Apple Card Monthly Installments Term for Apple Watch to Change From 24 Months to 12 Months

[MacRumors]

Starting August 15, the Apple Card Monthly Installments term for new Apple Watch purchases will change from 24 months to 12 months, according to fine print on Apple's website. This means each payment will be higher, but the Apple Watch will be paid off faster.

In a recently updated support document, Apple also says a carrier connection with AT&T, T-Mobile, or Verizon will be required at the time you purchase an iPhone with Apple Card Monthly Installments starting August 15.

Apple Card Monthly Installments is an interest-free financing option available for most Apple products purchased with the Apple Card on Apple.com and at Apple retail stores. Customers can view their monthly installments, remaining balance, and payment history in the Wallet app, and the balance can be paid off in full at any time.

Apple offers a 24-month installment term for iPhones, a 12-month term for Macs and iPads, and a six-month term for AirPods and Apple TVs. Other eligible products and accessories are outlined in a support document on Apple's website.

(Thanks, Brandon Fawcett!)

Article Link: Apple Card Monthly Installments Term for Apple Watch to Change From 24 Months to 12 Months

 

[SDJim]

Probably shouldn't be taking 2 years to pay off a watch anyway...

Glad this is still an option, though, it's definitely a nice perk of the Apple Card, IMO.

 

[TheYayAreaLiving 🎗️]

This means Apple wants you to pay off and upgrade your Apple Watch every single year. Every 12 months or so. Furthermore, It's interest-free so you can't beat that.

 

[F23]

Apple One hardware subscription coming soon.

 

[minik]

I wish every item is 12-month. 24-installment plan is simply too long for an iPhone.

 

[BasedReborn]

Always thought it was odd it was 24 months, welcoming the new change

 

[Apple_Robert]

This means Apple wants you to pay off and upgrade your Apple Watch every single year. Every 12 months or so. Furthermore, It's interest-free so you can't beat that.

I wouldn't be surprised if there has been a high rate of late payments and defaults (re: Apple purchases) and GS and Apple are trying to mitigate the losses.

 

[ethanwa79]

I wish every item is 12-month. 24-installment plan is simply too long for an iPhone.

No interest on 24 months is an amazing deal. Why would anyone NOT want that? Especially since most people don’t upgrade yearly.

 

[Apple_Robert]

I wish every item is 12-month. 24-installment plan is simply too long for an iPhone.

There is nothing preventing someone from paying off the loan early. The problem is too many people get in over their head with the enticement of small monthly payments.

 

[Böhme417]

I wish every item is 12-month. 24-installment plan is simply too long for an iPhone.

It always struck me a little odd that the iPhone plans were 24 months, but Macs are 12. Like, you need to stretch a $1k phone out over two years, but you should pay off a $3k MBP in one?

 

[spartan1967]

If anyone understands the time value of money, Apple is going make a killing cutting the time in half paying off this hardware.

 

[Orange Bat]

I wish the computers were 24 months. It would make the decision to upgrade a lot easier. I would totally go for a Mac Studio with that deal.

 

[kingalien]

So the Vision Pro should be 36 months.

 

[minik]

There is nothing preventing someone from paying off the loan early. The problem is too many people get in over their head with the enticement of small monthly payments.

Yes, when I tap the Pay Early link. Although I pay my balance off every month, there should be a more flexible way to pay off just the device.

 

[contraband]

There is nothing preventing someone from paying off the loan early. The problem is too many people get in over their head with the enticement of small monthly payments.

There can be. If you have multiple concurrent payment schemes (say, you begin paying off phone 1 this year, and phone 2 next year), you cannot pay off one without paying off the other. So 12 months in, if you want to pay off the remainder of only phone 1 and leave just the monthly payments for phone 2, you cannot. All active payment schemes are consolidated into a single item. More control over the schemes and payments would be nice.

 

[t0rqx]

Sales are slumping, need that cash faster then ever.

 

[surfzen21]

It always struck me a little odd that the iPhone plans were 24 months, but Macs are 12. Like, you need to stretch a $1k phone out over two years, but you should pay off a $3k MBP in one?

I think when they went with the phones at 24 months it was in line with what cell phone companies did withtheir 2 year upgrade model.

 

[dancefreak]

There can be. If you have multiple concurrent payment schemes (say, you begin paying off phone 1 this year, and phone 2 next year), you cannot pay off one without paying off the other. So 12 months in, if you want to pay off the remainder of only phone 1 and leave just the monthly payments for phone 2, you cannot. All active payment schemes are consolidated into a single item. More control over the schemes and payments would be nice.

If you go to installments in the wallet and select a loan and select pay early, your payment will be towards the balance of your oldest installment loan. So you can do exactly what you're describing. The loans aren't consolidated.

 

[coolfactor]

Sales are slumping, need that cash faster then ever.

Meanwhile, Apple has already paid FULL price for manufacturing and supporting the device for their customer. 🤗

 

[Algus]

I've got my series 8 on 24 month at $30 something/mo

I kind of LOLed when they told me it was 24 months but whatever, that's 24 months of the cash sitting in my high yield savings collecting interest. I'll do just about anything if it earns me an extra penny, including signing up for ridiculous financing lengths. Since Apple charges 0% interest on their plans, I end up making money to buy my stuff in installments.

 

[CapitalIdea]

There can be. If you have multiple concurrent payment schemes (say, you begin paying off phone 1 this year, and phone 2 next year), you cannot pay off one without paying off the other. So 12 months in, if you want to pay off the remainder of only phone 1 and leave just the monthly payments for phone 2, you cannot. All active payment schemes are consolidated into a single item. More control over the schemes and payments would be nice.

There is a great optional program that helps people have total control of the payments and schemes:

 

[JCCL]

Probably shouldn't be taking 2 years to pay off a watch anyway...

Glad this is still an option, though, it's definitely a nice perk of the Apple Card, IMO.

If you are organized, ANYTHING you can put on interest free financing is beneficial for you - holding the money for the longest possible time can then generate interest FOR YOU.

A Watch may not seem much, but multiple items can make a nice return. On the other hand, if you are using this to buy things you can't afford and will end up paying late fees, yeah better to not even buy the damn watch.

 

[chairguru22]

No interest on 24 months is an amazing deal. Why would anyone NOT want that? Especially since most people don’t upgrade yearly.

Exactly! I’ve only paid $266 on my Apple Watch Ultra since I got it day 1! Why not???

 

[jz0309]

whatever length, it's interest free and you get 3% cashback ... and if you have it, move the remaining balance (full price minus 1st installment) into the Apple/GS savings account and then pay monthly from there

 

[Bootleg2go]

It always struck me a little odd that the iPhone plans were 24 months, but Macs are 12. Like, you need to stretch a $1k phone out over two years, but you should pay off a $3k MBP in one?

I agree, Macs should be 24 months