The plan allows customers to purchase a new iPhone with the Apple Card and pay for it over 24 months with no interest. Customers will continue to get 3% Daily Cash back for the iPhone purchase as well, or an increased 6% Daily Cash until December 31 as part of a holiday promotion announced today.
When paying for an iPhone with Apple Card Monthly Installments, each month’s installment is included in your minimum payment amount. And unlike other purchases with the Apple Card, the installments are not subject to interest unless there is an outstanding balance beyond the 24-month grace period.
Apple Card Monthly Installments are available for purchases made at Apple Stores, Apple.com, and through the Apple Store app.
Apple already offered iPhone financing through its iPhone Upgrade Program, but the Apple Card plan has a few advantages, including cash back, managing payments in the Wallet app, and no late fees.