Apple Card Monthly Installments: How the Interest-Free iPhone Financing Plan Works

Apple Card has a new Monthly Installments financing option that allows customers to purchase an iPhone with the Apple Card and pay for it over two years with no interest or fees in the United States.

Apple has shared a new support document explaining how the monthly installment plan works, which we've detailed below.


When using Monthly Installments, the cost of your new iPhone is divided into 24, interest-free monthly installments. Each installment is included in your Apple Card minimum payment and is due every month for 24 months. Monthly Installments are billed to your Apple Card statement on the last day of the month.

You can use Apple Card Monthly Installments to buy more than one iPhone. The number of iPhones you can buy is only limited by your available credit.

For each iPhone purchased with the Apple Card, you will receive 3% Daily Cash. If the iPhone is purchased between December 10 and December 31, it is eligible for a doubled 6% Daily Cash as part of a holiday promotion.

AppleCare+ can be bundled with the iPhone as part of the monthly installments.

How to View and Pay Apple Card Monthly Installments


Paying for an Apple Card Monthly Installment is as simple as paying off your minimum payment or higher each month.

To see and manage your Apple Card Monthly Installments, update to iOS 13.2 or later. Then, open the Wallet app, tap on your Apple Card, tap the button with three-dots in the top-right corner, and tap Installments.


The installments screen shows the total amount paid off so far, the remaining balance, the due date and amount of your next monthly installment, and a history of your monthly payments. There is also a Pay Early option that can reduce the number of payments, but this requires paying off your entire Apple Card balance first.

If you tap Total Financed, you can review other details like a description of the iPhone you purchased and how much Daily Cash you received.

As a shortcut, when you purchase an iPhone with Apple Card Monthly Installments, you will receive a notification on the iPhone or iPad you use to manage your Apple Card that can be tapped to view installment details.

Apple Card Monthly Installments are available for purchases made at Apple Stores, Apple.com, and through the Apple Store app.

Apple already offered interest-free iPhone financing through its iPhone Upgrade Program, but the Apple Card plan has a few advantages, including cash back, managing payments in the Wallet app, and no late fees.

Top Rated Comments

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6 weeks ago


The information does not provide clarity for people who pay off their balance in full each month but just want to pay the minimum required for the phone itself.

Anyone have information on this? It seems like a lot of manual work in this case.



The information does not provide clarity for people who pay off their balance in full each month but just want to pay the minimum required for the phone itself.

Anyone have information on this? It seems like a lot of manual work in this case.

"When using Monthly Installments, the cost of your new iPhone is divided into 24, interest-free monthly installments. Each installment is included in your Apple Card minimum payment and is due every month for 24 months. Monthly Installments are billed to your Apple Card statement on the last day of the month."
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Quite a sad state of a affairs when people are financing their iPhone purchase. Maybe I come from a different mentality, but how I look at it is, either you can afford it, or you cannot. The only exceptions to this rule for me is when it comes to acquiring a new property or vehicle.


ok boomer.

If it's interest free, what's the difference in paying it off monthly versus all at once?
Rating: 5 Votes
6 weeks ago


Quite a sad state of a affairs when people are financing their iPhone purchase. Maybe I come from a different mentality, but how I look at it is, either you can afford it, or you cannot. The only exceptions to this rule for me is when it comes to acquiring a new property or vehicle.


This isn't financing, though - not really. True, you're on the hook for the amount of the device, but with no interest charges or fees, it's not the same as traditional financing. It's a loan that doesn't act like a loan. And with the 3% back on it, you're actually making money buying the phone this way as opposed to buying it outright.
Rating: 4 Votes
6 weeks ago
The information does not provide clarity for people who pay off their balance in full each month but just want to pay the minimum required for the phone itself.

