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.

apple card monthly installments 1
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.

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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.

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Top Rated Comments

26139 Avatar
59 months 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."


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?
Score: 5 Votes (Like | Disagree)
The_Grifter Avatar
59 months 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.
Score: 4 Votes (Like | Disagree)
moabal Avatar
59 months 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.
Score: 3 Votes (Like | Disagree)
826317 Avatar
59 months 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.
Score: 3 Votes (Like | Disagree)
moabal Avatar
59 months 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.
Score: 2 Votes (Like | Disagree)
jonblatho Avatar
59 months 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.
Score: 2 Votes (Like | Disagree)