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Apple Planning Interest-Free Apple Card Payment Plans for Macs, AirPods, iPads and More

solarmon

macrumors regular
Mar 12, 2015
145
86
I have been very happy with my Apple Card so far, and this adds more value to having it..... I am not in the market for a new Mac or iPad right now, but when the time comes it will be nice to use my Apple Card to purchase them and with zero interest payments for a while, so if I choose to make payments rather than plunking out the full amount immediately, that is a nice option.

When I inquired about this in April for an iPad Pro, magic keyboard and pencil purchase, I was told No that program only applies to new phones. So I waited and saved up, and ordered the bundle May 1. Now, they are going to put this program in place. Too bad I have to make the whole payment later this month.
 
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jdclifford

macrumors 6502a
Jul 26, 2011
526
763
Hopefully refurbs are eligible.
It'd be nice if Apple started allowing trade-ins on refurb purchases too.Usually I have to do a trade-in separately then use the gift card to offset part of the refurb purchase price. 1 transaction would be simpler solution.
 
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nicmart

macrumors newbie
Nov 29, 2012
26
4
Perhaps you hadn't considered that it could be part of a larger purchase...but nice knee-jerk anti-Apple post!
He's being sarcastic, and it works because the products are mostly so overpriced. I've bought countless Apple products since buying my first two Macs in 1984. But I'm tired of hermetically sealed Macs that are sold with overpriced memory and storage and are hardly modifiable by consumers.
 
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Xavier

Contributor
Mar 23, 2006
2,613
1,208
Columbus
Nice! I have been waiting on Apple to do this before buying my next iMac! I will likely get an iPhone too at the same time. Looking forward to this!
 
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nicmart

macrumors newbie
Nov 29, 2012
26
4
Well if someone doesn’t know how to manage money or have a understanding what 21% interest is going to do. To go from approved to in-debt that might take them years to get out of and screw up their lives in less than a minute, yes I think it should at least a little bit more in-depth.

Also you do realize computers are nothing more than the Sum of the person/people who programmed them so computers can be racist and just like with some humans they won’t even realize it or worse not have any ability to even care.
Consumers are not as dumb as you think they are. The problems arises when government creates harmful incentives, such as pushing vast sums of money into college loans that drive up the cost of education, or when agencies insist that lenders offer mortgages to high-risk individuals so they aren't accused of being racist.
 
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Pentium

macrumors 6502
Sep 2, 2015
332
299
Los Angeles
Great, thats the main reason to get the Apple Card for me, which is why I use the Barclays card anyway!

Maybe it's the time to get the Apple Card!
 
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Osamede

macrumors 6502a
Oct 28, 2009
721
419
When your products are so overpriced that you need to sell a pencil with financing.
You spotted it - the underlying signal here is the company has run out of ideas for creating customer value.

To sell products like this, is means it wants to keep holding product prices up or raising them, while it cannot create new technical reasons , not marketing rationale, for target customers to perceive higher value....and yet the management insists on those price points....most likely because it wants to hit sales growth and margin growth expectations of stock market analysts

This sort of financing of a fast-depreciating item, is going to attract mainly consumers who cannot afford the pricing and are not savvy enough to understand the full implications here.

Whomever is holding the underlying credit is carrying a slowly ticking time bomb.

Did we already go through this lesson in the 2007 crisis when banks starting disguising junk debt as “home mortgages?

😕
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Consumers are not as dumb as you think they are.
They are actually. Studies show that the average person is not knowledgeable in these areas, such as pensions, insurance and financing of consumables. They are sitting ducks for tricks like this.

That lack of knowledge and insight, is why governments actually need to regulate financial institutions and financing products MORE.
 
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H.E. Pennypacker

macrumors 6502
Oct 23, 2017
421
967
NYC
That is a welcome program. A few years ago I purchased my current iMac with a similar zero interest finance plan coupled with the Discover card. This is better since it will also include the 3% cash back.
I doubt they will give you 0% interest and 3% back. It’ll be one or the other.
 