Anyone have information on this? It seems like a lot of manual work in this case.
Rating: 3 Votes
6 weeks ago
Quite a sad state of a affairs when people are financing their iPhone purchase. Maybe I come from a different mentality, but how I look at it is, either you can afford it, or you cannot. The only exceptions to this rule for me is when it comes to acquiring a new property or vehicle.
Rating: 3 Votes
6 weeks ago


Anybody know if you can put the Sim free Unlocked iPhone on this plan?
It says "One Time" payment but then the link sends you to how you can make payments, soooo?


It does not look like that is the case. I thought this monthly installment was for people who do not have the option through the carrier. When I try to order a phone via ATT it is an option. However, for unlocked it’s not an option.

Pretty lame.
Rating: 2 Votes
6 weeks ago


ok boomer.

If it's interest free, what's the difference in paying it off monthly versus all at once?

Well, then they wouldn’t have anything to moralize The Youths over.

Apparently an easier/more realistic way of paying for expensive things depending on someone’s financial situation is yet another symptom of…something? I don’t know what, but it’s something bad. Revolving credit is bad and wrong.
Rating: 2 Votes
6 weeks ago
Buying an iPhone on installments is not inherently bad. Paying $25 a month from now is cheaper than paying $25 today, according to the time value of money. With 0% APR and no credit hit (assuming since you're already approved for Apple Card, you won't get another inquiry), it makes more sense financially to pay with installments than to pay upfront.
Rating: 2 Votes
6 weeks ago
I just got back from my local Apple Store. I went in to buy an iPhone XR Unlocked, Sim Free. I told the guy I wanted to put it on my Apple Card and take advantage of the 6% Daily Cash back and also the 0% Apple installment Plan. He gave me a look and said "Well I don't know if the Sim Free phones are available on that plan but lets ring it up and try. He said when you buy something the Apple Card will give you the option. Well it did not work! It would only let me do the "One Time Payment". So there ya go. If you were able to buy a Sim Free iPhone and put it on installments, you some how sneaked it in. All I know is that it did not work for me and the guy tried.
Rating: 2 Votes
3 weeks ago
I thought I would share what I have learned about Apple Card Monthly Installments. I spent a lot of time on the phone with Apple support folks from 5 different departments.

First, HeadphoneAddict was correct, once I purchased the phone the only way to get the Apple Card Monthly Installments on what I purchased would be to return the phone and re-purchase it.

No one at Apple could specifically tell me how to purchase a phone with the Apple Card Monthly Installment plan BUT the last person I spoke with did lead me to the answer, finally!

They sent me the following list of requirements;
• iOS 132 or above on the Apple Store app (When possible, customers should be encouraged to complete their purchase using the Apple Store app.)
• iOS 12.4 or above using Safari
• Mac OS 10.14.6 or above and using Safari.

I run Mac OS 10.15.2 on my Mac but when I use Safari to go to the apple.com website this way, this payment option is not available. When I asked Apple about this, this finally told me that you cannot get the Apple Card Monthly Installment plan from your Mac, You have to be using your phone because it is tied to your Apple Wallet.

But, what I discovered based on the above is that since have an iPhone 6 and can't run anything above IOS 12.4, the Apple Store App on my phone won't display the option to purchase with Monthly Installments option like it does in the screenshot in a previous post.

Instead, I have to use the Safari browser on my phone to go to the Apple.com website. When I do this, the option for Apple Card Monthly Installments is available to me. Apple support kept telling me to use the app and it just didn't occur to me to use the browser on my phone instead.

So, if you are using an older phone that is running IOS 12.4 or below and you want to upgrade to a new iPhone using the Apple Card Monthly Installment payment option, you must use your phone's Safari browser to order via the Apple.com website. Don't use the Apple store app unless you are on IOS 13.2 or above.

Hope this helps someone down the road; I paid a hefty price for this little gem of information.
Rating: 2 Votes
6 weeks ago
Just one point of clarification, people who currently use the IUP program get 3% cash back as well if they link the loan to the Apple Card.
Rating: 2 Votes

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