Apple Card Monthly Installments plan allows users to buy an iPhone straight from the Apple...

Posted:
in iPhone edited December 2019
After being teased on October, Apple has launched the Apple Card Monthly Installments program so customers can buy an iPhone on an interest-free payment plan.




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.

After the information popped up in the Wallet app over the weekend, the program has gone live. The webpage set up for the program, and the information in the Wallet app, 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.

The information also reiterates 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.

At present, only the iPhone can be purchased in this manner. It isn't clear if Apple will extend the program to other hardware.
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Comments

  • Reply 1 of 21
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    muthuk_vanalingammac_dogscotty dkuduchemengin1razorpitHirsuteJim
  • Reply 2 of 21
    mike1mike1 Posts: 2,754member
    Wanted to do this a couple of weeks ago when my wife upgraded. The Card and app made it look like you could, but the associate was surprised it even showed up for me.
    Rather than open yet another account, I just did it through AT&T on my cell bill.
  • Reply 3 of 21
    Rayz2016Rayz2016 Posts: 6,957member
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent
    Nope. Finance at zero per cent over the full term and you can invest the lump sum you would have spent on it.
    mwhitemike1libertykrsredhotfuzzCarnageHirsuteJim
  • Reply 4 of 21
    FolioFolio Posts: 698member
    In US at least Apple offering 6% back (double the usual 3) if you purchase by 31December. It shows up when you open AppleStore app, and personalizes comparisons to your existing phone model. Quite nice!
    lostkiwi
  • Reply 5 of 21
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    And a car. And maybe a motorcycle, I’ve always wanted a motorcycle. Ah, and add a big screen TV too. 
    mike1
  • Reply 6 of 21
    FolioFolio Posts: 698member
    That 6% discount when you use Applecard
  • Reply 7 of 21
    I thought Apple was trying to only acquire Apple Card users with good credit?
  • Reply 8 of 21
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    Agreed. For instance, I never get a weeks worth of groceries at the grocery store. You are financing your pantry. I go to the store for every meal. Also, I get just enough gas for every car trip, and only use rental cars. I pay rent for each room in my house, only as I use it. My landlord thinks I'm nuts, but I refuse to finance his lavish lifestyle.
    2old4funFileMakerFellerredhotfuzzbeowulfschmidt
  • Reply 9 of 21
    mobirdmobird Posts: 621member
    Appleish said:
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    Agreed. For instance, I never get a weeks worth of groceries at the grocery store. You are financing your pantry. I go to the store for every meal. Also, I get just enough gas for every car trip, and only use rental cars. I pay rent for each room in my house, only as I use it. My landlord thinks I'm nuts, but I refuse to finance his lavish lifestyle.
    I think we just found the new definition for "insanity"  ;)...
    StrangeDays
  • Reply 10 of 21
    Correct, future value of money suggests investing is always the more prudent way to go if you are given the opportunity of interest free money. 
  • Reply 11 of 21
    NY1822NY1822 Posts: 621member
    I'll be using this for my next phone purchase. So pretty much it works the same as the current iphone upgrade payment plan in terms of splitting up the payments over 24 months interest free...
    Last month there was an article on another site saying you didn't have to make a monthly payment as long as the balance was paid off by the 24th month. Clearly not the case.
    edited December 2019
  • Reply 12 of 21
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    A lot of haters about your post. We live in a debtor society that is built on a house of cards. It’s called living within your means, folks.
    chemengin1
  • Reply 13 of 21
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    Ridiculous. If one has a reasonable and steady income, paying off debts before interest accrues is financially smart. You’re paying out of income rather than assets. And, if you can make more money using your assets over the amount of interest incurred on the debt, that is smart. 

    Payday loans are guaranteed to harm the borrower, as are any debts you cannot afford. 

    But your blanket statement is insane. 
    anantksundaram
  • Reply 14 of 21
    There is a major loophole with the Apple Card Installment Program. It cannot be used when buying an unlocked iPhone...only with carrier activation. I have always bought unlocked phones for maximum flexibility and to use prepay cellular plans.  I uncovered this when configuring an iPhone 11 Pro on the Apple Store app.   I am very disappointed with how this program has been promoted by Apple.

    I think this is why the program has not been extended to any other product. 
    edited December 2019 infinate13rigormortis
  • Reply 15 of 21
    If you have a Citizens Loan for your iphone and change the payment to your Apple Card, you get the 3% cash back as well.
    anantksundaramFrehley
  • Reply 16 of 21
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    That has to be the worst financial advice I've ever heard in a while (can't believe there are four "likes" as of the time of writing).

    You simply do not understand the opportunity cost of your wealth: if someone wants to give you a 0% loan, and you can get >0% elsewhere (heck, I can get 2% on a  safe, US government T-bond) it's just plain dumb to not invest it to get that higher return elsewhere.
    redhotfuzz
  • Reply 17 of 21
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 

    This is dumb. Put your money where it will earn you a return while taking advantage of Apple's (or other vendors) deep pockets that allow you to spread your purchase over time at absolutely zero additional long-term cost to you.
  • Reply 18 of 21
    TomPMRI said:
    There is a major loophole with the Apple Card Installment Program. It cannot be used when buying an unlocked iPhone...only with carrier activation. I have always bought unlocked phones for maximum flexibility and to use prepay cellular plans.  I uncovered this when configuring an iPhone 11 Pro on the Apple Store app.   I am very disappointed with how this program has been promoted by Apple.

    I think this is why the program has not been extended to any other product. 



    Well. That just ruined it for me. I was actually wondering if I should go for it. No way am I getting a locked iPhone. 

    TomPMRI
  • Reply 19 of 21
    mac_dog said:
    Dead_Pool said:
    Don’t ever finance anything — even at zero percent — other than real estate or education. If you don’t have the money in the bank, you can’t afford it. Financing will only dig a deeper hole. Merry Christmas 
    A lot of haters about your post. We live in a debtor society that is built on a house of cards. It’s called living within your means, folks.
    There's a lot of haters because the specific advice in the OP's post is...less than ideal.  The criticism is entirely justified, even if there are some people who will get a zero interest loan and still end up paying interest because something happened.
  • Reply 20 of 21
    idreyidrey Posts: 647member
    I use credit car for everything. Never buy anything on debit. But than I know how much I can spend and I pay my cc every 2 weeks. I earn over $2000 a year from cash back and never pay interest on things that I have to buy anyways. Cc can work in your favor or agains you. It’s just how good you manage your finances. 
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