Apple will soon introduce interest-free payment plans for customers who purchase new Macs, iPads, AirPods, and more using Apple Card, offering the ability to make repayments over several months, according to a report from Bloomberg.
The report claims Apple will introduce the new repayment option over the coming weeks, similar to the 24 month interest-free repayment program it launched late last year for customers using Apple Card to purchase a new iPhone, with the exclusive reward of 3% cash back given on the total cost of their new iPhone as part of their Daily Cash rewards.
Citing people familiar with the plans, Bloomberg claim Apple’s interest-free payment plans for hardware will cover a wide range of its products, with six-month repayments offered on AirPods, Apple TV, and HomePod purchases, with higher-cost purchases for iPads and Macs likely on a longer 12-month or 24-month plan.
Apple CEO Tim Cook teased the new monthly payment service in April during Apple’s Q2 2020 financial earnings results, saying: “Well, as you know, we launched the payment plan earlier on Apple Card for iPhone,” Cook said. “We’re working on doing that for other products as well and you’ll see something on that shortly.”
Apple Card is currently only available in the United States, but plans for an international expansion have been confirmed. Cook said during an interview in late 2019 that “We want to offer [Apple Card] everywhere,” noting various rules and regulations relating to banking is meaning the wait for an international launch may be lengthy.
The Apple Post reported last year, prior to the official release of Apple Card in the United States, that Apple had reportedly began discussions with financial regulators about the future expansion of the service across Europe.