Apple Card Monthly Installments is launched allowing users to finance a new iPhone at zero percent interest
- Apple CEO Tim Cook teased an installment plan in the firm’s Oct. earnings call
- Now, the tech giant has rolled out its Apple Card Monthly Installment program
- Users can finance a new iPhone using Apple Card and with zero percent interest
- Members can view their payment history and billing cycle in the Wallet app
Apple has officially launched its Apple Card Monthly Installments program.
The exclusive program lets members finance the latest iPhone over a 24 month period at zero percent interest.
The installment agree is displayed in the Wallet app, allowing users to see their payment history and billing cycle.
The program was first teased by Apple’s CEO Tim Cook in October during the firm’s earnings call, but it is now available to all iPhone users, according to CNBC.
‘Introducing an awesome new way to buy an iPhone from Apple – online at apple.com, in the Apple Store app, or at an Apple Store near you,’ reads the webpage.
‘Pay with interest-free monthly payments. Get Daily Cash back. And see it all alongside your everyday Apple Card purchases.’
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Apple has officially launched its Apple Card Monthly Installments program. The installment agree is displayed in the Wallet app, allowing users to see their payment history and billing cycle
‘Just choose your new iPhone and then select Apple Card Monthly Installments as your payment option in the Apple Store app or online at apple.com.’
‘If you don’t have Apple Card, you can easily apply when you check out on your iPhone.’
To apply for the new program, users simply fill out an application for an Apple Card, which is on the firm’s website.
But for those who already have one of the firm’s cards, ‘there’s no additional application.’
In addition to financing an iPhone, card holders will receive three percent Daily Cash back on the purchase price of your new iPhone, which is automatically added to the Apple Cash card in the Wallet app
To apply for the new program, users simply fill out an application for an Apple Card, which is on the firm’s website. But for those who already have one of the firm’s cards, ‘there’s no additional application.’
In addition to financing an iPhone, card holders will receive three percent Daily Cash back on the purchase price of your new iPhone, which is automatically added to the Apple Cash card in the Wallet app.
Although this program is a new addition, Apple already has a program in place that allows customers to pay for their iPhone on a monthly basis, instead of buying the device, in which they also receive a warranty and free upgrade every 12 months.
Then there is Apple’s trade-in option, which lets consumer turn in their old iPhone for a discount on a new model.
And Apple executives have noted that this program has been a success.
‘We also continued to see great results from our trade-in program with more than five times the iPhone trade-in volume we had a year ago,’ Apple CFO Luca Maestri said.
Along with the mention of the payment program, Cook had also sparked rumors of another subscription program in the same October earnings call.
In terms of hardware as a service or as a bundle, if you will, there are customers today that essentially view the hardware like that because they’re on upgrade plans and so forth,’ he said during the call.
‘So to some degree that exists today.’
He continued explaining that the Apple sees ‘Apple Prime’ as an opportunity of growth.
‘We’re cognizant that there are lots of users out there that want a sort of a recurring payment like that and the receipt of new products on some sort of standard kind of basis, and we’re committed to make that easier to do than perhaps it is today,’ Cook said.
A report from 2018 first mentioned the program and suggested the tech giant is combining its music, original TV shows, news and magazine services for an upcoming Amazon Prime-style subscription option.
It’s not yet known exactly when the new service will launch or how much it will cost, but if it is to compete with its rival it is likely to be around 12.99 per month.
WHAT IS APPLE CARD?
Apple rolled out its virtual credit card on in August, working with bank Goldman Sachs Group.
Apple announced the card in March, aiming to draw in iPhone owners by offering a card with 2 percent cash back on purchases with the Apple Pay service, no fees, an app to manage related finances, and a focus on data privacy.
The card is designed to work with the iPhone, where users sign up for the card and can start using it immediately if approved via the Apple Wallet app and Apple Pay system.
Apple offers an option for a physical card made of titanium, but the physical card has no visible number.
Instead, the card’s number is stored on a secure chip inside the iPhone, which generates virtual numbers for online or over-the-phone purchases requiring a number.
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