Apple offers financing options for iPhones through a program called Apple Card Monthly Installments. This allows eligible customers to purchase iPhones and other Apple products and pay for them in monthly installments over a set period, typically 24 months, with 0% APR.
The primary way to access this financing is by applying for and being approved for an Apple Card. The Apple Card is a credit card issued by Goldman Sachs Bank USA. If approved, you can use the Apple Card to make purchases both online and in Apple Stores. When you choose to purchase an iPhone with the Apple Card, you’re given the option to enroll in Apple Card Monthly Installments.
Here’s how it generally works:
- Apply for the Apple Card: You can apply through the Wallet app on your iPhone. The application process involves providing personal and financial information, and your creditworthiness will be assessed to determine approval and credit limit.
- Purchase an iPhone with Installments: Once approved for the Apple Card, you can choose to purchase an iPhone using the Apple Card Monthly Installments option. This is available both online at apple.com and in Apple Stores.
- Monthly Payments: Your iPhone’s cost is divided into 24 equal monthly payments, and these payments are added to your Apple Card balance. You’ll receive a monthly statement outlining the installment payment due, along with any other purchases made on the card.
- 0% APR: A key benefit is the 0% APR on the installment plan, meaning you won’t accrue interest charges on the iPhone’s cost as long as you make your monthly payments on time. However, any other purchases made on your Apple Card that are not part of the installment plan will be subject to the standard APR for the card.
- Credit Limit Impact: The amount of your iPhone purchase counts against your available Apple Card credit limit. As you make monthly payments, your available credit replenishes.
Eligibility for the Apple Card and Apple Card Monthly Installments is subject to credit approval and other factors. Apple and Goldman Sachs reserve the right to modify or discontinue the program at any time. Terms and conditions apply, so it’s important to review the Apple Card Customer Agreement before applying.
Alternatives to Apple Card Monthly Installments include purchasing an iPhone outright, using financing options offered by mobile carriers (like AT&T, Verizon, or T-Mobile), or utilizing personal loans or other credit cards. Each option has its own terms, interest rates, and potential fees, so it’s best to compare them to determine the most suitable financing method for your individual needs and financial situation.
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