Apple Starts 24-Month Interest Free iPhone Installment Plan in the US via Apple Card

Apple Card

Apple has started offering a 24-month interest-free installment plan for buying a new iPhone in the US. This plan is only available for those who own an Apple Card, though.

The company’s new plan offers customers an option to buy a brand new iPhone with the Apple Card and pay for it over a 24-month period without any additional interest. Starting today, this installment scheme is available for purchases made through Apple.com, Apple Stores, and the Apple Store app.

Customers who purchase a new iPhone using their Apple Card will also get a 3% cashback for the purchase. Those who make the purchase before the end of the year will get 6% cashback as a part of a holiday promotion that was announced earlier today. The Cupertino-based firm has explained more details on its support webpage.

You should note that the installment amount will be included in the Apple Card’s minimum payment amount, so don’t forget to pay that amount unless you want to pay an additional charge. If you don’t clear the installment amount within the 24-month period, you would have to pay an additional amount.

Our Take

There are a few other ways for you to purchase an iPhone without paying for it upfront. You can either go with 12-month or 24-month plans from your carrier or use the iPhone Upgrade Program. However, buying the phone using the Apple Card has its advantages, including cashback, easier management of payments via the Wallet app, and no additional charge for late payments.

[Via TechCrunch]