By Chand Bellur
March 31, 2020 at 10:22 p.m. PDT
- 3.1 million Americans use Apple’s innovative, new credit card.
- The estimated U.S. unemployment rate may reach 47 million.
- Apple allows its credit cardholders to request skipping their March payment without accruing interest or penalties.
COVID-19 Bites Into U.S. Job Market
The novel coronavirus pandemic may kill millions of people around the world. It may also cause both temporary and permanent unemployment of hundreds of millions.
The United States, in particular, has been walloped by the virus. While other nations are testing the broader population, the U.S. currently only has enough tests for selective testing. Even with limited testing, the U.S. now has more novel coronavirus cases than any other nation. It’s safe to assume that the general public has a much higher infection rate.
Eighty-percent of the U.S. is now under stay-at-home orders. Shuttering bars, restaurants and any non-essential public businesses across most of the nation, authorities hope to flatten the curve. The economy has shed jobs faster than any time in American history. This crisis is even worse than the Great Depression; however, the downturn’s duration should be much shorter.
Given the rapid economic decline, the U.S. government has taken extraordinary measures to help the public. Many Americans will get $1200 checks. Small business owners will receive forgivable loans if they retain employees. Donald Trump has resorted to short term socialism, as free markets would kill millions of Americans right now.
Apple Card Holders Can Skip March Payment
Apple has, by far, been one of the most generous corporations during our troubled times. The Cupertino company recently donated 10 million N95 masks to healthcare workers in the U.S. and Europe. Apple’s donations have outpaced their competitors’, by far.
This generosity extends to Apple Card holders. Apple’s new credit card is already consumer-oriented. Although its interest rates are relatively high, the Wallet app helps users manage debt better than any other credit card. Apple will now allow customers to request payment deferral without accruing interest or penalties.
The best part of skipping the March payment is that it’s incredibly easy. Simply launch the Wallet app and follow the on-screen instructions. You’ll connect with a few chatbots that approve your payment deferral. Within a few minutes, you can put off that credit card payment for one month, without concern over late fees and interest.
Times are tough, and it looks like we’re not through the worst of the pandemic. Estimates reveal that, even if we follow social distancing and stay-at-home orders, hundreds of thousands of Americans will die.
Economic hardships are devastating, especially considering that almost half of Americans live paycheck to paycheck. No matter what we do, many people will die. If we work hard enough, fewer people will perish. We can do something about economic hardship, especially in a nation that has so much wealth. It’s good to see Apple, and even Goldman Sachs, care about less fortunate people who use credit cards as a means of survival.