All those who own Apple’s “Apple Card” credit cards will now be able to avail interest free instalments on the purchase of new Apple products like Mac, iPads, Airpods, etc.
According to a report by Bloomberg, the users will be able to buy iPad, Mac, Apple Pencil, Pro Display XDR on their Apple Card in monthly instalments over 12 months at 0% interest. On the other hand, there is just 6 months interest free instalments for cheaper products like Apple TV, AirPods and HomePod. The option would be ready in “the coming weeks.”
Once the 0% interest 6 or 12 month plan is up, the remaining balance is added to the card, and is paid based on the user’s default Apple Card interest rate.
According to the Bloomberg report, this new scheme is to get people to enroll in the Apple card using a joint effort by Goldman Sachs group, and boost the sales of Apple products by allowing the users to split the costs over the period of 6 or 12 months.
Benefits of the Apple card
The Apple card works just like your normal credit card. You can order one directly from your iPhone. As explained earlier, Apple partnered with Goldman Sachs who’s the issuing bank, and MasterCard for supporting it’s global payment network.
Once approved, the Apple card can be used right away wherever Apple Pay is accepted. Some applicants are issued a Titanium card too.
The card holders of the Apple Card enjoy a 3% cashback, along with privacy and security features bundled with the customer’s iPhone. The Apple card will be adding more features over time and interest free instalments for more Apple products.
Earlier, we covered a detailed review of the iPhone SE. Hopefully Apple will give interest free instalments on the new iPhone SE in the coming months.
Does the new Apple Card interest free instalments catch your eye? Do let us know in the comments below.
