Apple is set to launch a new monthly payment card for the Apple Card, similar to the one introduced for the iPhone in late 2010. During last quarter’s earnings call, Apple CEO Tim Cook shouted that the program would soon expand to other products.
According to Bloomberg, the new funding will allow customers to purchase products on a monthly basis, including iPad, Mac, Apple Pencil, Pro Display XDR, and their Apple Card, at 0% interest for more than 12 months. Apple will offer six-month interest rates on cheaper products such as Apple TVs, AirPods and HomePods. That’s less than the 24-month free funding provided by Apple Card for iPhone purchases.
Like the iPhone app, shopping has been added to the history of Apple card transactions. After 0% of 6 or 12 months, the balance is added to the card and paid according to the user’s standard interest rate.
Since an Apple Card is required for funding, this naturally means that the offer will be limited to the United States for the foreseeable future. Goldman Sachs says they are interested in bringing the Apple Card to a more geographical market, but nothing seems impossible at the moment.
Apple has added a 0% monthly payment plan to the iPhone as a strategy to improve iPhone sales; Easy access to cheap financing means more people are able to buy Apple products. The same argument applies to other Apple devices. Similarly, the plans could boost Apple card acceptance, which Apple has long-term potential.
Apple has previously launched a 0% funding campaign in partnership with third parties such as Barclays. But now that it has its own credit card, it has gradually removed all incentives based on the US Apple Card.
FTC. We use links to a revenue agency. More:
Check out 9to5Mac on YouTube for more Apple news.
https://www.youtube.com/watch?v=tHz1XdcLFvA [/ embed]