always asks the income question so  🤷🏻‍♂️.

Whether one's income fluctuates significantly every 90 days is a matter for applicant.  
I doubt most peoples' income (annual) would be very different in that timeframe.  One exception would be sales commission folks.

[CreditAggie]

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@Fico_2020 wrote:

I am getting from the respective folks in this forum the Apple CLI usually can be requested in about 90 days and the only thing that is asked is annual pay. Do people increase the annual pay in a certain percentage every 90 day or how that happen. or they keep the same annual pay numbe that was used when the card was opened?

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I have entered the same annual income multiple requests in a row and have been successful with CLIs. Your income doesn't have to change during the 90 day period to get approved for Apple Card CLIs.

[LADave]

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@NoMoreE46 wrote:

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@nomadic_triathlete wrote:

That is my experience with it.  If I spend $1000 in January I just need to pay that off before the end of February for it to be considered PIF and no interest will be charged on that $1000.

The Apple Wallet app is really good at telling you how much you need to pay off so you are considered paid in full and pay no interest every month. 

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Yup.  The app will indicate if your specific payment will leave any interest assessed by month's end.  It is a nice live feature.

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Another really cool and underrated feature is how the card changes colors to totally white when it's paid off. It gives me additional good feelies when I pay the balance off. (I suspect that Goldman Sachs doesn't love this feature as much as I do.)

I agree with the previous comments that it really is adviseable to pay as much off as you can (ideally all of it) by the statement date, so that a lower balance is reported to the credit bureaus, even if you're not paying interest on that balance.

CLIs requests are super easy on this card. I started with a SL of $500, then got bumped to $1750, and now I'm at $3,000. This is my most frequently used card, which I understand their CLI algorithm likes. I'm planning another CLI request in a few months, 3 months after my last CLI. It's for that reason that I think this is an excellent card for helping to rebuild credit.