Apple Planning Interest-Free Apple Card Payment Plans for Macs, AirPods, iPads and More
Apple plans to debut interest-free payment plan options for customers who purchase iPads, AirPods, Macs, and more using Apple Card, allowing them to pay for purchases over several months.
According to Bloomberg, Apple will roll out the Apple Card feature in the coming weeks, with customers given up to 12 months to pay for their products before interest is due.
Customers will be able to make payments through the Wallet app, with charges added each month to their Apple Card bills.
Apple rolled out a 24-month interest free iPhone installment plan for Apple Card users back in December, which lets customers purchase an iPhone with the Apple Card and pay over the course of 24 months.
The new device payment plans will work in the same way. Customers will get three percent Daily Cash back for their purchases, and the plans will be compatible with Apple's educational discounts.
During Apple's most recent earnings call, Apple CEO Tim Cook said that Apple was planning to provide payment plan options for devices other than the iPhone. "As you know, we launched the payment plan earlier on Apple Card for iPhone," he said. "We're working on that for other products and you'll see something on that shortly."
Apple's upcoming payment plans are meant to boost sales of Apple devices by allowing customers to pay for their items over time, as well as bolster Apple Card signups.