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Ryguy18

macrumors newbie
May 15, 2020
27
25
Jersey City
You spotted it - the underlying signal here is the company has run out of ideas for creating customer value.

I feel like this is worrying too much about the wrong thing. Apple is (finally) joining the financing game that everyone else plays. We've basically hit market saturation point for laptops, smartphones, and tablets. The buyers who want these things already have them. The only opportunities left are going really cheap to complete with cheap android devices, the SE2 and $199 Apple Watch sort-of do that but I doubt Apple really wants to dive headlong into the cut throat ultra affordable realm.

Instead along comes zero interest financing so existing customers can aim higher. Apple might even capture some market share from PC/Android buyers who only buy those devices as part of financing/sale promos. I was discussing this topic with a friend last night who bought the Galaxy S20 with the Samsung zero interest financing, his response to the Apple news was "what the fork I should have waited!"

Anecdotal case I know; but speaking from experience I've made many non-Apple decisions based on the best available sale/financing deals. This could be a significant move by Apple to steal some market share from competitors.
 
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ChrisBos

macrumors regular
Apr 14, 2020
101
138
I am confused... you did a soft application last week....before this rumor...presumably because you saw value in the card or apple or maybe even both...and now that apple might be doing something positive.. its not as positive as you want... so you no longer see the value?!

I am constantly amazed at how people can say any announcement may push them away.

Actually, you’re quite wrong.

Tim openly said installments were coming for other products on the most recent earnings call. This info has been out there for well over a month, just not the specifics.

Even before that, I was already in the market for a new CC and a new Mac. I’d never open a new card just to buy a computer, but figured I’d take advantage of a decent intro offer on a card since I was in the market for both anyway.

When shopping for a CC, I was being mindful of long-term benefits and features. Apple Card had checked a few boxes, but some of the intro offers out there still made other cards stand out more when considering them from every angle. When the potential for 24 month Mac installments came up, it made Apple Card more appealing to me.

I was already waiting out WWDC to make a decision on a Mac, am in no rush for the new CC, and expected the official Apple Card announcement around WWDC too. I opted to check my Apple Card offer and time it so it would be good through June, and I’d be ready to make a move if I liked what I saw. It has 0 impact on credit until you tap Accept, so no harm no foul.

And at 12 months instead of 24, I simply feel the benefits and value of other cards I looked at may be stronger overall. It’s really that simple.

We’ll see what happens when the announcement comes :)
 
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Kford

macrumors newbie
Jun 4, 2020
16
12
As the Apple Card is very unlikely coming to the Uk . Those of us in the uk will still have to save to buy latest Apple products.
 
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Costino1

macrumors 6502a
Oct 1, 2012
701
521
Does the amount of the product sit as $ on your card balance that you pay off each month, or does the $x/month get added to your card balance as time passes?

Im sure the entire sum is deducted from your credit. So if an iPhone is $1000 and your limit is $1000, you'll have $0 from the start but as you make payments you'll have $XPAYMENT added per month.
 
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MICHAELSD

macrumors 68040
Jul 13, 2008
3,795
1,162
NJ
Discover has 5% cash back on apple’s store.

Discover hasn’t offered cashback at individual stores for a long time.

___

This is a natural direction for Apple Card. If it’s possible to finance a new Mac with no interest for 12 months without a hard credit pull, why not go that direction? Anybody who’s savvy with money knows that the opportunity cost of that money is higher than spending $1k-$2k all at once.

It’s also better for the average consumer (as well as Apple) that the financing terms are shorter since people won’t be financing expensive products over long periods. A 24-month financing term for AirPods Pro would be attractive to consumers financing a new iPhone at the same time, but it‘s too long for an essentially disposable accessory.

That being said I’m not sure I would buy my next Mac directly through Apple when it’s possible to purchase it discounted from other retailers tax-free.
 
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fairuz

macrumors 68020
Aug 27, 2017
2,486
2,589
Silicon Valley
A computer algorithm can be easily audited and understood
A trained machine learning model can't be audited or understood at all. Best you can do is look at how it was trained, which is still very difficult.
Edit: Nvm, I saw your response above, makes sense.
 
