Apple Prepping Interest-Free Hardware Payment Plans

Apple will try to sidestep the economic impact of the pandemic by offering customers an easier way to buy its expensive products, according to a recent report.

Is there a catch? Well, sure. You’ll need to have good credit. And you will need to get an Apple Card, Apple’s credit card.

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But assuming you qualify, you’ll soon be able to purchase Macs, iPads, HomePods, AirPods, and other Apple hardware using the Apple Card and pay for the purchases over several months with no interest. This isn’t all that unusual, honestly: Even the Barclay-based predecessor to the Apple Card still provides this perk. But to date, Apple Card users primarily benefitted from their Apple purchases by receiving store credit.

News of this plan comes via Mark Gurman, Bloomberg’s reliable Apple rumor monger. He says that Apple will offer the no-interest plans for some products for 12 months, while others will be just for 6 months. Apple already offers this deal, over 24 months, for Apple Card-based iPhone purchases.

This is a smart move. Currently, there’s no good reason to own an Apple Card, since the only decent perks are those Apple credits, which just help you buy more Apple products. And with Apple hardware taking a big hit because of the Coronavirus, this could trigger some sales to customers who might otherwise have held off until things calmed down.

It’s unclear when this payment plan will be formally launched.

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Conversation 16 comments

  • dsilverman

    07 June, 2020 - 12:33 pm

    <p>Purchasing Apple products and services with the card generates 3 percent cash back, not just "Apple credits". The money goes into a cash card, which you can use to pay for anything. I typically use it to grab a Diet Coke from those ubiquitous vending machines that take NFC payments, but you could use it anywhere that takes Apple Pay. </p>

    • bhatech

      07 June, 2020 - 2:46 pm

      <blockquote><em><a href="#545209">In reply to dsilverman:</a></em></blockquote><p><br></p><p>Yeah you can also transfer the daily cashback on your Apple cash card to your linked checking account. Sure the perks may not be greatest available but I think the Apple Card has it's unique stuff and daily cash back is really great.</p>

    • lvthunder

      Premium Member
      07 June, 2020 - 8:29 pm

      <blockquote><em><a href="#545209">In reply to dsilverman:</a></em></blockquote><p>Not only that, but if you use Apple Pay you get 2% cash back and if you use the physical card it is 1%. They also have competitive interest rates with cards that have these types of perks as well.</p>

      • BrianEricFord

        08 June, 2020 - 12:54 am

        <blockquote><em><a href="#545234">In reply to lvthunder:</a></em></blockquote><p><br></p><p>To say there’s no reason is kind of goofy given the privacy focus Apple put on the card. Beyond that, as has been mentioned, anyone who is bought-in to Apple’s ecosystem benefits from having one. I put all of my monthly Apple services payments as well as my monthly iPhone subscription payments on one. Just by letting these Apple-based monthly recurring payments hit a card that I simply pay off every month, I end up with a decent amount of spending cash every few months.</p><p><br></p><p>I also think the card’s dashboard in wallet is worth it almost alone.</p>

  • ghostrider

    07 June, 2020 - 3:18 pm

    <p>The lengths companies like Apple go to to make it as easy as possible to buy their stuff – as long as you're bought into their ecosystem that is. It's crafty beyond belief. They're not the only ones though – it's looking more and more industry wide now.</p>

    • shameermulji

      07 June, 2020 - 6:52 pm

      <blockquote><em><a href="#545219">In reply to ghostrider:</a></em></blockquote><p>Welcome to hardware as a subscription.</p>

  • Chris_Kez

    Premium Member
    07 June, 2020 - 10:35 pm

    <p>It’s like reverse layaway.</p><p>Wait, does anyone remember layaway?</p>

    • SvenJ

      08 June, 2020 - 12:53 pm

      <blockquote><a href="#545235"><em>In reply to Chris_Kez:</em></a><em> </em>Except with layaway, there was always the chance some deep pocketed philanthropist would pay off all the layaways at the Walmart.</blockquote><p><br></p>

  • ndelena

    Premium Member
    08 June, 2020 - 8:48 am

    <p>Smart move by Apple. I love the Apple Card, it's one of the most consumer-friendly cards I've ever had. I love the fact that you can just message Apple through iMessages if you're having any issues. I had a dispute with a merchant and worked with Apple via iMessage. It was amazing and took all of 5 minutes.</p>

  • fishnet37222

    Premium Member
    08 June, 2020 - 9:00 am

    <p>Samsung has offered payment plans like this for a while.</p>

    • jgraebner

      Premium Member
      08 June, 2020 - 6:02 pm

      <blockquote><em><a href="#545300">In reply to fishnet37222:</a></em></blockquote><p>Microsoft does too, through an arrangement with Dell's financing program. I'm surprised that Apple's appears to max out at 12 months, though, as the Microsoft/Dell offers are usually 18 or 24.</p>

  • daniel7878

    08 June, 2020 - 11:11 am

    <p>how is this different than the "loan" I usually get when I pick up a new iphone and make payments?</p>

    • SvenJ

      08 June, 2020 - 12:51 pm

      <blockquote><a href="#545342"><em>In reply to Daniel7878:</em></a><em> </em>It's not different, except it is for MacBooks, iMacs, HomePods……</blockquote><p><br></p>

  • jgraebner

    Premium Member
    08 June, 2020 - 6:05 pm

    <p>I'm surprised that they didn't already offer this. No interest (or at least deferred interest) financing deals are pretty much standard on branded cards like this. </p><p><br></p><p>Does Apple still require an iPhone to get the card? Seems odd that their financing arrangement would require that the buyer already own a device.</p>

    • jchampeau

      Premium Member
      09 June, 2020 - 5:01 pm

      <blockquote><em><a href="#545457">In reply to jgraebner:</a></em></blockquote><p>They've offered interest-free purchasing on the Barclay Apple Rewards card for years. Paul talked about it on a recent First Ring Daily. I have that card too and have used it several times over the years for interest-free Apple purchases.</p>

      • Paul Thurrott

        Premium Member
        10 June, 2020 - 8:55 am


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