Last year, Apple launched interest-free financing for new iPhone purchases when you pay with an Apple Menu. Today, it is expanding the monthly interest-free Apple Card payments to a range of Apple products, including Mac and iPad, Apple TV, HomePod and AirPod, as well as some related accessories and products. However, the financing options available vary by product and device – and none offer a term as long as the 24-month interest-free option offered for iPhone purchases made with Apple Card.
Instead, Apple says Apple TV, HomePods, and AirPods can be funded for six months without interest.
Meanwhile, other products like Mac, iPad and related products and accessories can be paid for more than 12 months without interest.
The latter group includes Mac and related products and accessories such as Pro Display XDR, Pro Stand, VESA Mount Adapter Kit for iMac Pro, Apple Afterburner Board, and Leather Cases for MacBook Air and MacBook Pro.
Meanwhile, in addition to the iPad, you can also fund iPad accessories like Magic Keyboard for iPad Pro, Apple Pencil, Smart Keyboard Folio for iPad Pro, Smart Keyboard for iPad and iPad Air, Smart Folios and Covers for iPad Pro and iPad.
All Apple products purchased with Apple Card will also receive the 3% cash back in the form of Apple Card’s Daily Cash, as before. This money can be used with Apple Pay, sent to family and friends through iMessage, or added to your Apple Card bill.
Apple had previously offered interest-free financing for its iPhone through the iPhone Upgrade Program before its launch interest-free financing of the Apple card last year. But the previous program required a 24-month installment loan from Citizens One and could include still other costs – like those on late payments, for example. The Apple Card finance program for iPhone and now this wider range of Apple devices promises zero fees on top of the interest-free finance and cash back, making it a better deal for customers.
The extension also brings Apple closer to this some hope will be the company’s ultimate goal: to offer Apple devices and optional additional services, such as Apple Music or Apple TV +, in the form of a packaged subscription. On this front, Apple was said consider an Apple service plan, with music, news and TV, but its music license agreements could derail those plans and make it difficult to launch a full set of devices and services. In the meantime, being able to finance other Apple devices, without interest, is a good first step.
Apple’s iPhone sales have largely has remained stable so far in the face of the coronavirus pandemic, but the full economic impacts on Apple’s hardware business related to the crisis may not yet have been seen. The new interest-free financing offer is recognition that for some customers access to Apple devices may have become inaccessible.
Bloomberg had previously reported on Apple’s plans to expand its monthly payment program.