Apple Pay Later was launched on October 25, 2023, seven months after its prerelease version was announced. This Apple Pay feature allows you to split eligible purchases between $75 and $1,000 into four equal payments at 0% interest (if paid on time).
Unfortunately, Apple announced on June 17, 2024, that it is discontinuing Apple Pay Later.
On the bright side, there are plans to integrate installment loans directly into Apple Pay in collaboration with certain banks and lenders, starting with Affirm, Citi, Synchrony, and issuers with Fiserv.
How to Use Apple Pay Later
It’s no longer possible to apply for new Apple Pay Later loans.
Before it was discontinued, these were the two ways you can set up Apple Pay Later loans:
- You used to be able to apply using your iPhone or iPad’s Wallet App
- You used to be able to apply during checkout when using Apple Pay
Set up Apple Pay Later Using the Wallet App (Defunct)
- Open the ‘Wallet App’ on your iPhone or iPad (you’ll need to go to ‘Settings’ on iPad)
- Select ‘Apple Pay Later’
- Select ‘New Purchase Amount’
- Enter the ‘Purchase Price’ of the product or service you want to split into four payments (including estimated shipping costs and taxes)
- Verify your name, date of birth, and address (for first-time users only)
- Review your ‘Available to Spend’ amount
You’ll need to repeat these steps for each Apple Pay Later loan you want to apply for (except for step 5). Your ‘Available to Spend’ is valid for 30 days after your loan is approved.
Apple Pay Later loans can only be used once. If you spend less than the total amount you were pre-approved for, the remaining funds can’t be used for a different purchase.
Use Apple Pay wherever you see one of these symbols
Set up Apple Pay Later at Checkout (Defunct)
- Choose ‘Apple Pay’ at checkout when you shop online or in apps
- Tap the ‘Pay Later Tab’ to start your application.
- Select ‘Agree & Apply’ after confirming your personal information
- Select ‘Agree & Continue’ after reviewing your payment plan
- ‘Add the Debit Card’ you want to use for your down payment
- ‘Confirm the payment’ with Face ID, Touch ID, or your passcode
Why Can’t I Find Apple Pay Later?
If you can’t find the ‘Apple Pay Later’ option in the Wallet App or the ‘Pay Later Tab’ at checkout, your Apple device is probably not updated to the latest version of iOS or iPadOS. To update your OS to the latest version, go to ‘Settings’ and then select ‘General’ and then tap ‘Software Update.’
What were the Requirements for Apple Pay Later?
To use Apple Pay Later, you’ll need to meet the following requirements:
- Be at least 18 years old
- Be a U.S. citizen or a lawful resident with a physical U.S. address (not a PO Box)
- Set up Apple Pay with an eligible debit card on your device. (prepaid debit cards aren’t accepted)
- Set up two-factor authentication for your Apple ID
- Update to the latest version of iOS or iPadOS
- Verify your identity through a text message, Driver’s License, or State-issued photo ID
Was it possible to Reschedule Apple Pay Later Due Dates?
Apple Pay Later didn’t allow you to reschedule your payment due dates. It is, however, possible to qualify for hardship assistance by contacting an Apple Pay Later Specialist through the Wallet App or Apple’s Support Page.
Did Apple Pay Later Affect Credit Scores?
Apple Pay Later loans and payment history were reported to Experian. However, BNPL data is currently NOT incorporated into current FICO scoring models. However, there are plans to include BNPL data in future FICO score models.
In short, Apple Pay Later didn’t affect credit scores but it could have in the near future if it wasn’t discontinued.
Related articles:
- How Does Afterpay Affect Your Credit Score?
- How Does Sezzle Affect Your Credit Score?
- How Does Klarna Affect Your Credit Score?
- How Does Zip Affect Your Credit Score?
Summary
Apple Pay Later used to allow you to split eligible purchases between $75 and $1,000 into four equal payments at 0% interest (if paid on time).
You can no longer apply for new Apple Pay Later loans as of June 2024. But you should be able to apply for installment loans from Affirm, Citi, Synchrony, and issuers with Fiserv, within Apple Pay sometime this year.
