Apple Pay Later is a convenient financing option for Apple users needing short-term credit with no interest, while the Bank of America Preferred Rewards program is designed for customers with significant balances in Bank of America accounts, offering enhanced rewards and benefits.
| Attribute | Apple Pay Later | Bank of America Preferred Rewards Program |
|---|---|---|
| Interest rates and fees | No interest or fees if payments are on time. | Free to join. Offers interest rate boosters on savings accounts (e.g., 5% at the Gold tier) and interest rate discounts on auto loans and home equity lines of credit. Reduced mortgage origination fees. Monthly maintenance fees are waived on up to four eligible checking and four savings accounts. |
| Credit Limit | $75 to $1,000 (approval depends on credit and other factors). | The program itself doesn't directly offer credit limits, but it enhances rewards on existing Bank of America credit cards. |
| Repayment terms | Four equal installments, due every two weeks (first payment at purchase), repaid over six weeks. | Not applicable, as this is a rewards program, not a credit product. |
| Eligibility requirements | U.S. citizen or lawful resident with valid U.S. address, at least 18 years old (19 in Alabama), iPhone or iPad with latest iOS/iPadOS, Apple Pay set up, two-factor authentication for Apple ID, debit card linked to Apple Wallet (no credit cards). | You need an active, eligible Bank of America personal checking account and a combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts. There are different tiers (Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors) based on your combined balances. |
| Credit score impact | Soft credit check (no initial impact), payment history reported to Experian (timely payments may improve, missed payments may negatively affect). | Enrolling in the Preferred Rewards program does not directly impact your credit score. |
| Integration with Apple Wallet | Loans can be applied for, tracked and managed within the Apple Wallet app. | The Bank of America Preferred Rewards program does not directly integrate with Apple Wallet. |
| Rewards and benefits | No points or cashback rewards. | Benefits include boosted rewards on eligible Bank of America credit cards (25% to 75% bonus), higher savings interest, reduced loan costs, waived fees, and exclusive lifestyle experiences. |
| Spending tracking and budgeting tools | View and manage loans in Apple Wallet, see total amount due and upcoming payments on a calendar, receive notifications via Wallet and email before payments are due. | Bank of America offers online and mobile banking tools for tracking spending. |
| Customer service and support | Contact Apple via Messages or call 1-866-732-7753. | Access to dedicated specialists is available. You can call 1-888-888-7937 for priority service. |
| Security features | Face ID, Touch ID, or passcode for authentication. Apple does not share or sell transaction and loan history to third parties. | Bank of America provides standard banking security features. |
| Global acceptance | Currently limited to the United States. Not available in Hawaii, Nevada, New Mexico, Wisconsin, and other U.S. territories. | Not directly applicable, as it is a rewards program. However, Bank of America cards are generally accepted worldwide. |
| Mobile app functionality | Accessed and managed through the Wallet app on iPhone and iPad. | Bank of America has a mobile app for managing accounts and accessing program benefits. |