In March, Apple and its partner bank, Goldman Sachs, launched a deferred payment program for the Apple Card to help customers during the coronavirus pandemic.
However, it appears there’s a limit to that generosity — based on regulatory guidelines. According to a report from MacRumors, based on an email received by a current Apple Card customer, Apple and Goldman Sachs are capping the deferred payment program to six months. This program makes it possible for Apple Card customers to skip a particular month’s payment without incurring any interest, which. can be incredibly helpful for those impacted by the coronavirus pandemic.
In an effort to be “consistent with current regulatory guidelines”, the deferred payment program is capped at six months of availability. That means a customer can only defer their payments without incurring any interest six times in 2020. This is an important detail for those customers out there who started deferring their payments in March, because it means their August payment is the last one they can defer this year.
The potential good news is that customers have until August 31, 2020, to make a change to their enrollment within the program. So if you are enrolled in the program but don’t want to use your last deferred payment option this month, you can unenroll and save it for a future date. To get in touch with Goldman Sachs, customers can call 1-877-255-5923, or use the Wallet app directly.
Interestingly, Goldman Sachs is reportedly working on additional payment options for customers, and it hopes to have additional details to share on that at a future date.