Apple Card Extends Payment Deferment Option


For the third consecutive month, Apple and Goldman Sachs are allowing customers to skip their Apple Card payments without interest charges due to the financial impact of the coronavirus pandemic.

“We understand that the COVID-19 situation poses unique challenges for everyone and some customers may have difficulty making their monthly payments,” the companies said in a statement, according to 9to5Mac.

Customers facing financial hardships are asked to enroll in the  Customer Assistance Program to take advantage of the temporary payment moratorium.

To join, users open the Wallet app on an iPhone or iPad, tap the Apple Card, tap on the black circle with three dots, tap on the message bubble and send a message  of “I want to enroll…”

While customers can take advantage of the payment respite, any purchases made with the Apple Card must eventually be paid.

The report said enrollment is not automatic, and if cardholders skip payments without contacting Apple Card support to join the program, they will be charged interest.

Apple Card Mastercard was issued last summer in partnership with Goldman Sachs. The card’s interest rate varies from 13 to 24 percent based on credit scores.

Apple and Goldman Sachs launched the payment and interest charge relief in mid-March.

At the time, it was the latest move from Apple in response to the pandemic. All of its retail stores outside of China were to be closed until March 27 due to the outbreak. But the closure has been extended.

READ  Android 11 Update for Google, Xiaomi, OnePlus, Realme, and Samsung

“The global spread of COVID-19 is affecting every one of us. At Apple, we are people first, and we do what we do with the belief that technology can change lives and the hope that it can be a valuable tool in a moment like this,” Apple CEO Tim Cook, said in a statement. He pointed to the ability for teachers to take lessons out of physical classrooms and onto the web.

In addition, Apple said it has donated $15 million to the global COVID-19 response and it is also matching employee donations two to one to support the effort.

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here