In 2019, Apple launched the Apple Card in the United States, its first credit card in partnership with Goldman Sachs, which promised to make customers’ lives easier with its deep integration with the Wallet app, seamless availability in Apple Pay, and a minimalist metal card.
Even though Apple Card doesn’t charge fees and always aims to help users pay less interest, it’s never been as competitive as other options on the market, which offer better points per dollar spent, unique perks, and more. However, one thing could make the Apple Card worth it for users: monthly installment financing for Apple products. With this, buying something like the MacBook Neo or even a brand-new iPad Pro with the M5 chip is much more feasible, as customers can choose interest-free monthly payments.
According to Apple, whenever you make a purchase at its physical store or online, you can pay with Apple Card in monthly installments at checkout. After that, all the information about the amount you have, the installments you have paid, etc., will be available in Apple Wallet. Apple claims that these monthly payments are automatically added to the Apple Card minimum payment. Additionally, all Apple Store purchases offer customers 3% daily cash back in advance.
These are all Apple products that support these features
Most Apple products and accessories can be paid for with monthly Apple Card payments. For iPhone users, the company says they must choose a carrier at checkout. Available options are AT&T, Boost Mobile, T-Mobile, and Verizon. Installments run for 24 months, and users can change carriers at any time, meaning that even if they have to choose one when purchasing a new iPhone, they can still change carriers over the next two years.
For the iPad, Apple Watch, Apple Vision Pro, Mac, and Studio Display, Apple offers 12-month installment plans. The same goes for several accessories, such as Apple iPad cases, iPhone cases, Apple Pencil, Apple Vision Pro accessories, and Apple Watch bands.
Interestingly, if you buy Apple TV, AirPods, or Beats Flex, Apple only offers 6-month installment plans. However, with an Apple Card, it becomes much easier to get your new Apple product because you can pay monthly without interest, rather than spending hundreds or even thousands of dollars in a single purchase.
Apple Card might change soon, but you shouldn’t worry about it now
Earlier this year, Apple announced it was phasing out its partnership with Goldman Sachs, and that Chase would become the new issuer of Apple Card. While the transition could take up to 24 months, the company says features like unlimited 3% daily cash back on all purchases, Apple Card Family, Savings Account, and other features will continue to be part of the Apple Card benefits. Beyond that, Mastercard will remain the payment network.
In a support page, Apple states that existing Apple Card owners will not need to apply for a new card. While the company might offer a new card once the transition is complete, most of the benefits won’t change. For example, the Apple Card will remain fee-free, and the Apple Card monthly payment will continue to be available for Apple products. The company also remains committed to its privacy and security focus, ensuring customers have full control over their data.
Although the transition is still underway, there isn’t much customers need to do; Apple says they should continue to use their Apple Card as always. At the moment, it is unclear whether the company could expand into other countries and regions, as Chase, unlike Goldman Sachs, has a more global presence.
