Well I learned something today about the Apple Card. If you purchase one of the Apple products on your Apple Card they do NOT apply that against your CL. So if you have let's say a 10k CL and a 0 balance and purchase a 2k Apple product your available Credit would still be 10k minus the amount for that months payment. I thought this might be some good DP's for Apple Card holders.
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It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.
I was told it does not by two different Apple Employees. 1 at the store and confirmed with calling the GS hotline.
It does subtract the entire amount from your available credit. It actually says in the app when you try to use the Apple card option that you need "$XXX.XX" to cover this purchase.
It does not show the purchase amount as part of the balance, but as others indicated I think it reports the actual utilization.
Unless they changed the policy I was adamant about it not affecting my utilization and was assured the only amount that would be I. My UTI would be that months payment. Also they assured me that my CL would not be adjusted to the purchase price rather it would remain what it was prior to the purchase. Now this was explained by two of the company representatives so IDK.
@Trini88 wrote:
@jgdev wrote:It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.
Yep. I tested it out, I owe Apple $302 on a ipad I financed for my son and my Apple limit is $3000. It's being reported at 10% utilized on my credit report 😬
When did you do this? And if you're correct then I was lied to twice.
@RobynJ wrote:
@Trini88 wrote:
@jgdev wrote:It will still show up on your credit report as the full amount. So if you have a 10k limit and finance 5k worth of apple products it'll report 50% utilization.
Yep. I tested it out, I owe Apple $302 on a ipad I financed for my son and my Apple limit is $3000. It's being reported at 10% utilized on my credit report 😬
When did you do this? And if you're correct then I was lied to twice.
Not necessarily lied to, just told something by two people who don't look as closely at their Apple Card statements, and may not have the microscope on their credit reports.
This is my April summary. Total CL is $22,000, and several payment items are open. While my "statement due" amount is the bold number at the top, the actual balance reported to the bureaus is including the future monthly payments that GS has not yet moved to "due this month". So $1,595 is reported as my debt on the card, vs the $22k limit.