how much is minimum payment on apple card
Minimum payment on Apple card.
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See the following from How to make Apple Card payments - Apple Support
Find your minimum payment due
The minimum payment is the minimum amount you must pay towards your Apple Card balance to keep your account current.
- Open the Wallet app on your iPhone and tap Apple Card.
- Tap Pay.
- Press and slide counterclockwise until the wheel turns red and stops.
- You see the minimum payment due.
When your minimum payment is due, Payment Due appears with the amount below your Apple Card. If you bought an iPhone, iPad, Mac, or other eligible Apple product with Apple Card Monthly Installments, your monthly installment is included in the minimum payment amount.
If you are asking how the minimum payment is calculated, see the following from the Apple Card Customer agreement https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf
Starting July 30, 2021, your “Minimum Payment Due” equals the greater of:
- The sum of $25 and any past due amounts; or
- The sum of (i) 1% of the Total Balance (excluding any unpaid Daily Cash Adjustments), plus (ii) any unpaid Daily Cash Adjustments, plus (iii) any interest billed to your Account during that month. The sum of these amounts is rounded up to the nearest dollar, and then any past due amounts are added.
However, if the Total Balance is less than the above calculated amount, then the Minimum Payment Due equals the Total Balance.
If you accept a financing plan offer or offers for particular Transactions, such as Apple Card Monthly Installments, then the process below determines your Minimum Payment Due:
- First, we calculate the payment due for your balances that are not in a financing plan. We use the formula above to make this calculation, but we subtract the financing plan balance or balances from the Total Balance.
- Second, we add any monthly repayment amount calculated pursuant to any financing plan or plans (which will be an amount disclosed to you and accepted by you, in connection with the plan or plans).
- However, your Minimum Payment Due will never be greater than your Total Balance.
