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 purchases in its physical store or online, you have the option during checkout to pay using Apple Card monthly installments. 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 the iPhone, the company says users 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 installments. The same goes for several accessories, such as Apple iPad case, iPhone case, Apple Pencil, Apple Vision Pro accessories, Apple Watch bands, etc.
Interestingly, if you buy Apple TV, AirPods or Beats Flex, Apple only offers 6 months of installment plans. However, with an Apple Card, it becomes much easier to get your new Apple product because you can pay monthly without interest instead of having to spend hundreds, or sometimes 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 that it was phasing out its partnership with Goldman Sachs and Chase will 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 continues to be committed to its privacy and security focus, meaning customers have full control over their data.
Although the transition is still underway, there isn’t much for customers to do, but 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.
