Apple No Longer Offers Financing to Individuals in Canada

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Original poster
Apr 12, 2001
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TD Canada Trust recently announced that the Apple Financial Services program has been discontinued for individuals in Canada.


Canadians with an Apple Financial Services credit card issued by TD will no longer be able to charge purchases to the account as of July 26.

Through the program, any approved customer in Canada could receive three months of same-as-cash or no-interest financing on Apple Online Store purchases of $750 or more. The program was not valid for in-store purchases.

Apple removed the "consumer" section of the financing page on its Canadian website about a month ago, signaling the entire program is discontinued. Apple continues to offer financing to businesses and educational institutions in Canada.

Apple continues to offer financing to individuals in the United States through the Barclaycard Visa with Apple Rewards.

(Thanks, Jason!)

Article Link: Apple No Longer Offers Financing to Individuals in Canada
 

bbeagle

macrumors 68040
Oct 19, 2010
3,339
2,453
Buffalo, NY
Fine with me. I’m of the opinion that if you can’t afford a new phone or a new computer and you still have one that works, you should save up and then buy when you have the money - instead of incurring debt.
I'm of the opinion that if you can afford monthly payments, and they're 0% interest... I do NOT feel this is incurring debt.
 

69Mustang

macrumors 604
Jan 7, 2014
6,933
12,445
In between a rock and a hard place
I'm of the opinion that if you can afford monthly payments, and they're 0% interest... I do NOT feel this is incurring debt.
Respectfully, your opinion is wrong. The interest has nothing to do with, and is not the indication of debt. The monthly payment you owe for the item is the debt. You don't own it until it's paid for in full. If you don't pay for the item in full in the agreed time frame, that debt will be collected by either repossession, lien, or both.
 
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patrick001

macrumors member
Dec 16, 2008
76
48
Boston
Fine with me. I’m of the opinion that if you can’t afford a new phone or a new computer and you still have one that works, you should save up and then buy when you have the money - instead of incurring debt.
It's obviously your opinon, but frankly not everyone can afford what they might actually need at the time of their purchase. Your opinion seems to be ignorant of the fact that people can incur debt wisely, pay their bills on time, and get the things they might need in their life for their profession and whatnot. Stick to spending habits and stay out of the economics that undergird this issue.
 

macduke

macrumors G4
Jun 27, 2007
10,566
14,057
Central U.S.
Respectfully, your opinion is wrong. The interest has nothing to do with, and is not the indication of debt. The monthly payment you owe for the item is the debt. You don't own it until it's paid for in full. If you don't pay for the item in full in the agreed time frame, that debt will be collect by either repossession, lien, or both.
You're right but I feel like they were responding to that other person about it being a bad thing to use your credit, which it is not. I do it all the time and I'm responsible about it. My credit score is a little over 800 and I put just about everything except mortgage and utilities on my card using auto pay each month, and I have the card set to auto pay from my checking account. I rack up a huge amount of cash back this way. I also pay cash when I get a new car, so I'm probably an outlier, but I don't think there's anything wrong with using the system to our advantage. The problem is all the morons out there and the predatory loan tactics. I'm always amazed that people can't just write up a simple spreadsheet of money going in and money going out and tune it so that money going in is higher than money going out. But people aren't willing to either make sacrifices or work harder. I even did this with my wife several years ago for the last two years of college when we were both living on her $12/hr. We had to cut back our groceries, get rid of cable, get a smaller place and go on dates every other week instead of once weekly, but we didn't hate life and didn't need government assistance. I get that's not always possible if you're living in poverty, but there are people like my dad who make twice as much as what me and my wife make combined today and yet have far less money than we do.
 

