Apple is planning to let owners of its Apple Card purchase many of its devices interest-free using the card. The news comes in a report from Bloomberg’s Mark Gurman.
According to the report, this new feature will be launched in the coming weeks and it will allow you to pay for certain devices interest-free over 12 months. Apple will also offer other devices over 6 months.
Interest-Free Payment Plans for Apple Devices
Apple will allow for things like its range of iPads, Macs, the Apple Pencil, iPad Keyboards, Mac XDR display, and more to be paid off over 12 months. This means that customers can spread the cost of these high-ticket items over a year without incurring any interest charges, making it easier for more people to afford Apple’s premium products.
Other devices like AirPods, Apple TV, and the Apple HomePod will be available interest-free over six months through the Apple Card. The company already offers this service for devices like the iPhone and it is now expanding it to more devices. This expansion is part of Apple’s broader strategy to make its ecosystem more accessible and to encourage more people to use the Apple Card for their purchases.
Benefits of Using the Apple Card
The Apple Card, launched in 2019, has been marketed as a more transparent and user-friendly credit card option. It offers several benefits, including no fees, daily cash back, and a focus on privacy and security. By offering interest-free payment plans, Apple is adding another layer of convenience for its customers.
For example, if you were to purchase a new MacBook Pro using the Apple Card, you could spread the cost over 12 months without paying any interest. This could be particularly beneficial for students or professionals who need high-performance devices but may not have the upfront cash to pay for them outright.
Moreover, the Apple Card integrates seamlessly with the Wallet app on the iPhone, providing users with a clear overview of their spending and payment schedules. This makes it easier to manage finances and avoid falling into debt.
Apple’s decision to expand its interest-free payment plans to more devices also reflects the company’s understanding of consumer behavior. Many people are more likely to make a purchase if they can spread the cost over several months, especially in uncertain economic times. By offering these plans, Apple is likely to boost its sales and customer loyalty.
In addition to the financial benefits, using the Apple Card for these purchases can also earn you daily cash back. For instance, you can get 3% cash back on purchases made directly with Apple. This means that not only can you spread the cost of your new device, but you can also earn some money back in the process.
Apple’s move to offer interest-free payment plans for a wider range of devices is a strategic one. It not only makes its products more accessible but also encourages more people to use the Apple Card. This could lead to increased customer loyalty and higher sales, benefiting both Apple and its customers.
Source Bloomberg
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