Apple Card Users Get Another Interest-Free Grace Period

Apple Card holders behind on their payments will not have to worry for another month.

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

“We understand that the COVID-19 situation poses unique challenges for everyone and some customers may have difficulty making their monthly payments,” Apple said in an email to Apple Card users about their statements, 9to5Mac reported.

“Should you need assistance, please connect to Apple Card Support via Messages and enroll in our Customer Assistance Program, which will allow you to skip your June payment without incurring interest charges,” Apple advises.

Apple Card holders should receive this email soon, but those who have not can learn how to enroll in the Customer Assistance Program by contacting Apple Card Support.

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

“This is the most generous policy I’ve seen because they won’t be accruing interest,” Ted Rossman, industry analyst at CreditCards.com, has said. “Other issuers may allow you to pay less or not at all, but the interest still gets tacked on at some point.”

The 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 program in March, when the pandemic was beginning to impact the economy.

In other news, Apple last month announced its products will soon have the ability to pay for iPads, Macs and AirPods, in 12 interest-free monthly installments using the Apple Card.

Apple’s idea is to help spur interest and signups for the Apple Card, the company said.