Apple Pay Later Review – Pros and Cons in 2024

Almost one billion people are expected to use buy now, pay later apps in 2027.

Naturally, big brands like Apple are trying to get in on the action.

Apple just released its own buy now, pay later (BNPL) feature called Apple Pay Later.

It offers consumers BNPL services with zero interest or fees, so you’ll never pay more than you borrowed. 

Interested in learning more? 
Keep reading for my complete Apple Pay Later review. I’ll cover everything you need to know about this new buy now, pay later feature and more!

What is Apple Pay Later?

Apple Pay Later is a new BNPL application that allows you to split your checkout total into four equal installments.

You pay 25% of your total during checkout and 25% every second week for six weeks.

You can use Apple Pay Later to shop at any store that accepts Apple Pay. 

Retailers include:

• Amazon
• Walmart
• Home Depot
• eBay

And more!

Apple Pay Later has a spending range of $50 to $1,000, and purchases must be made on an iPhone or iPad that supports Apple Pay. 

Like most BNPL services, Apple Pay Later doesn’t conduct hard credit checks when you apply for a BNPL loan, so using it won’t hurt your credit. 

Since Apple Pay Later is built into the Wallet app, you can use it to manage, track, and repay your loans. You’ll see the total amount of money you owe as well as how much you need to repay within the next 30 days.
Here’s what the vice president of Apple Pay and Apple Wallet, Jennifer Bailey, had to say about Apple Pay Later in a press release: “There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”

How To Use Apple Pay Later

Are you thinking about signing up for Apple Pay Later? Not so fast! 

Currently, only invited Apple customers can use this BNPL option. 

The good news is that Apple Pay Later should be available to the public within a few months. So, whether you’ve been invited yet or not, I’ll explain everything you need to know about using this new feature.

Minimum Requirements for Apple Pay Later

To qualify for Apple Pay Later, you must meet the following criteria:

• Be at least 18 years old
• Be a U.S. citizen with a valid physical address in the U.S. (no P.O. boxes accepted)
• Have a valid driver’s license or state-issued I.D.
• Have an Apple Pay account linked to a valid debit card
• Have a two-factor authentication set up with your Apple I.D.
• Have the latest version of iOS or iPadOS

If you meet these criteria, you can choose to apply for Apple Pay Later at checkout or inside the Wallet app. 

Apply for Apple Pay Later at Checkout

Applying at checkout tends to be more convenient since you can do everything in one go. Simply follow these instructions, and you’ll be able to qualify for a BNPL loan:

1. Select “Apple Pay” when checking out on your iPhone or iPad
2. Click the “Apple Pay Later” tab
3. Review and accept your payment plan
4. Link a debit card to make the 25% down payment
5. Double-click your iPhone or iPad’s side button to confirm and verify with your passcode, Touch ID, or Face ID

From here, you’ll receive an order confirmation via email, and you’ll need to pay the remaining three installments over the next six weeks.

Apply for Apple Pay Later in the Wallet App

If you’re applying on the Wallet App, you can follow these steps to make your purchase:

1. Open your Wallet App and select “Apple Pay”
2. Click “Add” and click the “Apple Pay Later” icon
3. Enter an amount you’d like to be approved for (including any taxes or shipping fees)
4. Review and accept your payment plan
5. When approved, click “Done”

Now that you’ve set up Apple Pay Later, you can visit your favorite online retailer within 30 days of approval and make a purchase. Simply checkout like you usually would, remember to tap the “Apple Pay Later” option, and double-click the side button on your device to confirm your purchase.

If you don’t see an option for Apple Pay Later, it could mean a few things:

• The retailer doesn’t accept Apple Pay Later
• Your product isn’t available for financing
• You aren’t located in the U.S.
• You haven’t been approved to use Apple Pay Later (yet)

Note: When you apply for a BNPL loan, you can only use it once. For example, if you’re approved for $100 and only use $50, you can’t use the remaining $50 for another purchase. Each BNPL loan is assigned to the specific purchase it was initially approved for. 

Is Apple Pay Later Legit?

Apple Pay Later is a legit buy now, pay later feature offered by Apple. It’s one of the newest buy now, pay later services that was released in March 2023.

Apple Pay Later will rely on Apple Pay’s infrastructure, which has been around for almost a decade.

When using Apple Pay or Apple Pay Later, you won’t have to worry about security. 

Apple is dedicated to protecting your personal information. They don’t store card details on your device or retain transaction information, so you won’t have to worry about it leaking into the wrong hands.

Is Apple Pay Later Safe?

Apple Pay Later is one of the safest payment methods because it requires your Face ID, Touch ID, or custom passcode to authenticate transactions. 

But what’s unique about Apple Pay Later is that it doesn’t store card details on your device. 

