Apple Card owners will reportedly soon be able to pay for their purchases of Apple products such as iPads and Macs through interest-free installments.
Apple is planning to roll out the new Apple Card feature over the coming weeks, Bloomberg reported, citing sources familiar with the matter. The service is expected to attract more customers to apply for the Apple Card, while also boosting sales for Apple products by making it easier to pay for them.
According to the sources, the Apple Card will allow its holders to split the cost of Apple products over several months, with no extra fees, similar to the 24-month, interest-free iPhone installment plan that was launched in December. They claimed that iPads and their keyboards, Macs and the XDR Display monitor, and the Apple Pencil may be purchased with a 12-month plan, while a six-month plan will be offered for AirPods, Apple TVs, and HomePods.
Customers will manage the payments for the interest-free installments through the Wallet app’s Apple Card section, with the charges to be included in the monthly bill for the Apple Card. Education discounts may be applied to the service, the sources said.
Digital Trends has reached out to Apple for comments on the rumored Apple Card installment plans, and will update this article once we hear back.
Apple Card benefits
The Apple Card functions as a credit card that people may apply for directly from their iPhones. Apple has partnered with Goldman Sachs as the issuing bank and with MasterCard to support its global payment network.
The Apple Card, once approved, may be used within minutes, wherever Apple Pay is accepted. Successful applicants will also receive a physical titanium card that may be used elsewhere.
Apple Cardholders enjoy cashback of up to 3%, with security and privacy features that are tied to the customer’s iPhone. The Apple Card is also improving over time with more features, such as the rumored interest-free installment plan for more Apple products.