Apple

Apple Card Users Get Pass On March Payment, Interest

As a way to provide some relief to the financial pressure that people could be experiencing as a result of the coronavirus, Apple alerted Apple Card customers by email that they will be allowed to skip their March payments without incurring interest charges.

“We understand that the rapidly-evolving COVID-19 situation poses unique challenges for everyone, and some customers may have difficulty making their monthly payments. Apple Card is committed to helping you lead a healthier financial life,” the letter said. “Should you need assistance, please click here to be connected to Apple Card support via Messages and enroll in our Customer Assistance Program, which will allow you to skip your March payment without incurring interest charges.”

Apple Card Mastercard, which is issued in partnership with Goldman Sachs, was launched in August 2019. The card’s interest rate varies from 12.99% and 23.99%, based on the bank’s determination of your creditworthiness.

This is the latest move from Apple regarding the coronavirus pandemic. On Friday (March 13) Apple made a decision to temporarily close all retail stores outside Greater China until March 27 due to the outbreak.

“The global spread of COVID-19 is affecting every one of us. At Apple, we are people first, and we do what we do with the belief that technology can change lives and the hope that it can be a valuable tool in a moment like this,”  Apple CEO, Tim Cook, said in a statement. He pointed to the ability for teachers to take lessons out of physical classrooms and onto the web.

“One of those lessons is that the most effective way to minimize risk of the virus’s transmission is to reduce density and maximize social distance. As rates of new infections continue to grow in other places, we’re taking additional steps to protect our team members and customers,” he said.   

In a decision to help contain the virus, Apple had already said it was canceling its Today at Apple events. The move affected all stores in Brazil, Canada, Mexico and the United States.

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LATEST PYMNTS REPORT: MARCH 2020 B2B API TRACKER  

B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.

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