How to buy new Apple devices with 0% monthly refund rate?
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(Pocket-lint) – Apple is offering interest-free monthly payments for iPhone, iPad, AirPods or Mac purchases made with an Apple Card, for people residing in the US. There are other options in other countries, such as an interest-free loan with Barclays in the UK, which also allows you to spread the cost of an Apple product over a number of months.
We’re focusing on the Apple Card financing option here and show you the monthly payment plan below to help you decide if it’s right for you.
How to finance your Apple device
Apple’s “Monthly Installments” financing option splits the cost of your new iPhone, iPad, AirPods, or Mac into six, 12, or 24 interest-free monthly payments.
You can use the Apple Card to purchase more than one item, although the amount you can purchase is limited by your available credit.
To make a purchase with monthly Apple Card installments:
Apple Card installments are available for purchases made at Apple Stores, Apple.com, and through the Apple Store app. Simply select the option to use your Apple Card as the payment method during checkout.
To view and manage your monthly Apple Card payments:
- Make sure you are using the latest version of iOS on your iPhone.
- Open the Wallet app.
- Select your Apple Card.
- Touch the button with three dots in the upper right corner.
- Select Payouts to see a summary of your monthly payouts.
The payments screen shows you the remaining balance, the due date, your next monthly payment amount, and your monthly payment history. There is also a prepayment option, but you must pay the full balance on your Apple Card first to use this feature. If you select Total Funded, you can view information such as the amount of Daily Cash you received.
To learn more about how Apple Card works, including how to get started and how to find your line of credit, go here.
What devices can you finance?
You can get financing for up to 24 months, depending on the Apple device.
- New iPhone: 24 months
- New MacBook or iMac: 12 months
- New iPad or iPad Pro: 12 months
- New AirPods or AirPods Pro: Six months
- New HomePod: six months
- New Apple TV: Six months
Are there any fees or interest?
Apple said there are no hidden charges or interest included in your bill.
When will you be billed each month?
Your monthly installments will be charged to your Apple Card statement on the last day of the month, every month. AppleCare+ may come with your device as part of monthly payments. Either way, you’ll see the total amount added to the minimum amount due each month.
Are there rewards for funding?
For every purchase made with the Apple Card, you receive 3% cashback per day.
Is it different from Apple’s upgrade program?
Apple offers interest-free financing as part of its iPhone Upgrade Program, but with the Apple Card offer you get a few extra perks, including cash back, the ability to manage payments Wallet application and the absence of late fees.
Apple also offers Apple Card users the option to trade in their current Apple devices when trying to obtain financing. If their takeover is accepted, they will be able to pay less per month.
Who can use Apple Card monthly installments?
Financing is available to new and existing Apple Card customers in the United States.
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Written by Maggie Tillman. Edited by Max Freeman-Mills.