Apple Card users will be able to buy iPhones in installments starting Tuesday (December 10), with no interest, but also a 6% discount, Apple announced today. Under the plan, Apple Card users can buy the iPhone in installments and pay it for 24 months without any interest. By December 31 this year, Apple Card users will receive a 6% discount on iPhones in installments at Apple’s retail stores.
In fact, on a conference call for earnings in the fourth quarter of fiscal 2019 in October(ending in September), Apple CEO Tim Cook said that consumers would be able to use the Apple Card to buy an iPhone later this year and pay zero interest rates within 24 months. and get 3% cash from the purchase.
The 6% discount is part of Apple’s Christmas shopping season promotion. Apple did not announce a specific date for the program, saying only that it would launch it “later this year.”
In March, Apple released the Apple Card, which was officially launched in August. Unlike traditional credit cards, for Apple Card, each iPhone will have a virtual card and no traditional credit card number. Of course, users can also request an entity’s Apple Card with the user’s name printed on it, but no number.
For Apple’s launch of Apple Card’s installment of iPhone purchases, analysts say it means Apple Card is not just an attempt to provide financial services to Apple, but also helps Apple drive iPhone sales with discounts and new purchase options (in installments). Apple is known to have suffered a recent slump in iPhone sales and is boosting sales by cutting prices and other means.