Apple Card Owners Will be Able to Purchase an iPhone and Pay Over 24 Months With No Interest Starting Later This Year

[MacRumors]

During today's earnings call for the fourth quarter of 2019, Apple CEO Tim Cook announced a new feature that's coming to Apple Card later this year -- fee free iPhone payments.

Customers will be able to purchase a new iPhone using Apple Card and pay for it over 24 months with no interest. Customers will continue to get three percent cash back for the purchase as well.

There's no specific word on when the iPhone payment plan will be available, but Cook did say that it's coming this year, so it could perhaps be introduced ahead of the holiday season.

Cook said that Apple has been "thrilled" with the reception to Apple Card since its August launch. He said that Apple believes it was the "most successful launch of a credit card in the United States ever."

Article Link: Apple Card Owners Will be Able to Purchase an iPhone and Pay Over 24 Months With No Interest Starting Later This Year

 

[Banglazed]

Great news! Barclays Card and Citizen One loan are nearing their end.

 

[Oldfash33]

Isn’t this what I’m already doing essentially? Paying the installment every month via Apple Card.

 

[dallas112678]

I’m assuming the current payments system is financed through citizens one and you attach a card to pay citizens one.

Where as this new plan cuts out the middleman (citizens one).

 

[rmoliv]

Waiting for the Pro version.

 

[VitaminX67]

Isn’t this what I’m already doing essentially? Paying the installment every month via Apple Card.

Not unless your Apple card came with 0% interest.

 

[ghostface147]

Interesting. Will you be able to upgrade every 12 months?

 

[WingsAndBeer]

I'd rather buy it with a card that extends the warranty by a year....worked out well for me in the past with iPhone 6 repair (Discover).

 

[26139]

Interesting. I was thinking about using my Apple Card to "buy" an iPhone financed over 24 months and just pay it off monthly, this looks like the equivalent minus the middle man.
So really no different...right?

 

[newyorksole]

Isn’t this what I’m already doing essentially? Paying the installment every month via Apple Card.

Yeah but with this new option you won’t have to deal with Citizens Bank. This also might not be the same as the iPhone Upgrade Program where you have an annual upgrade. iUP also does a hard credit check, this new option likely doesn’t need to.
[automerge]1572471649[/automerge]

Interesting. I was thinking about using my Apple Card to "buy" an iPhone financed over 24 months and just pay it off monthly, this looks like the equivalent minus the middle man.
So really no different...right?

What do you mean pay it off monthly? If you carry a balance, you pay interest. If you “pay it off” you’re not paying for it monthly.

Just trying to figure out exactly what you mean. This new option means no interest. If you do it your way without this new method you’d be paying interest.

 

[AppleFan91]

I’d be here for it if it still gave me the option to upgrade annuity. Especially since this wouldn’t have a hard inquiry on my report. But that annual upgrade loss makes it a no for me

 

[NeuralControl]

This sounds really terrific. A really nice extra incentive to get/use the Apple Card. However, Target and Best Buy often have $100-200 discounts which are better overall deals.

 

[konqerror]

Isn’t this what I’m already doing essentially? Paying the installment every month via Apple Card.

Yeah but with this new option you won’t have to deal with Citizens Bank.

It does sound like they're moving to Goldman Sachs from Citizen's Bank. Makes sense that Apple would include this with the Apple Card deal, and because GS already does personal loans (Marcus).

 

[NetMage]

I think if they started including Apple Care with your Apple purchases, combined with the cash back, and they would be making it worthwhile over an extended warranty card or a carrier installment plan.

 

[mac.cali]

Hopefully we can upgrade very year like the iUP program.

 

[Bazooka-joe]

Great but when is the card going to become available outside the US

 

[Mr. Dee]

I am looking to upgrade in 2021, so, I will likely take advantage of this financing. I bought my iPhone X full retail pricing, but it was bit of a shock to the system.

 

[turbineseaplane]

This will be perfect to roll out before the next round of iPhone price hikes..

"Sure it starts at $1499 and goes up to $2499 - BUT! Zero interest if you use the Apple Card!"
[automerge]1572474137[/automerge]

I am looking to upgrade in 2021, so, I will likely take advantage of this financing. I bought my iPhone X full retail pricing, but it was bit of a shock to the system.

It's still the same shock to the system, just delivered in monthly micro shocks

 

[Pman17]

I had a feeling they would do this back when I applied day 1 which was one of the reasons why I applied. It’s a smart move for Apple.

 

[turbineseaplane]

Interesting. I was thinking about using my Apple Card to "buy" an iPhone financed over 24 months and just pay it off monthly, this looks like the equivalent minus the middle man.
So really no different...right?

Excellent response from @newyorksole though..

What do you mean pay it off monthly? If you carry a balance, you pay interest. If you “pay it off” you’re not paying for it monthly.

 

[Pman17]

If they add Macs and you get the cash back, Apple Care is a discount because you would get the money to buy Apple Care the next day.

 

[waquzy]

When is it coming to the UK? Come on Apple, make it happen.

 

[trip1ex]

apple knows how to get people to buy stuff. this definitely makes it more difficult to resist.

 

[ryanwarsaw]

Can't find anything bad to say about this one. Should drive sales.

 

[The Game 161]

And still no Apple Card in UK