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Apple has officially unveiled the expansion of its Apple Card 0% instalment financing plan to most of its products, meaning that if you have an Apple Card — or you’re able to get one — you can now not only purchase a new iPhone on instalments, but also a Mac, iPad, AirPods, and more.
The news follows a report from last week by Bloomberg that suggested that the program was in the works, although it wasn’t clear exactly when Apple was going to roll it out other than “soon.” However, today the company appears to have made it official on its main financing page, although it hasn’t quite yet updated its monthly instalments page to refer to products other than the iPhone.
Apple first introduced zero percent Apple Card financing for the iPhone back in December, just in time for Christmas, and although it was limited solely to iPhone purchases, it allowed customers to spread out their iPhone purchase over the course of 24 months with interest-free monthly instalments added on top of their normal Apple Card minimum payments each month.
The program proved to be quite popular, and Apple CEO Tim Cook hinted that it would be expanding during Apple’s most recent quarterly earnings call, and although he didn’t offer any additional details, the implication is that it would in the very least expand to the iPad and Mac product families.
iPads, Macs, and more…
It turns out, however, that the actual program goes well beyond just Apple’s more expensive products, extending to include even smaller items like the AirPods, HomePod, Apple TV, and even accessories like the Apple Pencil and Magic Keyboard for the iPad Pro.
The terms of each are slightly different, however, with the lower-cost products — the AirPods, HomePod, and Apple TV — only being eligible for six month financing. The iPhone remains available on the same 24-month deal as before, while the Mac and iPad terms run for 12 months. Further, while accessories like the Apple Pencil and Magic Keyboard are included, these are only the case if they’re financed as a package deal alongside an iPad.
For reasons that aren’t clear, the Apple Watch is conspicuously excluded from this offer.
In practical terms., this means that you could purchase the AirPods Pro for only $41.50 per month for six months rather than outlaying $249 up front, or a 16-inch MacBook Pro starting at $199.91 over the course of 12 months.
Even the Mac Pro and Pro Display XDR are eligible for the program, although you’ll be paying a steeper $499.91/month for the entry-level Mac Pro, or $416.58/month for the Pro Display XDR.
What’s an even better deal in all of this, however, is that Apple is still offering 3% Daily Cash back with its financing program, which means that not only will you pay no interest, but you’ll also make money back. The 3% return on a higher-end 16-inch MacBook Pro or a Mac Pro is pretty significant, and definitely better than you’re likely to get on any other credit card.
How It Works
The financing process here works much the same way as it did for the iPhone financing program, with customers simply selecting “Apple Card Monthly Instalments” at checkout in order to complete their purchase, and if you don’t have an Apple Card you’ll still be able to select the option in order to be taken through the process of applying for one, in which case you’ll be able to immediately compete your financing purchase upon approval.
Once the purchase is completed, the cost of the item will be deducted from your available credit (so you’ll still have to have a high enough credit limit to make the purchase), and then monthly instalments will be added to your minimum payment each month. The whole arrangement can also be conveniently tracked within Apple’s Wallet app. As the transaction has to be made through Apple’s online store, it’s unclear how this will work for in-person purchases at Apple retail stores, although certainly reserve and pick up would be an option.
Unfortunately, since this financing deal is tied to the Apple Card, it’s only available where the Apple Card is available, which means U.S. only for now.