Earlier this year, Apple unveiled the Apple Card, a credit card issued in partnership with Goldman Sachs. Today, the company took the next logical step, announcing that Apple Card can now be used to purchase an iPhone interest-free for 24 months.
According to Apple’s website, “just choose your new iPhone and then select Apple Card Monthly Installments as your payment option in the Apple Store app or online at apple.com. If you don’t have Apple Card, you can easily apply when you check out on your iPhone. Or you can visit an Apple Store and a Specialist can help you purchase an iPhone with Apple Card Monthly Installments. You can also apply for Apple Card in the Wallet app on your iPhone before you go shopping for your next iPhone.”
The iPhone’s purchase price will be decided into 24 monthly payments, paid via Apple Card Monthly Installments. The Monthly Installments can be monitored and maintained in the Wallet app.
The new option is similar to that offered by many carriers, with the cost of the phone split into interest-free payments across 24 months. One advantage of using the Apple Card, however, is that the purchase earns 3 percent Daily Cash. Apple makes a point of highlighting that users don’t have to wait the full two years to get the Daily Cash. Instead, it is immediately added to Wallet.
This promotion is just the latest example of why tech companies are increasingly moving into the finance market, and the integration benefits that come from doing so.