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(Pocket-lint) - Apple has announced a feature coming to Apple Card holders: iPhone financing.

CEO Tim Cook announced during Apple’s Q4 2019 earnings call on 30 October that Apple Card will soon receive a new feature allowing Apple Card holders to pay off their new iPhones over 24 months with no interest.

Here's everything we know so far.

When will Apple Card iPhone financing be available?

Starting sometime "later this year", Apple Card users will be able to finance their iPhone purchases, according to Apple (via 9to5Mac).

Is it really interest-free?

Yes. When the feature rolls out Apple Card users will be able to finance iPhone purchases over 24 months with 0-per cent interest. You’ll also still get 3 per cent cashback on your iPhone purchase.

How does this work?

It's unclear how the new feature will work. Presumably, financing will be limited to new iPhone models purchased directly from Apple. We also think you’ll be able to make and manage all your payments using the Apple Wallet app.

As soon as the feature is available, we'll bring you a step-by-step guide along with all the fine details, so bookmark this page.

Will Apple also finance the Mac or iPad?

Apple currently offers financing for several Apple products via the Barclaycard. We assume, one day, Apple will expand Apple Card's new financing policy to the Mac, iPad, and other products, but it has not made any official announcements.

Want to know more?

Check out our in-depth Apple Card guide here. 

Writing by Maggie Tillman.