Apple has a new financing feature: Interest-free monthly payments for iPhone purchases made with an Apple Card. Apple shared a support page explaining its monthly installment plan, which we've distilled for you below.
How to finance an iPhone with Apple Card
Apple's Monthly Installments financing option essentially divides the cost of your new iPhone into 24, interest-free monthly payments. You can use Apple Card to buy more than one iPhone, although the number of iPhones you can buy will be limited by your available credit.
To make a purchase with Apple Card Monthly Installments:
Apple Card Monthly Installments are available for purchases made at Apple Stores, Apple.com, and through the Apple Store app. Simply select the option to use your Apple Card as the payment option during checkout.
To see and manage your Apple Card Monthly Installments:
- Ensure you're running iOS 13.2 or later on your iPhone.
- Open the Wallet app.
- Select your Apple Card.
- Tap the button with three dots in the top-right corner.
- Select Installments to see your monthly installments summary.
The installments screen shows you the remaining balance, your due date, the amount of your next monthly installment, and a history of your monthly payments. There is also a Pay Early option, but you'll need to pay off your entire Apple Card balance first to use this feature. If you select Total Financed, you can review information like how much Daily Cash you received.
To learn more about how Apple Card works, including how to get started and find out your credit line, go here.
Are there any fees or interest?
No. Customers can pay for their iPhone over two years, and there's no hidden fees or interest included in the bill.
When will you be billed every month?
You'll see your iPhone's monthly installments billed to your Apple Card statement on the last day of the month for 24 months. AppleCare+ can be bundled with your iPhone as part of the monthly installments. Either way, you'll see the total amount added to your minimum due every month.
Are there any rewards for financing?
For every iPhone purchased with the Apple Card, you will receive 3 per cent Daily Cash. If the iPhone is purchased between 10 December and 31 December, you can earn 6 per cent Daily Cash. This is a limited-time only holiday promotion.
Is this different from Apple's upgrade program?
Apple offers interest-free iPhone financing through its iPhone Upgrade Program, but with the Apple Card plan you get a few additional perks, including cash back, the ability to manage payments in the Wallet app, and no late fees.
Who can use Apple Card Monthly Installments?
It is now available to new and existing Apple Card customers in the US.