Apple CEO Tim Cook announced today that Apple Card will soon be adding a new feature for iPhone financing. Starting later this year, Apple Card users will be able to finance iPhone purchases with 0% interest.
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Cook made the announcement on Apple’s Q4 2019 earnings call this evening. When the feature rolls out later this year, Apple Card users will be able to finance iPhone purchases over 24 months with 0% interest. You’ll also still get 3% cashback on your iPhone purchase.
This is a lot like other financing options for iPhone purchases, such as the iPhone Upgrade Program. The key difference is that you’ll be able to manage payments in the Wallet app directly, whereas the iPhone Upgrade Program includes AppleCare and the ability to upgrade every year.
Apple currently offers financing for its other products via the Barclaycard. Presumably, Apple will expand Apple Card 0% financing to the Mac, iPad, and other products at some point in the future.
Cook also said that Apple Card has been the “most successful launch of a credit card in the United States ever.” He emphasized that users are “thrilled” with the “simplicity, privacy, and transparency” of Apple Card, and that they are able to make “healthier financial decisions.”
Read our full coverage of Apple’s Q4 earnings release here.