Apple is today launching its zero-interest iPhone financing plan for Apple Card owners today. As reported by TechCrunch, the purchase method will roll out today across Apple retail stores, Apple.com and the Apple Store app on iOS.
If you have an Apple Card, then you will be able to buy a new iPhone through that card and pay back the phone through monthly installments over 24 months with 0% interest.
The new financing option was announced as part of Apple’s last quarterly earnings call. It is the modern replacement for the old Apple Store financing option offered by Barclays, which was retired ahead of Apple Card’s debut in August.
Customers will be able to manage their Installments Plan through the Apple Card interface in the Wallet app, directly on the iPhone. The monthly repayment will simply be added to the Apple Card balance’s minimum payment, so users of Apple’s credit card should always know how much is due each month.
As an extra holiday promotion, Apple Card launched a 6% cashback promotion on Apple hardware. The Installments Plan is eligible for that boosted Daily Cash promotion. The promotion runs through December 31st. After that date, iPhone Installments Plan will qualify for 3% cashback.
The existing iPhone Upgrade Program will continue to be offered as an option for iPhone users who do not have an Apple Card.
Right now, the installments plan supports iPhone and accompanying AppleCare+ extended warranty cover. In the future, Apple could add additional hardware and services to the offering as part of a wider push by the company to convert customers into subscription retention models.
