Apple is apparently launching soon a new Monthly Installments feature that will permit Apple Card cardholders to purchase things like a brand new iPhone with zero percent financing.
Tim Cook said during Apple’s most recent quarterly earnings call with analysts and investors that 0% financing via Apple Card was in the works and due “later this year”. As reported by the 9to5Mac blog, the Wallet app on iPhone now includes this currently hidden description of the Monthly Installments feature, which appears after tapping the “Learn More” link:
If you are paying for your iPhone with Apple Card Monthly Installments, each month your installment is included in the minimum payment amount.
It explains installments aren’t subject to interest like other purchases made with Apple Card.
If you pay more toward your installment balance, you may reduce the overall number of payments, but are still scheduled to pay your installment payment the following month. Paying the total balance will include the total amount you’ve spent with Apple Card, including your remaining iPhone balance.
In other words, you will be able to take advantage of this feature in order to finance your next iPhone purchase, with the monthly payment included in your minimum payment amount every month. The usual Apple Card perks apply here as well, including things such as three percent cash back on your purchase, as well as no fees or other charges.
With less than a month left until the end of this year, the new Monthly Installments option should soon launch for Apple Card customers in the United States.
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