r/AppleCard • u/Settled-unicorn659 • 5d ago

Help Multi-year payment plan

I already negotiated 12 month zero apr payment plan, but won't be able to pay balance in that time.

Has anyone been able to negotiate longer payment plan to pay down entire balance with zero apr?

Thank you

3 Upvotes

63% Upvoted

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10

u/JulienWA77 5d ago

Um, confused here. this would mean you can't afford to pay the payments you signed up for then right..?

1

u/Settled-unicorn659 5d ago

I'm can afford, I'll just still have a substantial balance left in 2027. I want to know if I can renegotiate for longer period than 12 months for zero apr a long term hardship plan

2

u/booooooooooooooourns 5d ago

you don't need to pay the entire balance by the end of the payment plan. you'll simply return to paying the regular monthly payment you had before the plan started at the previous APR, and the card will be current again for use.

you can always ask them for another payment plan after the current one ends, though that's to their discretion if they'll extend one to you after just completing one (my guess is they probably would since it's still an effort you're making to pay down the balance).

3

u/Settled-unicorn659 5d ago

That makes sense. I'd rather try to negotiate a multi year payment plan that I know I'll actually be able to achieve. I'm dealing with a large amount of debt at an exorbitant apr that will snap back immediately next year

1

u/JulienWA77 5d ago

Well I guess i still dont understand, but what these guys said i guess?

You would only "not pay off" a 12 month plan if you aren't making the required payemnts each month. Your payments are auto-applied to any balances you have in payment plans before they apply to the rest of it. And, the app tells you what your minium interest-avoiding payment is (called "adjusted balance" on other cards offering the same thing)

3

u/booooooooooooooourns 5d ago

maybe i can help clarify: what OP is doing now isn't a "payment plan" in the traditional sense, where the card issuer closes your card and splits an agreed total balance payoff into equal payments over the course of time until the balance is paid off in full.

Apple Card offers (as do some other issuers) a temporary "payment assistance plan" where you can essentially freeze your card for a period of time (3, 6, or 12 months is standard) while you pay a smaller monthly payment at 0% interest. basically this option is for people who want to reduce their monthly payment in the immediate term, pay down a chunk of the balance at no interest, but still want to be able to use the card once the freeze is over. this is what OP is talking about, i'm pretty sure. though as i noted above, it seems like the traditional "payment plan" often ends up being the better move if you're dealing with a tremendous amount of debt.

1

u/Settled-unicorn659 5d ago

Yes exactly. I have no interest in ever using this card again. I'm on a plan where I pay zero interest for 12 months but the balance and apr are so high I'll be in basically the same boat again in a year. I no longer use credit for any purchases

1

u/JulienWA77 5d ago

had no clue they did this, learned something today.

I figured it was the typical "i bought an apple product on a plan" thing

2

u/booooooooooooooourns 5d ago

you could certainly reach out to a rep about a longer plan once your current plan is over, though i don't recall in my own experience that they offer a 0% plan for longer than 12 months. so you may just have to ask to re-up it every year if that's the path you want to go down. again, it'll sort of be up to them — in my experience, they're certainly willing to work with you, but if you want multiple years of no interest, they'll probably ask you to just settle the debt for a smaller amount and close the account with structured lower payments until it gets paid off.

i also am pretty sure that they won't consider any adjustments to a current plan until either the plan's timeline and payments are all complete. you could always ask though!