Apple Introduces Financing Options to Apple Card

By allowing users to pay for a new iPhone with their Apple Card over a 24-month period, Apple is bringing more people than ever into its ecosystem.

Need to Know

  • Apple Card has launched an interest-free payment option to purchase new iPhones.
  • Customers typically receive 3% cashback on all Apple purchases, but until December 31, they will receive 6%.
  • The new launch opens the door for new potential subscription bundles with Apple.


Apple has launched a new feature for its flagship credit card, Apple Card, which allows cardholders to purchase a new iPhone and pay it back over 24 months. 

To incentivize users into signing up for and using the Apple Card, the payments are interest-free and Apple will also provide cashback. Throughout the year, the Apple Card offers 3% cashback on Apple purchases, but for the holiday season, it will be boosted to 6%.

While many brands including Apple itself offer payment plans for their products, it usually involves a lengthy application process through a third-party provider. The Apple Card, launched earlier this year, allows users to apply for a card directly from their iPhone, get approved, and have it provisioned in their Apple Wallet in minutes. 

Apple Card has zero annual fees or over-limit charges, and the Wallet app helps users with optimizing payment schedules, budgeting tools, and purchase history. The new interest-free option, applied for and received entirely on the iPhone, is a first for Apple and a first for major tech companies. 

This means Apple users can manage all payments for any of their products through Apple Wallet. This new program also lays the groundwork for what could grow to become a larger subscription service in the future. Apple users could eventually buy the iPhone and all of the services they want to go along with it—iCloud, Apple Music, Apple TV+, etc.—and pay for it all without putting their phone down. 

Obviously, for Apple, this is a great way to incentivize new customers. Among other options for trading in used phones to upgrade to new ones, there is now an interest-free way to go about it which also offers 3% cashback.