Just out of curiosity how do you pay the rest of the phone off if you wanted to? Is there a separate screen or do you have to reach out to Apple/Goldman Sachs?
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Apple Planning Apple Card Financing Options for Devices Other than iPhone
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Just out of curiosity how do you pay the rest of the phone off if you wanted to? Is there a separate screen or do you have to reach out to Apple/Goldman Sachs?
It would be nice to have this in the UK, although we do currently have the 24 months 0% loan option it isn’t a Permanent option. For me I like to use credit for a couple of reasons, buyer protection and interest on the money I would have spent upfront.
Better yet, people can learn to be responsible with credit. It is not the responsibility of the company providing credit to consumers. At best, certain companies do heavily market their cards to consumers who probably should not apply for them.
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Ironically my statement just posted. The balance due is just your current charges + installment payment due. When I look at the April statement it shows the full price, which means that is what would get reported to credit bureaus. Below where you make your normal payments is a tab for "Apple Card Monthly Installments" and you can view your monthly installment details. That is where you can pay off early. In order to pay off your balance early, you have to first pay your current statement balance in full. I just paid my statement balance in full, so when I go to pay early, it now allows me to select the amount of the remaining balance I want to pay. As you can see from the screen shot, it went from $208 owed to $199 owed. Since I paid my statement balance in full, I can now chose the amount I want to pay toward the remaining installment payments.
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There’s a separate monthly installments section that lists both of my phones. It tells me how many payments I have left and there’s an option to pay off early. If paying off early is like the regular monthly payments, it would just make a charge to my card for the remaining balance. So if I paid off my remaining $600 today, it would show up on my card as a $600 charge for May 1st and then it would be part of my monthly statement.
Assuming no one else responded to this yet. Your full statement balance will be the full cost of the phone + other purchases. If you owe $1000 on a iPhone, and used the Apple Card for another $400 in groceries, your statement balance would be $1400, and it would report as such. With that said, your minimum monthly payments would be adjusted higher to accommodate the installments. For example, if your installment payment is supposed to be $41.66/mo, and your Apple Card's minimum payment is $25, then your new minimum payment will be $66.66 for that month. Your minimum payment will continue to be at least $41.66/mo, even if the Apple Card is completely paid off except for the iPhone Installments balance, until your iPhone is also paid off.
To do iPhone Installments, you must have the available credit limit as if you're paying for the iPhone outright (i.e. you cannot do iPhone Installments on a $1000 iPhone if your Apple Card is only a $500 card, or if you have a $2000 Apple Card but you already owe $1200 on it.). Since this will count as credit utilization and not a separate loan, take care that you try not to use more than 30% of your Apple Card's total balance (and of course, across all credit cards together), or it could negatively impact your credit score temporarily.
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See my post above.
According to a statement above they say it is the exact opposite. That only the installment payment is added to the statement balance and not the full cost of the phone. Now I am even more confused!
I'm confused as well. I'm more apt to believe the previous user given that he has visual proof.
what about using Apple Card for the iPhone upgrade program instead of Citizens Bank?
I would like to use the Apple Card for this instead of getting a yearly hard hit on my credit report
I would like to use the Apple Card for this instead of getting a yearly hard hit on my credit report
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I cannot speak for the reported balance I know for sure that the full cost is reflected in your available credit, so I’d be leery of moving quickly without some other firsthand experience.
Someone can correct me if I am wrong, but I don’t think that’s an option.
You could always buy the new phone on 24 months no interest and after 12 months trade it in and get the new phone. I don’t know how much Apple gives for a year old device, but if it’s equal to what you have paid after a year it’s like your own upgrade program.
When I traded in my X for the SE Apple gave me the credit up front. I just sent my phone in.
I believe the card can already be used for that.. I don’t see how It gets you out of the credit hit though...
In my experience since 2016, it’s only a hard hit when you do a totally new iUP loan. Every time I upgrade there’s no new credit check.
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Do you “upgrade” or just do every phone as a new loan and pay off the old one? You shouldn’t be getting hard checks every year if you’re upgrading.
Good to know. I’ve never done it, but thought it was a hard pull every time. Guess they just do a soft pull.
Yea, the IUP still requires a credit card, which can be the Apple Card so you can get the %3 daily cash, but I think that’s the only benefit to combining to two afaik.
Wrong. Anytime you’re in the business of making a profit, the impact on people is your responsibility.
If you need to get ordinary people indebted for fast depreciated gadgets in order to keep your profitsgoing, that’s a pyramid scheme for both your company and society.
Like I said, it’s a sure sign that Apple has run out of actual business ideas, real innovation.
Curious - why not just each have a card?
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The phone is shown as "installment amount", and that amount is included in the statement balance. You would just pay off the whole balance.
It would not make sense to pay off the phone (0%) while leaving a normal balance (xx.yy%) unpaid and accruing interest.
To be clear, only that month’s phone installment amount is included in the pay full statement balance and not the entire cost of the phone?
Agreed. Apple along with all major tech companies (Samsung) and major electronic stores (Best Buy) have been offering credit in one form or another for years. This is not a new concept. The only difference is that the Apple Card is more convenient and better integration than the Barclaycard Financing Visa.
Athough Apple has some extremely expensive products, they are clearly putting effort on more affordable options (iPhone SE, Mac Mini, etc.). More importantly, Apple is moving into the services sector as iDevices have become a commodity. Having a credit card to link these services together is a good thing.
Seriously - linked iCloud accounts should qualify for spouse as well.
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No. It just gets charged $37 for me
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My credit doesn’t show the balance due of my iPhone and I bought mine a month after the iPhone 11 Pro was released.
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