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).
Like most pay-in-4 loans, you’ll need to pay 25% of the purchase price upfront. The three remaining installments will be charged every two weeks over the span of six weeks.
How to Use Apple Pay Later
There are two ways you can set up Apple Pay Later loans:
- You can apply using your iPhone or iPad’s Wallet App
- You can apply during checkout when using Apple Pay
Set up Apple Pay Later Using the Wallet App
- 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
- 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 are 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
Can I Reschedule Apple Pay Later Due Dates?
Apple Pay Later doesn’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.
Does Apple Pay Later Affect My Credit Score?
Apple Pay Later loans and payment history will soon be reported to one of the credit bureaus. However, even when Apple starts reporting your Apple Pay Later payment history to a credit bureau of their choice, you won’t be able to build credit using Apple Pay Later until BNPL data is incorporated into the scoring models.
In short, Apple Pay Later doesn’t affect your credit score yet but it will in the near future.
Summary
Apple Pay Later allows you to split eligible purchases between $75 and $1,000 into four equal payments at 0% interest (if paid on time).
You can set up Apple Pay Later loans using your iPhone or iPad’s Wallet App or by applying during checkout when using Apple Pay.
If you can’t find the ‘Apple Pay Later’ option in the Wallet App or the ‘Pay Later Tab’ at checkout, you’ll need to update your device’s OS to the latest version of iOS or iPadOS.
Related articles:
