Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Card's 24-Month Interest-Free iPhone Installment Plan Available Starting Today
- Thread starter MacRumors
- Start date
- Sort by reaction score
Lol what? When they announced this, it actually sounded like unlocked version would be included. We didn’t know until today that it’s not. Not only diff is lack of SIM card: it’s invisible to carrier. If you buy a phone via any other method you get charged a ridiculous upgrade fee. Unlocked model only way to avoid this.
What? The entire balance of the phone is on your Apple Card. You don’t pay interest on it, provided you make the minimum phone payment and pay it off in the 24 months.
If I used this personally I would buy 3 to 5 shares of Apple, depending on the model I would buy. I would do this for each iPhone I intended to purchase. Make the payments for 2 years interest free and see how the stock did in 24 months. Just because people don't do it doesn't mean people can't. Somebody will say well the stock could go down. Well okay even if it went down a bit that's money you wouldn't have anyway had you bought the phone outright and put nothing away. This offer by Apple is a win for any consumer with half a brain. The 6 percent savings also makes the stock cheaper if you look at it that way.
It doesn't make sense to blame people's stupidity on Apple. It could be argued if an iPhone costs more than 0.5% of your salary you shouldn't buy one anyway. Does that mean Apple is preying on people that buy them anyway?
For many people it isn't so much a depreciating asset as a useful tool.
Assuming As Apple have said they are going trying to give those with low credit score a Credit Card with lower credit and not outright reject them, this should open a whole new possibilities for people buying more expensive iPhone model.
I could only wish Apple Card comes to other places world wide sooner.
I could only wish Apple Card comes to other places world wide sooner.
Typical response, but doesn’t work in real life for most people. Rich people buy their toys in cash and invest other money. Most people taking advantage of “interest free loans” on consumer products don’t even know how to buy a stock.
I completely understand the logic, though.
As a finance person myself, I still recommend paying for discretionary items with a rewards credit card you pay every month.
People get into trouble having everything on installments. They put their freaking mattress and vacuum on installments because it’s “no interest.”
At some point, you just can’t afford it and will save 100% by not buying it. No interest is just another tactic to get people to upgrade and/or buy stuff they don’t really need or wouldn’t buy otherwise.
Interesting, I just had a different explanation in an Apple Chat session, in that the 24-mo interest free option via the Apple Card promotion is only available for the carrier tied phones...
This isn't to dispute your experience GGJ, only to express my exasperation...or is this nausea...wait, yes, nausea.
This isn't to dispute your experience GGJ, only to express my exasperation...or is this nausea...wait, yes, nausea.
Yeah, I just spent 52 mins on the phone with Apple Support and the only way to see the "Apple Installments" option is through a Carrier tied phone. I initially placed the order and when I called to ask when will I see the installments they told me it didn't apply to my order because I had ordered a sim-free device. That sim-free devices get charged at full price right now and don't qualify for the interest free offer over 24 months.
Last edited:
Well, I just bought 2 unlocked, SIM-free phones on the Apple Card promotion. Remember, this program is new, so many Apple employees are not yet fully informed on how it works.
Yes, it does.
It doesn't show up until the end of the month. Direct quote from Goldman Sachs:
"Your Apple Card Monthly Installments are billed to your Apple Card statement on the last day of the month. If you buy your iPhone with Apple Card Monthly nstallments in store, your first monthly payment is billed at the end of the month when you pick up your phone from the store. If you buy your iPhone with Apple Card Monthly Installments in the Apple Online Store or in the Apple Store app, the first monthly payment is billed at the end of the month in which your iPhone ships."
I called Apple after posting last night, and according to the well-informed, Purchasing and Sales person, she has to fix the misunderstood interpretations of both physical-store and 'chat-support' staff all of the time, and this promotion is keeping her busy. She had a lot to say, but I'll summarize with...if you have questions for a new promotion like this, call Apple Support - don't ask in-store employees, don't use the Chat option.
According to her, Goldman Sacs does provide an installment plan for unlocked, sim-free phones, but the duration of that plan is based on the amount spent (12mo, 18mo...) and is not the same as the Apple Card promotion. The 24mo promotion is for carrier-tied phones.
Cheers
As I've said before, this program is new, so many are not yet fully informed on the details. As for me, I'll trust the word of Goldman Sachs over an Apple sales rep, since it's Goldman Sachs who issues and manages the Apple Card and its terms. According to Goldman Sachs, the 24-month, interest-free Apple Card Monthly Installments does indeed apply to unlocked, SIM-free phones. The carrier is irrelevant, since the carrier is not supplying the phone or the financing.
Keep us updated if your 24-month plan shows up. What's your plan B if it doesn't go through? I'm not going to make a major purchase just based on what someone says without anything backing it up along with conflicting information.
Last edited:
Holiday Return Policy
Items purchased at the Apple Online Store that are received between November 15, 2019 and December 25, 2019, may be returned through January 8, 2020.
https://www.apple.com/shop/help/returns_refund
Oh right. This is what I'm talking about with conflicting info. This is item 4. in the fine print
"
Monthly pricing: Available to qualified customers and requires 0% APR, 24-month installment loan with Citizens One or Apple Card Monthly Installments and iPhone activation with AT&T, Sprint, T-Mobile, or Verizon. "
I hope they change this for next year's phones. Doubt it though as they may have a deal with the carriers to be able to do this.
Is there any documentation about the 12mo or 18mo no interest payments or are you referring to the Barclays Card?
This Apple Store Support Sales/Purchasing person sounded like a veteran in these issues and there wasn't modicum of doubt on her part - she spends all day yesterday correcting the interpretation, so I'm inclined to think she's doing the job of the person I wanted to hear from on this issue.
I was making the point that we're talking about phones...use one to call for clarification. Apple is selling the iPhone, and is promoting it through the Apple Card, Goldman Sachs is a financial business partner with Apple - not the company selling or promoting the phone, so I'm suggesting there might be more to consider before boldly blundering into a remorseful purchasing agreement. That's all.
I went back to the Apple store and read the single Asterisked * conditions at the bottom of the iPhone 11 purchasing page, for additional consideration:
"...Monthly pricing: Available to qualified customers and requires 0% APR, 24-month installment loan with Citizens One or Apple Card Monthly Installments and iPhone activation with AT&T, Sprint, T-Mobile, or Verizon. Taxes and shipping not included. Additional Apple Card Monthly Installments terms are in the Customer Agreement. Additional iPhone Payments terms are here. "
/shrug
nlclhc...I'll suggest you call the Apple Store and ask about Promotion / Sales support and you'll get an earfull ;-) I'm one of many here that aren't an expert on the subject, just reporting what I've experienced. Personally? We're switching carriers and upgrading from iPhone 7's, so I'm fine with an unlocked, carrier-tied phone that is only burdened with the carrier obligation until we pay off the phones, since we'll be paying it off early. The exchange gets Apple a new card holder, and us 6% back on the purchases, and we can be lazy for up to 24 months in paying it off.