As is common with most credit cards, Apple Card interest rates on delinquent balances are steadily rising as the Federal Reserve continues to raise its benchmark overnight interest rate in a bid to slow inflation in the United States.

As of July 1, the Apple Card’s variable APRs now range from 12.49% to 23.49% based on creditworthiness, compared to 11.74% to 22.74% previously. This is in line with the Fed’s 0.75 percentage point hike to overnight overnight rates in June.

Apple Card interest rates were as low as 10.99% to 21.99% for much of 2020 and 2021 as the Fed cut rates in response to the COVID-19 pandemic.

According to The Wall Street Journal, the Fed is expected to announce another 0.75 percentage point increase in overnight interest rates later today, meaning the Apple Card’s APR range is likely to rise again to 13.24% to 24.24% based on credit. . This would be the Apple Card’s highest interest rate range since 2019.

All in all, if you have an overdue balance on your Apple Card, keep in mind that interest charges have gone up and will cost you extra.

Apple Card is limited to the United States.

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