I am a bit annoyed that my Apple Watch Ultra is 24 small payments. But one part of this article is somewhat incorrect. When it says, "the balance can be paid off in full at any time", it is actually only "payoffable" if your Apple Card balance is $0. It comes up with a message that you need to pay off interest bearing items before paying off a 0% interest note. The problem with this is that I charge everything in my world to my Apple Card for 2% cash back. And, while I used to pay my balance daily, now with the 4.15% savings account, I do not pay back daily, I store my payments in the interest bearing account and pay off the monthly balance on the last day of the cycle to maximize my interest. Therefore, I have about a $4000 balance at the months start (all purchases from prior month), and it builds to $8-9,000 by months end at which time I pay the $4,000 from the prior month, gaining $14ish dollars interest on that money. The balance never hit $0, so I am stuck with this $33/month watch cost every month for 2 years.
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 make a purchase 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
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Apple Card Monthly Installments Term for Apple Watch to Change From 24 Months to 12 Months
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Are you paying (or partially paying) your Apple CC bill with your Apple savings account? You don't have to do that.
I have a significant amount in the savings account, but I pay my 100% of my monthly balance from my regular checking.
I do not use regular checking. ALL of my money sits earning the 4.15% 100% of the time until used. every charge I do goes on Apple Card for cash back, and all my money direct deposits to the 4.15% account. I pay Apple Card out of there. There is no point to money sitting in regular checking earning next to nothing.
Ah. I keep a month of pay in my checking and everything else goes into savings and investments. I budget a full month ahead on the 1st, so it makes sense for me. I have all my bills on autopay, and not all of them can go on a CC.
I also split my expenses across three cards, depending on card rewards.
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Ahh, I see it. It’s a bit of a dig, but I found it. Now I wish I would have financed the 3rd iPhone.
Thank you. Sorry everyone, I was wrong.
Yeah, I'm in the same boat. Dropped Verizon for Mint earlier this year (quite happy with the change, BTW). "We'll only give you the special terms if you go back to Verizon" seems like a dick move.
Though Mint is in the midst of getting acquired by T-Mobile, I wonder if that'll make a difference.
Why do you wish that? How does that impact YOU and your life? What a moronic thing to say.
Either something went wrong or you misread your statement. I got 3% back upfront when I took the 12 month option on my iPad.
Apple Card
Apple Card offers up to 3% Daily Cash back on purchases with no fees. Apply with no impact to your credit score to see if you’re approved. Terms apply.
www.apple.com
Because floating that financing costs money and Apple is not interested in making less money as a company as a means to chase the downmarket customer base that will have less repeat buying power anyway.
Yes. There's no advantage to a shorter term with 0%. At least you still have the choice to pay it off when. You don't have a choice to lower the payment if it's shorter.
I believe that is a Consumer Protection requirement. Any payment you make must apply to balances subject to the highest amount of interest first. Besides there is no case where paying down the 0% balance before the 26%+ balance makes any financial sense.
You don't get the Daily Cash on the installment payments, but in one lump. Go into the section of your wallet that shows all the Daily Cash you've earned. You should see individual deposits for each transaction there.
Also, I believe you don't get the Daily Cash for installment plans until after you've made a payment on your first statement with the installments included. Looks like you bought the phones on May 31st, so if you have not made a payment in June, I don't think you will have gotten the Daily Cash yet.
If you have the money, you can afford it. I am talking about people who cannot afford it, as I stated.
I don’t like this. I always go with the no carrier option.
It isn't a big secret that iPhones & other Apple devices tend to sell cheaper in US states without sales tax than in many foreign countries.
I could imagine people who fly frequenty to/from Brazil with unlocked iPhones to be used on their cellular networks.
Back in 2007 before the 2008 iPhone 3G's worldwide launch I found myself buying a couple of the iPhone 2G for use in South East Asia. We had to use some hackery to unlock it.
If we knew it would come out there half a year later I'd have opted to get the next year's model instead on a 24 month local telco contract.
I could imagine people who fly frequenty to/from Brazil with unlocked iPhones to be used on their cellular networks.
Back in 2007 before the 2008 iPhone 3G's worldwide launch I found myself buying a couple of the iPhone 2G for use in South East Asia. We had to use some hackery to unlock it.
If we knew it would come out there half a year later I'd have opted to get the next year's model instead on a 24 month local telco contract.
Never take a loan or payement by instalment for consumer gadgets. If you can’t pay it now in full then don’t buy it. It’s nothing more than a toy anyway.
This is correct if you don’t have the money to pay it off if you had to.