Apple Pay Later has just launched to all eligible U.S. residents after it has been available to selected random participants only. Apple Pay Later is a new feature that lets you split your purchase into four equal payments over six weeks, with no hidden interest or fees (via MacRumors).
Apple Pay Later can be used to pay for eligible purchases between $75 and $1,000 made on an iPhone or iPad on most websites and apps that already accept Apple Pay.
To use Apple Pay Later, you must be 18 years of age or older, a U.S. citizen or lawful resident with a valid, physical U.S. address that’s not a P.O. Box, and have Apple Pay set up with an eligible debit card on your device.
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You can only make Apple Pay Later down payments using a debit card. You’ll also need to designate a debit card as a repayment method for loans taken out for your Apple Pay Later purchases. Once you’re approved, you can use Apple Pay Later to make purchases at checkout. Your first payment will be due immediately, and the remaining three payments will be due every two weeks.
You can view, track, and manage your Apple Pay Later loans in the Wallet app on your iPhone, with management tools viewable on iPad under Wallet & Apple Pay under the Settings app. You’ll also receive reminders for upcoming payments via Wallet notifications and email.
Apple Pay Later is a great way to spread out the cost of a purchase without having to pay any interest or fees. It’s also a great solution to avoid credit card debt.
