Apple Card Charging interest even when paid on time

Question

Apple Card Charging interest even when paid on time

I paid my Apple Card payment before the 11:59 deadline and paid exactly what showed was owed for the previous months balance and was charged interest the next day. In the wallet it shows I made the payment on 12/31 but when I called Goldman Sachs and they say it posted on 1/1/25. In 3 years I have always paid on the last day of the month. I did nothing different this time around and now I have a trailing balance. GS was IN NO WAY interested in helping with this. Also, the amount showing that I spent in November is NOT what I actually spent. I added all the transactions and it was WAY less than what the app shows. I did buy 2 iPads in November but they are on interest free payments. Could they be adding in the total amount of the iPads to my balance even though I am making payments? It is all so confusing now.

Posted on Jan 2, 2025 10:53 AM

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Answer 1

Jan 3, 2025 01:15 PM in response to Jeff Donald

I’ve had my Apple Card/account for over four years. I know how it works. I don’t need you to tell me how it works. I’ve never ever not paid my balance in full at the end of the month, and I have never ever had a finance charge. My wallet app used to say pay by 11:59 and now it says pay by 8:59 so there was a change. And while it is my fault for not noticing that difference until just now, it would’ve been nice to have a heads up. Anyway, now I know what I’m up against and I will be paying my entire balance before I even use this card again so as not to carry over any trailing interest.

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Answer 2

Jan 3, 2025 08:51 AM in response to Jeff Donald

Thank you for your reply. I am aware of all of these things I’ve been paying my balance in full every single month and I’ve never had an interest charge before this. Of course I’ve had car payments. I understand how installment payments work that does not explain why it shows that my balance is higher than what I actually spent.

In any case, what I have noticed is that in the past, it has always said to pay by 11:59. And I just noticed yesterday now it says to pay by 8:59. Apparently, they made this change very quietly and I didn’t realize that and I probably paid a couple minutes too late and that’s why they charged me interest for December’s balance. Very sneaky of Apple…

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Answer 3

Jeff Donald

Level 8

41,610 points

Jan 3, 2025 03:47 AM in response to Whiterabbitts

Did you pay your statement balance in full in October and November? Does the interest show on your January statement that you probably received yesterday? Does it show an interest charge?

The 11:59 deadline is ET and always has been since the inception of the card over 5 years ago. What part of the country are you in and exactly when did you press the pay button?

Yes, when you purchase something on installments the entire cost of the purchase is charged to your account and the installments are paid back monthly and no interest is charged on the installment balance due. That’s how all installments work. Have you ever purchased a car and had an installment loan? Your loan is for the total cost of the car. You’re just paying back the loan month by month. All installment plans work that way.

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Answer 4

Jeff Donald

Level 8

41,610 points

Jan 3, 2025 09:08 AM in response to Whiterabbitts

Is the higher balance the sum of the devices you purchased on ACMI (Apple Card Monthly Installments)?

No change was made quietly. As I stated above this has always been shown in Apple Wallet app when you look at the app. They even send notifications multiple times before the payment is due. The payment due date and time is also in the Apple Card Terms & Conditions that you agreed to when you accepted the offer for credit. The T&C was emailed to you, and it’s available in your Wallet app on your iPhone.

>>WHEN TO PAY

At the beginning of each month, we will send or provide a Monthly Statement reflecting activity on your Account that occurred since the previous Monthly Statement, such as new Transactions, interest and Daily Cash Adjustments. It will also identify your Total Balance, your Monthly Balance (if you do not have a financing plan, your Monthly Balance is equal to your Total Balance), the Minimum Payment Due and the payment due date.

Your payment is due by 11:59 P.M. ET on the last calendar day of each month.

You must pay at least your Minimum Payment Due by the payment due date each month. You may pay all or part of the outstanding balance on your Account at any time without penalty.<<

https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf

Nothing sneaky about have a policy in place for since August 2019, 5 plus years, and agreeing to it. If it’s so sneaky and recent, why are you the only one posting about this? Don’t just ask here, go to Reddit, Facebook etc. and ask the same questions. You’re going to get the same answers. There is nothing new here, just your assumptions and misunderstandings. If you don’t understand the terms and conditions, ask questions. You have this community, the ones I’ve mentioned above and the Goldman Sachs support team that you can call and chat with 24/7 365.

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Apple Card Charging interest even when paid on time

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