Apple Card owners can now buy Apple products on an interest-free installment plan

nanoguy

Posts: 1,021   +14
Staff member

If the Apple Card wasn't appealing enough for you before, the company is now offering 6 percent Daily Cash cash back if you decide to purchase new Apple products. This means you get double cash back through the holiday season, as long as you live in the US and are looking to get your hands on the company's latest devices.

Apple first introduced the ability for customers to set up an interest-free financing plan through Apple Card back in October, during an investor call. This is the same 24-month instalment loan the company offers through the iPhone Upgrade Program, which now applies to purchases made on Apple.com, the Apple Store app, or in physical Apple Stores.

The new plan is the company's latest effort to sway customers towards direct purchases as opposed to going through carriers or retailers. However, it doesn't apply to services like Apple Music or even AppleCare. You can only get the standard 3 percent cash back on purchasing iCloud storage and Apple Music.

You can manage payments directly through the Wallet app on your iPhone, and the company says the minimum payment is automatically adjusted to take your monthly instalment plans into account, so you only have to make one payment on the last day of the month.

Apple CEO Tim Cook told investors in October that monthly instalment plans are meant to bring the up-front cost of iPhone down. And this would also explain why the company told suppliers to prepare for more than 100 million orders of the iPhone 12, which is expected to feature 5G connectivity.

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Uncle Al

Posts: 8,362   +7,166
Somebody in Apple's Marketing Department gets an A+ for this idea! It will be interesting to see how many other competitors jump on this idea and how long it lasts. You can bet the credit card and finance companies are hopping mad at this one! Good for them! LOL
 

QuantumPhysics

Posts: 5,466   +6,260
I have Apple Card with a $10,000 limit at 12.74% interest.

I haven't used it since I got it because they haven't made the case to me that it's better than my Capital One Venture Card's 1.25 Miles for every purchase. Basically, I purchase everything on that card and pay it off immediately to keep my score over 800.

30,000 points = ~$300 when I go on vacation and I typically accumulate 60,000 points a year. These points have paid off the cost of hotel stays in Asia or reduced the cost of Business class flights on Emirates, Asiana, Korean or Philippine air.

If Apple can make a better case for shopping with Apple Card then I'll stop using my Venture entirely and use Apple Card instead.

UPDATE: I'm on with an Apple rep right now in fact and they are telling me they have no current Travel Benefit.
 
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