This Week In Credit Card News: Apple Pay Later Launched; Credit Card Interest Rates Hit Record High

Apple’s Buy Now, Pay Later Plan Launches, Allowing Users Loans for Purchases

Apple launched Tuesday Apple Pay Later, a buy now, pay later feature that allows users to split purchases into four payments over the course of six weeks. For now, the service will be available only to randomly selected users who will get early access to a prerelease version of Apple Pay Later. Apple plans to offer the feature to all eligible users in the coming months. Apple Pay users will be able to apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases on their iPhone or iPad. [USA Today]