mousekiks

macrumors member
Sep 17, 2014
60
38
You're right but I feel like they were responding to that other person about it being a bad thing to use your credit, which it is not. I do it all the time and I'm responsible about it. My credit score is a little over 800 and I put just about everything except mortgage and utilities on my card using auto pay each month, and I have the card set to auto pay from my checking account. I rack up a huge amount of cash back this way. I also pay cash when I get a new car, so I'm probably an outlier, but I don't think there's anything wrong with using the system to our advantage. The problem is all the morons out there and the predatory loan tactics. I'm always amazed that people can't just write up a simple spreadsheet of money going in and money going out and tune it so that money going in is higher than money going out. But people aren't willing to either make sacrifices or work harder. I even did this with my wife several years ago for the last two years of college when we were both living on her $12/hr. We had to cut back our groceries, get rid of cable, get a smaller place and go on dates every other week instead of once weekly, but we didn't hate life and didn't need government assistance. I get that's not always possible if you're living in poverty, but there are people like my dad who make twice as much as what me and my wife make combined today and yet have far less money than we do.
We do the same thing and it works our pretty well for us. Just have to stay disciplined.
 
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groove-agent

macrumors 65816
Jan 13, 2006
1,054
779
If you're a Canuck
you're out of luck.
What else is new? We're usually given the shaft when it comes to USA purchases. :)

Three months zero percent wasnt much help anyway - unless youre waiting for an income tax cheque. Longer term, lower interest financing would be more helpful especially now that Macbook Pros are as expensive as a used car!
 

69Mustang

macrumors 604
Jan 7, 2014
6,933
12,445
In between a rock and a hard place
You're right but I feel like they were responding to that other person about it being a bad thing to use your credit, which it is not.
I understood exactly what bbeagle meant. But that quote as written, is not what he means. That quote points to some of what you said in your quote. Like you, I pay almost everything via CC for the rebates and points. Nothing in my quote is about using credit being bad. It's all about understanding what that credit is: debt. To say, "I do NOT feel this is incurring debt" implies a fundamental misunderstanding of what debt is. It's short term if you pay it off in full every month and longer term if you pay it monthly. But it's debt nonetheless.
 
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jblagden

macrumors 65816
Aug 16, 2013
1,141
633
It's obviously your opinon, but frankly not everyone can afford what they might actually need at the time of their purchase. Your opinion seems to be ignorant of the fact that people can incur debt wisely, pay their bills on time, and get the things they might need in their life for their profession and whatnot. Stick to spending habits and stay out of the economics that undergird this issue.
When it comes to tech, “need” can be a very relative term. If your computer died or is getting progressively slower or your phone just died, go ahead buy a new one even if you have to take out a loan. But if you just want something newer, that’s not really a need – that’s a want, unless it will actually make you more productive.
 
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Constable Odo

macrumors 6502
Mar 28, 2008
409
179
Oh, Canada...

Apparently, Apple doesn't want to deal with risky "furriners" which they can't extradite if they don't pay up.
 

OriginalClone

macrumors 6502
Jul 14, 2012
298
305
Who would’ve guessed this posting would turn into an opportunity for some to humblebrag about their credit score and the rest to give their opinion on what others should do with their money.
 

vertical smile

macrumors 68040
Sep 23, 2014
3,932
5,135
Through the program, any approved customer in Canada could receive three months of same-as-cash or no-interest financing on Apple Online Store purchases of $750 or more. The program was not valid for in-store purchases
Typically, these free-financing specials, just like sales, are offered by companies as incentives for people to buy their products/services. Companies that have little trouble moving their products usually don't have many financing specials and sale.

Maybe Apple feels that demand in Canada is high enough that it can do without these type of specials.
Apple continues to offer financing to individuals in the United States through the Barclaycard Visa with Apple Rewards.
I have used Barclay many times to buy Apple products in the US. They offer decent financing specials which have saved me a lot of money.

I’m of the opinion that if you can’t afford a new phone or a new computer and you still have one that works, you should save up and then buy when you have the money - instead of incurring debt.
From a financial point of view, I would have to disagree. When making a purchase, paying cash up front for something when you have an option for free or deferred financing is not a smart decision.
There could always be other reasons not to purchase the item, but if a purchase was going to be made, free/deferred financing is always the financially smarter play. This also assume there is not a discount for paying cash.

I'm of the opinion that if you can afford monthly payments, and they're 0% interest... I do NOT feel this is incurring debt.
It is still debt, there is just not a cost associated with the debt, but you are right, it would make more financial sense to pay it this way.
 
