As is common with most credit cards, the Apple Card interest rate on overdue balances is steadily increasing as the Federal Reserve continues to raise its overnight interest rate by benchmark with the aim of slowing inflation in the United States.
As of July 1, Apple Card variable APRs now range from 12.49% to 23.49% depending on creditworthiness, up from 11.74% to 22.74% previously. This corresponds to the 0.75 percentage point increase in its key Fed rate in June.
Apple Card interest rates were as low as 10.99% to 21.99% for much of 2020 and 2021 as the Fed lowered rates in response to the COVID-19 pandemic.
According The Wall Street Journal, the Fed is expected to announce another 0.75 percentage point increase in its overnight rate later today, meaning the Apple Chart APR range will likely see another 13.24% increase to 24.24% depending on solvency. This would be the highest Apple Card interest rate range since 2019.
Overall, if you have an outstanding balance on your Apple Card, be aware that interest charges have increased and will cost you more.
The Apple Card remains limited to the United States.
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