Apple No Longer Offers Interest-Free Financing in Canada
Apple stopped offering interest-free financing for new iPhone, iPad, and Mac purchases in Canada as of earlier this month, as noted on Reddit. Going forward, APRs range from 4.99% to 7.99% to finance these products over 12 or 24 monthly payments.
For example, Apple says a customer who purchases an iPhone for $1,099 would have a monthly payment of $49.70 for 24 months. The customer would pay a total of $1,192.79 over this term, including $93.79 in interest charges.
The current financing offers available:
- iPhone: 7.99% for 24 months
- iPad: 4.99% for 12 months
- Mac: 4.99% for 12 months
The change comes after Apple's financing partner PayBright was acquired by Affirm in 2021. Apple's website says financing is now provided by Affirm.
Many of Apple's financing options in the U.S. are not available in Canada, including Apple Card Monthly Installments, Apple Pay Later, and the iPhone Upgrade Program, leaving customers in the country with few options beyond Affirm.
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Top Rated Comments
Hopefully, that won't be the case here, but the temptation will be great once the interest profits start to pile up. You think "services" revenue is something? Just wait if this policy spreads globally.
Interest profit has no product costs, no supply chain costs, no warehousing, etc. Some people will obviously take on any level of rate as long as the monthly payment hits some level, etc. Apple has a mountain of cash + credit to fund their own, for-profit financing operation. Literal bean counters can fully run this.
Spectacular for shareholders concerned with only one thing but TBD- at best- for us consumers. Making easy money on credit is near impossible to resist for those most concerned with "another record quarter in revenue & profit."