Fed Rate Hikes Raise Apple Card APR

28 JULY 2022 - As interest rates set by the Federal Reserve go, so go the interest rates on your Apple Card. MacRumors ran an article Wednesday under the headline, “PSA: Apple Card's Interest Rate is Rising as Fed Battles Inflation.” According to that:

As is common with most credit cards, the Apple Card's interest rate on overdue balances is steadily rising as the Federal Reserve continues to raise its benchmark overnight interest rate in an attempt to slow inflation in the United States.

In June the card’s variable APR was 11.74% to 22.74%, depending on creditworthiness. In July those rose to between 12.49% and 23.49%, owing to “the Fed's 0.75 percentage point increase to its overnight rate in June.” Yesterday, the Fed did that again. As day follows night, MacRumors says “Apple Card's APR range will likely see another increase to 13.24% to 24.24% based on creditworthiness.”