Apple's 0% iPhone financing option may go live in the next few weeks

Apple's 0% iPhone financing option may go live in the next few weeks
Apple has been looking for more loyalty programs that will make it easier for its fans to switch to newer devices. One such program would allow customers to finance iPhone purchases over 24 months with 0% interest.

Tim Cook revealed two months ago that the program dedicated to Apple Card users should be available by the end of this year. He also said that every Apple Card owner who uses it to buy and finance an iPhone with 0% interest will also get 3% Daily Cast on their total purchase.

Although we're about three weeks away from the end of the year, the program is not yet live. However, it looks like Apple may eventually add the new financing option very soon since it's been adding a lot of the tools needed for the program to work.

The newest one is the “Apple Card Monthly Installments” section in the Wallet app. Spotted by 9to5mac, the new section that can be accessed via the “Learn More” link explains what an Apple Card owner must do to benefit from the 0% iPhone financing option.


Unfortunately, this doesn't guarantee that Apple's 0% financing option will go live in 2019, but it's an important step toward achieving that goal. Although the explanation above only mentions the iPhone, Apple is likely to expand the program to other products including iPad and Mac, we just don't know when.

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29 Comments

1. tbreezy

Posts: 244; Member since: Aug 11, 2019

Incredible, interesting situation that Apple and Goldman Sachs are creating here, essentially, slowly cutting away Carriers and other banks, while building their data base on all your finances and then making you bring them in to them. It’s going to be years before other phone manufacturers wake up to what is going on here, and they will unfortunately be fighting over measly scraps by the time they do.

3. Cat97

Posts: 2025; Member since: Mar 02, 2017

Well, since Apple created their sheep, they are the ones entitled to exploit them, not the carriers or banks.

10. tbreezy

Posts: 244; Member since: Aug 11, 2019

Good point, LOL!

23. XyAzario

Posts: 63; Member since: Mar 15, 2019

I disagree with you on "’going to be years before other phone manufacturers wake up to what is going on here". They know exactly what's going on and are not oblivious. They too are probably cooking something up.

4. Vancetastic

Posts: 1882; Member since: May 17, 2017

I'd guess the only people with a high enough credit rating to qualify for this could like just buy the thing outright.

12. RevolutionA

Posts: 529; Member since: Sep 30, 2017

They check what's your worth. It matters!

13. Vancetastic

Posts: 1882; Member since: May 17, 2017

Uh, duh? Are you a pre-teen or something?

16. RevolutionA

Posts: 529; Member since: Sep 30, 2017

Proud Gen X

17. Vancetastic

Posts: 1882; Member since: May 17, 2017

Did you not pay attention in school?

19. RevolutionA

Posts: 529; Member since: Sep 30, 2017

This has nothing to do with my schooling. Mix breed kids like you now a days never stick to a point. You should be of some worth to buy that phone. Otherwise Android is for you.

20. Vancetastic

Posts: 1882; Member since: May 17, 2017

"Mix breed kids"? I see. You didn't pay attention in school because you didn't go.

21. RevolutionA

Posts: 529; Member since: Sep 30, 2017

Doesn't change the fact. You can't stick to a point that you can't afford it millennial/gen Z kid. Keep depending on your parents.

24. tbreezy

Posts: 244; Member since: Aug 11, 2019

I’m a millennial and don’t depend on my parents, in actual fact I sometimes spoil them with tech gifts.

25. Vancetastic

Posts: 1882; Member since: May 17, 2017

I do look younger than I am. I suppose that's why I've always appealed to younger women. Life is pretty good when you're me. P.S. In my house, we have three iPhones, two iPads, and an iMac. Please cry more now.

26. RevolutionA

Posts: 529; Member since: Sep 30, 2017

You don't deserve

27. Vancetastic

Posts: 1882; Member since: May 17, 2017

You are hilarious!

29. RevolutionA

Posts: 529; Member since: Sep 30, 2017

I'm deserving

5. Allday28

Posts: 348; Member since: Nov 19, 2010

Your credit score has absolutely nothing to do with how much money you make. Your comment makes absolutely no sense what so ever

6. Alcyone

Posts: 613; Member since: May 10, 2018

Not 100% accurate on that. Applying for credit is always the same steps. Monthly net income us always asked. That alone will help them determine the credit limit. Make less, get less. Credit utilization would be effected. Credit and income correlation is a lot more complicated than one thinks. So, yes, how much is made does matter. Utilizations are easier to manage with a higher income. I.e $450 balance on a $2000 limit hurts a credit score more than that $450 on a $6000 limit. Adversely, the credit score will adjust accordingly. But, years (many) a person can up a credit score on low income, but they need to manage that utilization and credit inquiries just right.

14. Vancetastic

Posts: 1882; Member since: May 17, 2017

So, if I make 10 dollars a month, but don't owe anything, I'm good? Sign me up!

7. JCASS889 unregistered

Do people really finance a phone? Maybe a car but a phone costs normally no more than $1k, if you need to finance something for a thousand dollars you are not good with money.

11. AngelicusMaximus

Posts: 778; Member since: Dec 20, 2017

Untrue. If it's 0% interest, there's really no reason not to finance it.

18. wickedwilly

Posts: 775; Member since: Sep 19, 2018

It is the only way millions of iPhone users can afford an iPhone, if there were not financing or contracts then there would be far few of them around.

8. Charlie2k

Posts: 176; Member since: Jan 11, 2016

Pay 50% more than the phones hardware and software is worth.. But to 0% rate. Wow.. Sounds like a great deal Apple is providing you!

9. mrochester

Posts: 1043; Member since: Aug 17, 2014

The hardware and software are worth what people are prepared to pay for it. That’s currently whatever the price points are set at.

15. Charlie2k

Posts: 176; Member since: Jan 11, 2016

What 1 person is willing to pay or what 5 billion people are willing to pay? No matter what people are willing to pay - at current rate Apple have 50% commission on each sold phone. So your argument is invalid. And a fun twist. Their offer is that you can buy at full price direct from Apple, with 0% rate. Woho! Or you can forget about their "0% rate deal" and buy the phone at a subsidized price from any carrier, which already provide this price with 0% rate.

22. mrochester

Posts: 1043; Member since: Aug 17, 2014

What enough people are willing to pay to make it sustainable. You are talking about profit margin not commission.

28. mackan84

Posts: 689; Member since: Feb 13, 2014

Well compare it to pixel because google is the only competitor offering a smartphone with their own software.

30. HogPiginstein

Posts: 1; Member since: Dec 09, 2019

The iPhone upgrade program has been in place for years now and that program offers 0% finance so I’m not sure what the big deal is.

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