Apple Card holders are reported to soon be able to pay for their purchases of Apple products such as iPads and Macs at interest-free rates.
Apple plans to launch the new Apple Card feature in the coming weeks, Bloomberg said, citing sources familiar with the matter. The service is expected to attract more customers to apply for the Apple Card while increasing sales of Apple products by making payment easier.
According to the sources, the Apple Card will allow its owners to split the cost of Apple products over several months without additional fees, similar to the 24-month interest-free iPhone installment plan launched in December. They claimed that iPads and their keyboards, Macs, and the XDR display monitor and Apple Pencil could be purchased with a 12-month plan, while a 6-month plan is offered for AirPods, Apple TVs, and HomePods.
Customers manage payments for the interest-free installments via the Apple Card area of the Wallet app. The fees are included in the monthly Apple Card bill. Education discounts can be applied to the service, the sources said.
Digital Trends has asked Apple for comments on the alleged Apple Card rate plans and will update this article as soon as we learn about it.
Benefits of the Apple Card
The Apple Card acts as a credit card that people can apply for directly from their iPhone. Apple has partnered with Goldman Sachs as the issuing bank and MasterCard to support its global payment network.
The approved Apple Card can be used in minutes wherever Apple Pay is accepted. Successful applicants also receive a physical titanium card that can be used elsewhere.
Apple cardholders receive up to 3% cashback with security and privacy features tied to the customer's iPhone. Over time, the Apple Card also improves with other functions, such as the supposedly interest-free payment plan for other Apple products.