| Cult of Mac

Cupertino plans ‘buy now, pay later’ offering called ‘Apple Pay Later’

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A planned new service will give you more options to pay over time.
A planned new service will give you more options to pay over time.
Photo: Apple

Apple and its Apple Card partner, Goldman Sachs, plan to launch a new pay-in-installments service for all Apple Pay purchases reportedly known internally as “Apple Pay Later.” It resembles other “buy now, pay later” offerings from companies like Affirm Holdings and PayPal.

Apple’s $200 million fund will remove tons of CO2 from the atmosphere

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Apple environment
Apple's doing its bit to promote sustainability.
Photo: Apple

Apple on Thursday unveiled a $200 million fund to back responsible forestry efforts around the world. The Restore Fund, launched with Conservation International and Apple Card partner Goldman Sachs, aims to remove at least 1 million metric tons of carbon dioxide from the atmosphere every year.

That would be equivalent to removing more than 200,000 passenger vehicles from the road.

Apple Card users can defer July payments if pinched by COVID-19

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Even Apple Card charges interest.
Cardholders might be able to defer their July Apple Card payment without accruing interest.
Photo: Apple/Cult of Mac

The novel coronavirus continues to hurt the U.S. economy, with unemployment about 13%. With so many out of work, or earning far less than they usually do, Apple and Goldman Sachs are offering to let people people struggling financially because of the COVID-19 pandemic skip their July Apple Card payment without being hit with interest fees.

Apple Card users can skip May payment if COVID-19 cost them their job

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Apple Card is underwritten by Goldman Sachs.
You could have your Apple Card interest fee waived for May if you’re in financial trouble because of COVID-19.
Photo: Apple

Apple and Goldman Sachs might cut you some slack on your credit card bill if you lost your job during the COVID-19 pandemic. Users of the Apple Card were notified today that they can apply to skip their May payment without interest charges being added.

Goldman Sachs thinks Apple is massively overvalued right now

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International governments plan to rethink tax rules for the ‘digital age’
Apple might not be worth as much as some investors think.
Photo: Pixabay/Pexels CC

Goldman Sachs may be Apple’s partner in Apple Card, but that doesn’t mean that its equity research division is a cheerleader for Apple in everything it does. In fact, the firm just cut its price target on Apple from $250 down to $233, and recommends that clients sell their Apple shares.

This is the third time that Goldman has downgraded its Apple earnings estimate since February 17. Analysts led by Goldman tech analyst Rod Hall think that Apple is headed for a reduction in iPhone demand this year. That’s likely to be followed by a shallower recovery headed into 2021.

Goldman Sachs will get more anonymized data on Apple Card users

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Apple Card is underwritten by Goldman Sachs.
Apple is the face of the Apple Card, but Goldman Sachs really controls it.
Photo: Apple

Apple updated its privacy policy on Apple Card this week in order to share more data with its card partner Goldman Sachs.

The larger data set is still be anonymized and will reportedly be used to allow Goldman Sachs to create a new credit assignment model so that more people are able to get approval for Apple Card.

Apple won‘t save you if you default on your Apple Card

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Apple Card is underwritten by Goldman Sachs.
Apple is the face of the Apple Card, but Goldman Sachs really controls it.
Photo: Apple

Don’t expect Apple to go easy on you if you get delinquent on payments to your Apple Card. Because that is not in Apple’s control.

The credit card is underwritten by Goldman Sachs. And the bank made it clear this week that it alone makes the decisions about collections from delinquent cardholders.