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Laces Out

macrumors newbie
Oct 12, 2017
27
11
Why? It’s not your problem. I can pay cash for one now, but why? I rather keep the cash and use interest free to pay it off.


Is your credit locked? Mine is and I would get turned down. I wound need to see what credit agency they use and unlock that one before I apply.
Yes very good income. And none of my cards are above 10% usage. I'm a bit at a loss lol.

FYI...... If you use Experian and you chose Credit Lock,you need to unlock your file on their website before applying for credit.
 
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TonyC28

macrumors 68000
Aug 15, 2009
1,930
5,659
USA
You spotted it - the underlying signal here is the company has run out of ideas for creating customer value.

To sell products like this, is means it wants to keep holding product prices up or raising them, while it cannot create new technical reasons , not marketing rationale, for target customers to perceive higher value....and yet the management insists on those price points....most likely because it wants to hit sales growth and margin growth expectations of stock market analysts

This sort of financing of a fast-depreciating item, is going to attract mainly consumers who cannot afford the pricing and are not savvy enough to understand the full implications here.
This sort of financing of a fast-depreciating item, is going to attract mainly consumers who cannot afford the pricing and are not savvy enough to understand the full implications here.

Whomever is holding the underlying credit is carrying a slowly ticking time bomb.

Did we already go through this lesson in the 2007 crisis when banks starting disguising junk debt as “home mortgages?

😕
[automerge]1591543692[/automerge]

They are actually. Studies show that the average person is not knowledgeable in these areas, suck as pensions , insurance and financing of consumables. They are sitting ducks for tricks like this.

That lack of knowledge and insight, is why governments actually need to regulate financial institutions and financing products MORE.
It’s not like Apple is inventing 0% financing here. This has been around for a while. I use it all the time at Best Buy because why not.
 
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Phil77354

Contributor
Jun 22, 2014
509
309
Eastern Washington State
I doubt they will give you 0% interest and 3% back. It’ll be one or the other.

Tha MacRumors article suggested both, but it's not really completely clear. We'll see. I think it will both, otherwise it won't give enough incentive for card holders to take advantage of. With the real cost of money so low right now, it's not costing Apple very much to offer this (on top of the cash back that has applied to all purchases using the card since it was first introduced, and is one of the key attractions of the card).
 
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Mr. Heckles

macrumors 6502a
Mar 20, 2018
710
658
Around
It’s not like Apple is inventing 0% financing here. This has been around for a while. I use it all the time at Best Buy because why not.
The main reason I like Best Buy. I wish I can get a 2020 MacBook Air with 16GB of RAM though, and I can’t. I can only get the 2019 with 16GB of RAM.
 
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Laces Out

macrumors newbie
Oct 12, 2017
27
11
Oh they use Experian? Thanks!!!

Actually not sure,but if they’re doing some sort of auto check on our FICO score then I’m guessing Experian comes in to play.In any case,if applying for a credit card I would for sure temporarily remove the block.It might be the cause for rejection.
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I love the Barclays Card promo's throughout the year (although they go up to 18/24 months at times) but this will be welcome as well since the Barclays Card promos will likely come to a close. I assume the Apple promos will be anytime of the year though which is a benefit over the Barclays limited time offers.

Same here... I’ve used the card for several purchases thru the years.But I learned early on that you don’t have to wait for promo periods.I just call them up and give them the $ amount of the purchase,they will approve the amount,flip the switch, and I make the buy.Don’t know what’s going to happen going forward and people will make their own buying decisions but I would rather go 24 months (no interest)on a MBP than 12 months and 3% cash back.
 
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Bandaman

macrumors 65816
Aug 28, 2019
1,039
1,951
FYI...... If you use Experian and you chose Credit Lock,you need to unlock your file on their website before applying for credit.
I don't use Experian or have any of my cards locked. It's just an anomaly that makes no sense. I also have a MasterCard Black that has no credit limit, which is a very hard card to get, but still ... no Apple Card. I just thought it would be a nice addition, but I really don't need it that badly. I'm just baffled why I was turned down lol. I've not been turned down for anything related to finances since like high school.
 
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