Earlier this year, Apple officially launched the Apple Card, the company’s first credit card in a partnership with Goldman Sachs.
And, according to Apple’s CEO, Tim Cook, the overall reception of the credit card has been positive, saying customers love its “simplicity, privacy, and transparency”. During the company’s conference call following its fiscal fourth quarterly earnings report, Cook talked about the Apple Card and how well it’s doing so far, despite being a new option for customers.
But one of the more interesting bits from the call was a new “feature” coming to Apple Card: the ability to buy an iPhone with the credit card with 0% interest financing. If you buy your iPhone like this, there will be 24 monthly payments towards the final purchase price. And Cook confirmed that you’ll get 3% cash back off the total price of the phone, too.
Cook said that Apple Card owners will be able to do this “later this year”, but did not give a specific date.
This is not that far off from what other financing options offer, including the iPhone Upgrade Program. However, the fact that you can manage the monthly payments directly from the Wallet app is a nice touch. However, you will apparently lose the ability to upgrade your phone every year (what the iPhone Upgrade Program offers), and AppleCare won’t be bundled with the purchase automatically.
Still, for anyone with an Apple Card that wanted to buy the iPhone 11 or iPhone 11 Pro this way, it will probably be a welcomed addition for next year.