Like most credit cards, Apple Card has increased its interest rate on installment amounts as the Federal Reserve continues to raise its benchmark overnight rate to curb U.S. inflation. Effective July 1, Apple Card increased its variable APRs to 12.49%-23.49% based on goodwill, compared to 11.74%-22.74% previously. This is the same as the Federal Reserve’s 0.75 percentage point increase in the benchmark overnight rate in June of this year.
For 2020 to 2021, Apple is lowering the Apple Card rate to 10.99%-21.99% in order to help customers during the epidemic. According to the Wall Street Journal, the Federal Reserve plans to raise it again tonight by 0.75 percentage points, which could mean the APR range for the Apple Card will be adjusted again to 13.24%-24.24%. This could be the highest rate for the Apple Card since its launch in 2019.