As is common with most credit cards, the Apple CardThe interest rate on overdue balances is rising steadily as the Federal Reserve continues to raise its benchmark interest rate overnight in an effort to slow inflation in the United States.

Apple Card 1 for iPhone 13
As of July 1, Apple Card’s variable APR now ranges from 12.49% to 23.49% based on creditworthiness, compared to 11.74% to 22.74% previously. This is in line with the Fed’s 0.75 percentage point increase to its overnight rate in June.

Apple Card rates have been as low as 10.99% to 21.99% for most of 2020 and 2021 as the Federal Reserve cut rates in response to the COVID-19 pandemic.

according to The Wall Street JournalThe Fed is expected to announce another 0.75 percentage point increase in its overnight rate later today, which means the Apple Card APR range will likely see another increase to 13.24% to 24.24% based on creditworthiness. This will be the highest interest rate range for an Apple Card since 2019.

In general, if you carry a late balance on your Apple Card, be aware that the interest fee is increasing and it will cost you more.

Apple Card remains limited to the United States.

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