BestReviews is reader-supported and may earn an affiliate commission. Details.

What you need to know about Apple Pay Later

On March 28, Apple announced it’s rolling out a new payment option for Apple Pay users. It’s a buy now, pay later service that is appropriately called Apple Pay Later. The company says this new payment option is designed with users’ financial health in mind. It allows people to split purchases into four payments that are spread out over six weeks to make purchasing less of a financial burden. Here’s what you need to know about the service.

In this article: Apple 2022 12.9-Inch iPad ProApple 2022 MacBook Pro Laptop and Apple Watch Series 8.

How does Apple Pay Later work?

When you take advantage of Apple Pay Later, it lets you split a purchase into four payments that must be paid within six weeks. There are no fees or interest payments attached to this loan, and you can borrow between $50 and $1,000. Once you’re signed up, each time you make an online or in-app purchase with merchants that accept Apple Pay, you will have the option to use Apple Pay Later at checkout. Since this loan is linked to a debit card, if you don’t have 25% of the total purchase price available in your account at the time of checkout, your request will be declined. Individuals may also lose the privilege of using Apple Pay Later if they miss any payments.

Who can benefit from this type of loan?

Buy now, pay later is designed for people who have not established traditional credit. It helps them make purchases with finances that they will receive in the near future. It can help them get the items they need, even if they happen to be a little short on funds at the time of purchase.

Are there any concerns with using Apple Pay Later?

As with any loan, the danger is in overextending yourself. Buy now, pay later should only be used if you’re certain you will have the required funds within the six week payoff period. The downside of a buy now, pay later loan is it isn’t reported, so it won’t help you establish or build credit.

Devices that are compatible with Apple Pay Later

Best Apple 2022 12.9-inch iPad Pro

Apple 2022 12.9-Inch iPad Pro

This iPad has a large 12.9-inch screen with True Tone colors and it’s fueled by a powerful M2 chip. The ultra-wide-angle front camera uses Center Stage to automatically pan the camera and keep you in frame. It has Face ID for secure authentication and comes with Apple Pay.

Sold by Amazon

Best Apple iPhone 14 (Renewed)

Apple iPhone 14 (Renewed)

Even though this iPhone is renewed, you still get the 90-day Amazon Renewed guarantee and the promise that it’s in excellent condition. This model also has OLED technology and is powered by the A15 Bionic chip with a 5‑core GPU for exceptional performance.

Sold by Amazon

Best Apple 2022 MacBook Pro

Apple 2022 MacBook Pro Laptop

Not every MacBook lets you use Apple Pay. This one, however, has the required elements to let you take advantage of the service. This supercharged model runs on a next-generation 8-core CPU with a 10-core GPU. It features two Thunderbolt ports for high-speed connectivity.

Sold by Amazon

Best Apple Watch Series 8

Apple Watch Series 8

If you prefer to make purchases using a watch, you can do that with this model. It comes with Apple Pay but also has all the health and safety features, such as Fall Detection and Crash Detection, that you expect to find on an Apple Watch.

Sold by Amazon

Best Apple 2022 iPad Air

Apple 2022 iPad Air

The all-day battery life on this iPad means you can use it without worrying when you’ll run out of power. It has a 12.9-inch Liquid Retina display for crisp graphics and stereo speakers for immersive sound. It also has Touch ID for secure authentication and comes with Apple Pay.

Sold by Amazon

Want to shop the best products at the best prices? Check out Daily Deals from BestReviews.

Sign up here to receive the BestReviews weekly newsletter for useful advice on new products and noteworthy deals.

Allen Foster writes for BestReviews. BestReviews has helped millions of consumers simplify their purchasing decisions, saving them time and money.

BestReviews spends thousands of hours researching, analyzing, and testing products to recommend the best picks for most consumers.