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jblagden

macrumors 65816
Aug 16, 2013
1,141
633
Typically, these free-financing specials, just like sales, are offered by companies as incentives for people to buy their products/services. Companies that have little trouble moving their products usually don't have many financing specials and sale.

Maybe Apple feels that demand in Canada is high enough that it can do without these type of specials.

I have used Barclay many times to buy Apple products in the US. They offer decent financing specials which have saved me a lot of money.

From a financial point of view, I would have to disagree. When making a purchase, paying cash up front for something when you have an option for free or deferred financing is not a smart decision.
There could always be other reasons not to purchase the item, but if a purchase was going to be made, free/deferred financing is always the financially smarter play. This also assume there is not a discount for paying cash.

It is still debt, there is just not a cost associated with the debt, but you are right, it would make more financial sense to pay it this way.
If the financing is without interest, neither approach is really better - the cost is the same. Financing just spreads the payments. Buying on credit is not advantageous, aside from possibly building credit, and maybe getting cash back if your credit card does that. If I'm wrong, tell me where I'm mistaken.
 

WRChris

macrumors 6502a
Aug 17, 2016
628
835
Indiana
I understood exactly what bbeagle meant. But that quote as written, is not what he means. That quote points to some of what you said in your quote. Like you, I pay almost everything via CC for the rebates and points. Nothing in my quote is about using credit being bad. It's all about understanding what that credit is: debt. To say, "I do NOT feel this is incurring debt" implies a fundamental misunderstanding of what debt is. It's short term if you pay it off in full every month and longer term if you pay it monthly. But it's debt nonetheless.
Exactly correct, any credit owed is debt owed. People love their plastic. Credit is a risky gamble. Say you buy an iPhone with cc and then loose your job, you would soon be wishing you hadn't used that cc.

I only use my cc to receive rewards but it's paid off in full every month.
 

vertical smile

macrumors 68040
Sep 23, 2014
3,932
5,135
If the financing is without interest, neither approach is really better - the cost is the same. Financing just spreads the payments. Buying on credit is not advantageous, aside from possibly building credit, and maybe getting cash back if your credit card does that.
This is more of a personal point of view, and not financial. From a financial point of view, the above statement is incorrect.
If I'm wrong, tell me where I'm mistaken.
The short answer is TVM.

This basically means the value of a dollar (or your choice of currency) is worth more today than it is tomorrow. If someone was getting free/deferred financing from a purchase, they could invest the cash that they normally would have spent and made money off of it. Even if it was just a savings account, in the end the investment would have made money.

Not taking advantage of deferred/free financing that is offered is essentially leaving money on the table.
 

DevNull0

macrumors 68020
Jan 6, 2015
2,254
4,336
Oh, Canada...

Apparently, Apple doesn't want to deal with risky "furriners" which they can't extradite if they don't pay up.
It is a Canadian bank offering debt to Canadians in a referral arrangement with Apple.

You try to make fun of Canada, but you're so bad at it that the example you set is just a humiliation for all Americans.
 

DevNull0

macrumors 68020
Jan 6, 2015
2,254
4,336
I can't believe people need financing to buy an Apple product.

Maybe if you can't afford it, you just shouldn't purchase it.
It's really too much trouble for you to read literally the first post on this article, before repeating it? The entire discussion here has been about that.
[doublepost=1497485821][/doublepost]
The short answer is TVM.

This basically means the value of a dollar (or your choice of currency) is worth more today than it is tomorrow. If someone was getting free/deferred financing from a purchase, they could invest the cash that they normally would have spent and made money off of it. Even if it was just a savings account, in the end the investment would have made money.

Not taking advantage of deferred/free financing that is offered is essentially leaving money on the table.
Leaving cash on the table? Where do you invest your money?

Best guaranteed return on savings I can get is 0.5% these days. On a $3000 mac, that's $1.25/month. This was a 3 month no interest deal followed by high interest. So I can save $3.75 on $3000 *if* I remember to pay after 3 months, or it could wind up costing a lot more.

Any non-guaranteed return on a horizon as short as 3 months means you may end up spending more for the item. It's too short a return to invest reliably.