And you’ll notice that when you buy something with Apple Pay, you only see the last four digits of your card number. This is for security reasons, as Apple only stores a portion of your card information.

So, in theory, even if someone accesses your account (which is unlikely), they won’t be able to view your entire credit or debit card number.

Instead, Apple Pay provides the retailer with a unique device account number during every transaction. This number isn’t available on your Apple devices, and Apple doesn’t even store it on servers, making it near impossible for fraudulent activities to take place.

Pros and Cons of Apple Pay Later

Pros	Cons
No interest or fees	Only works on Apple devices
Only a soft credit pull is required, so applying for an account won’t hurt your credit	You must live in the U.S.
You can manage everything in your Apple Wallet app	The spending limit is $1,000
You can shop at thousands of retailers, including Best Buy, Walgreens, Whole Foods, McDonald’s, and more	Currently, only selected customers can use this BNPL service
Payments are spread out over six weeks	May encourage overspending

Apple Pay Later Reviews

Apple Pay Later launched in March 2023 for select-users-only, so there aren’t any Apple Pay Later reviews available just yet.

Check back here for a full Apple Pay later review once this buy now pay later feature is released to the public!

Commonly Asked Questions About Apple Pay Later

Is Apple Pay Later Real?

Apple Pay Later is a real buy now, pay later feature that Apple launched in March 2023. It allows users to buy something today, pay a 25% down payment, and pay the rest in equal installments every second week for the next six weeks.

Is Apple Pay Later Available In Beta?

Apple Pay Later isn’t available in beta. Apple recently released the full version to select members by invitation-only in March 2023.

Does Apple Pay Later Run Your Credit?

Apple Pay Later will conduct a soft credit check to approve your account. This helps them get an idea of your credit score and repayment history. However, Apple may report your on-time or late payments to credit bureaus.

For more ways to make payments on your purchases without impacting your credit score, check out these no credit check shopping sites.

If you need help fixing your credit, check out our comparison of Credit Saint vs Lexington Law, or see if working with the best tradeline companies could be the right credit repair solution for you. 

Meanwhile, learn how to budget for non recurring expenses so you can be prepared for unexpected costs going forward. 

To learn which budgeting app could best help you manage your finances and boost your savings, check out these comparisons of Rocket Money vs the competition:

• Rocket Money vs YNAB
• Rocket Money vs Simplifi
• Rocket Money vs Copilot

Then use a net worth tracker to see how your new financial strategies are paying off. 

If you’re looking for a low-tech, hands-on budgeting method, learn about cash envelope categories. And if you need to boost your savings fast, the 60/30/10 rule budget can help.

Do you get paid twice a month and find yourself struggling to account for that in your budgeting? Learn how to budget biweekly paycheck. And if you need to ramp up your savings fast, learn how to save $3000 in 3 months.

Is Buy Now, Pay Later A Good Idea?

Buy now, pay later is a good idea if you’re buying large, one-off items and need extra time to pay them off. But if you’re using buy now pay later for impulse shopping, it can be a quick way to land in debt as the payment frequency becomes overwhelming.

What Happens If You Don’t Pay Apple Pay Later?

Apple Pay Later doesn’t charge late fees or interest if you miss a payment. But it’s still important to settle your account on time because if you’re always late, Apple Pay Later might report your account to the credit bureaus.

Apple Pay Later Interest Rate?

Apple Pay Later charges zero interest. This makes it an excellent alternative to credit cards, which can have rates well over 20%, trapping you in mountains of debt.

What Is Apple Pay Later Mastercard?

Apple Pay Later relies on Apple Pay’s infrastructure, and Apple Pay uses the Mastercard network to process transactions and payments. However, you can connect any credit card to your Apple Pay account.

Apple Pay Later Credit Check?

Apple Pay Later runs a soft credit check when approving your account. Unlike a hard inquiry, a soft credit check won’t hurt your credit score. But keep in mind that Apple Pay Later can report your account to credit bureaus if you don’t make the minimum payments on time.

Apple Pay Later Countries Available?

Currently, Apple Pay Later is only available in the U.S.

What Are Apple Pay Later Alternatives?

• Sezzle (read full Sezzle review here)
• Perpay (read this full PerPay review to learn more)
• Afterpay (read these Afterpay reviews to learn more)
• Affirm (read these Affirm reviews to learn more)
• Zilch (read this full Zilch review to learn more)
• Nelo (read this Nelo review to learn more)
• Klarna (read these Klarna reviews to learn more)
• Zip (read these Zip reviews)
• PayPal Pay in 4 (read these PayPal Pay in 4 reviews to learn more)
• Splitit (read this Splitit review to learn more)
• Sunbit (read this Sunbit review to learn more)