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I purchased an iPad with my apple card with monthly installments of $47 per month, but I want to pay MORE every month in order to pay-off the balance sooner. But it seems like my card has "zero" balance and the $47 is simply charged to it every month. How can I make payments of $200 instead in order to pay-off my balance and use the card again for a different large purchase?
iPhone 13 Pro, iOS 17
If your card balance is $0 you can pay off the total of the installment or pay any amount in advance, yes. As indicated in the linked article:
Pay extra
To pay extra on your Apple Card Monthly Installments, you need to first pay your entire Apple Card balance. Then, to make an additional payment towards your installment balance, choose Pay Early. If you have multiple installments, your additional payment is applied to the outstanding balance of your oldest installment plan.
To Pay Early:
, then tap Monthly Installments. If you have multiple monthly installments, you see the balance for all of your monthly installments.
If you don't pay a monthly installment, you aren't charged a fee3 or interest. To keep your account in good standing, pay your monthly installments on time as part of your Apple Card minimum payment due every month.
This might help: How to view and pay Apple Card Monthly Installments - Apple Support
You can pay as much or little extra as you wish provided your card balance has been paid off as payments apply to your monthly charges first (as has been explained).
You cannot payoff an installment early unless your regular balance is paid in full. If regular balance is paid off, any extra payments are applied to installments. So, other than the installments do you have an outstanding balance?
That's the thing, my balance shows "zero" but I bought an iPad with an offer of no interest with payments of $47. I thought that. like other credit cards, I would see the FULL purchase price charged to the card with the "REQUIREMENT" to pay only $47 per month. But I want to send higher payments to pay it off sooner and get at MacBook Air with the same offer. But it seems like they ONLY charged $47 this month, which makes me assume that they will charge me another $47 next month and so on...
That’s how installments work. It’s zero interest. But the total purchase price was removed from your available credit. As you pay back $47 each month, you’ll have $47 added to your available credit. You can pay all or a portion of total back if you want too.
Is your regular balance paid in full? If no, you cannot pay extra until paid in full. If it is paid in full, and all you owe is your installments, then yes, you can pay more. The first thing I posted over 12 hours ago said the same thing. Nothing has changed.
I'm sorry, I didn't mean to be redundant or come across as not listening. I guess my confusion was that 100% of any other credit card I've ever owned, when they give you a "no interest" offer, the FULL balance of the purchase is always available to be paid off if you choose to. Seems like the Apple Card does NOT charge the full balance and then require a minimum no-interest payment (like literally every other card). Seems they leave your balance at "$0" and then charge (in this case) the $47 every month for me to pay off. If this is how it works, then so be it.
What bothers me about it is that now I can't use the card for another big purchase until this one is paid off (because the full balance they haven't "billed" still affects your credit limit), and I can't pay it off until they bill it $47 at a time.
Again, I appreciate your response. I'll just deal with it. It is just different than any other credit card.
You have potentially two sets of charges, installments and your regular charges. Installments are referred to ACMI (Apple Card Monthly Installments) and are zero interest for the term of installment. The period varies with the product. The other charges are the regular charges that are you pay interest on.
ACMI monthly payments are added to your minimum due. As long as you pay the minimum due on time, you’ll pay not interest on your ACMi. However, regular charges have to be paid off every month to avoid interest. Goldman Sachs will not let you pay off your ACMI early until you have your regular charges all paid off. It makes no sense to pay extra on a zero interest ACMI and then turn around a pay interest on your regular charges.
So, if your regular charges have an account balance of zero, you can pay extra on your ACMI. But you must have all your regular charges paid off.
Oh ok, that makes sense. This purchase was my very first and only purchase on the card. So it shows zero balance right now after paying the $47. And no way to try and (I guess I can call it) "pay in advance" the next $47 or the balance of my "arrangement".
So is it impossible for me to pay MORE than $47 in order to pay off the balance of my entire purchase?
You’re all set. muguy posted the details on how to pay the extra. If you have issues making extra payments, just post a reply and we’ll figure it out. I hope you have a great rest of the day.😀
THANK YOU @muguy!! Finally someone UNDERSTANDS my problem and actually SOLVES IT!!!!
Thank you both for your help!
You’re welcome! Have a great weekend.
I want to pay off my entire balance for a purchase that has monthly installments
