Wallet app hints at imminent Apple Card iPhone installment plan launch
Apple as offered more details about how Apple Card Monthly Installments will function, where customers can buy an iPhone on an interest-free payment plan, with the information a possible sign of the feature's imminent launch in the United States.
During the October conference call for Apple's quarterly results, Apple CEO Tim Cook revealed an upcoming feature for Apple Card where customers could buy a new iPhone from its stores. Under the program, customers will gain the usual 3% cash back on the purchase, while the 24-month installment plan would be interest-free and would be devoid of fees and other charges.
New text has been included in the Wallet app where customers pay their Apple Card balance, under the "Learn More" link. While the page explaining how Apple Card payments function has been there for quite some time, the extra information on the page first reported by 9to5Mac outlines the terms of the feature for consumers.
The page advises customers who sign up to pay for an iPhone using Apple Card Monthly Installments the minimum payment amount for the card will include the required monthly payment for the installment plan itself.
Reiterating how installment payments aren't subject to interest, unlike other Apple Card purchases, customers are also able to make overpayments towards the installment plan itself. Contributing more money to a plan can help reduce the overall number of payments needed, however customers are still required to pay their regular installment plan payment the following month.
Users paying the total balance will do so for the total amount spent on Apple Card, which includes any remaining iPhone balance.
While the inclusion of the text in the Wallet app does suggest the feature could launch in the near future, it does not state exactly when it will be available to use. During the October conference call, Cook advised during his comments the feature would arrive "later this year," rather than a more precise timetable.
During the October conference call for Apple's quarterly results, Apple CEO Tim Cook revealed an upcoming feature for Apple Card where customers could buy a new iPhone from its stores. Under the program, customers will gain the usual 3% cash back on the purchase, while the 24-month installment plan would be interest-free and would be devoid of fees and other charges.
New text has been included in the Wallet app where customers pay their Apple Card balance, under the "Learn More" link. While the page explaining how Apple Card payments function has been there for quite some time, the extra information on the page first reported by 9to5Mac outlines the terms of the feature for consumers.
The page advises customers who sign up to pay for an iPhone using Apple Card Monthly Installments the minimum payment amount for the card will include the required monthly payment for the installment plan itself.
Reiterating how installment payments aren't subject to interest, unlike other Apple Card purchases, customers are also able to make overpayments towards the installment plan itself. Contributing more money to a plan can help reduce the overall number of payments needed, however customers are still required to pay their regular installment plan payment the following month.
Users paying the total balance will do so for the total amount spent on Apple Card, which includes any remaining iPhone balance.
While the inclusion of the text in the Wallet app does suggest the feature could launch in the near future, it does not state exactly when it will be available to use. During the October conference call, Cook advised during his comments the feature would arrive "later this year," rather than a more precise timetable.
Comments
I am very happy to see Apple on the cusp of that trend. Nice Job Tim!
I just started using Apple Pay and that service is excellent.
I will probably apply for an Apple Card when it is available in the Netherlands.
Apple as a bank would be the next step.
Apple should use its common sense and its ethics and not hire money people from other banks or financial institutions.
This would be its product differentiator, not having money grabbing morally challenged managers and boards of directors etc.
I think they hit the jackpot with this type of product.
I've never purchased an iPhone on an installment plan from the Apple Store - the last time I did it was from T-mo where they just divide up the payments and add them to your bill. When stores do this they generally have an arrangement with a bank that handles the financing, etc, so it would make total sense for Apple to do this with the Apple Card and Goldman Sachs.
I get that banks are for profit business, but they really do try and get every penny they can from you in any and every way possible, customer value or satisfaction be damned.
Right now I’m using my company American Express to make the payments (self employed so I’m the one paying for it...).
Ill txt costumer service tomorrow and see what they say, will try and update this if I can remember to!
So if one is able to use one's Apple Card for the Citizens Bank payment, it's essentially the same as this new program, It just cuts outs the Citizens middle man.
https://www.fsdsapps.com/ecs/citizens-one-apple/#!/citizens-one-apple-auth/login
Not necessarily. The loan part would be the same, but it wouldn't include the upgrade policy of iUP so you'd have to sell your phone private party.