Apple is working on offering Apple Card customers the option to buy its products on interest-free financing over a period of six or 12 months. This will basically allow customers to buy an iPad, Mac, Pro Display XDR, or other Apple products and pay for it over a period of 12 months.
For other products like the AirPods, Apple TV, and HomePod, Apple intends to offer a six-month interest-free financing scheme for Apple Card customers. Apple already offers Apple Card customers an option to buy the iPhone on a 24-month no-interest scheme. This option was rolled out to customers in December last year. The payments for all such products will be managed through the Apple Card section in the Wallet app and the monthly EMI amount would be added to the card’s statement every month. The interest-free scheme will also be available for products purchased via Apple’s education store.
The approach to allow customers to buy products and pay for them over six months or a year without charging any interest on it is not exactly new. All major Android OEMs offer something similar for customers in the United States and this is a nice way of boosting sales. Many third-party retailers also allow customers to buy Apple products on interest-free financing. The move will also help Apple in getting more people to sign up for Apple Card. Given the economic slowdown worldwide due to the pandemic, this move from Apple could not have come at a greater time.
It is likely that Apple will talk about this new addition to Apple Card at WWDC 2020 later this month.[Via Bloomberg]