[MindFad]

So, uh, basically you apply, they give you a Master Card, and then slap whatever you bought onto the card, huh? That's pretty much it, no? Man, what happened to the Apple Loans? Anyone have experience with this new jive? Tempting-ass iBook, I swear. I fear getting denied like a mofo. Maybe I should've started a poll. iBook or no iBook?

[wowok1234]

Yeah, one of my friends applied for one. You either apply at the Apple retail store's computers or during checkout at the Online Apple store. If you sign up at the retail store and are approved, you get a printout that you give to the cashier with an inital credit limit on it (usually half of the credit limit). The application goes through two banks. If you are not approved by the first bank (Juniper), then they give your application to Direct merchant's bank. My friend got approved by Direct merchants bank. His credit limit was $1000, 3 months same as cash, then after that 13.99% interest.

If anyone's interested in applying, please note that there is no Apple logo on the card.

[MindFad]

What's the "same as cash" bit? And if his limit was $1000, what about the remaining balance on the computer he bought? For example, what if you want to get is $1300, but you only get a limit of $1000 like your friend? Thanks for the help.

[wowok1234]

Originally posted by MindFad:
What's the "same as cash" bit? And if his limit was $1000, what about the remaining balance on the computer he bought? For example, what if you want to get is $1300, but you only get a limit of $1000 like your friend? Thanks for the help.

Same as cash means that if you can pay what you owe on the card before the three month intro period is over, then no interest fees are applied. Any new purchases and remaining balances get slapped with the interest rate after the 3 months.

The Apple Store Retail can split payment onto different credit cards or card/cash. I'm not sure if the Online store can do it though; it might involve a phone rep.

And the Apple Loans are a freaking ripoff. The Interest rates are horrible even for people with good credit; no wonder why Apple cancelled the program.

[MindFad]

Originally posted by wowok1234:
Same as cash means that if you can pay what you owe on the card before the three month intro period is over, then no interest fees are applied. Any new purchases and remaining balances get slapped with the interest rate after the 3 months.

That's what I figured it was. Thanks.

The Apple Store Retail can split payment onto different credit cards or card/cash. I'm not sure if the Online store can do it though; it might involve a phone rep.

Hmm, damn. That could be a problem.

And the Apple Loans are a freaking ripoff. The Interest rates are horrible even for people with good credit; no wonder why Apple cancelled the program.

Yeah, weren't they around 25%?

[wowok1234]

25 percent sounds right.

Here's a thread about the Apple Loan at MacRumors: Apple Loan

[wowok1234]

The amount they give you depends on your credit history, income, etc. My friend works a part-time job and goes to school. He has a Citi platinum mastercard with a 2200 credit limit, so sometimes you might find a better deal by looking at the offers that other CCs have.

[MindFad]

Cool, thanks for all the info.