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Tech & Science Apple just launched a new way to buy an iPhone in monthly payments, and it says a lot about its master plan for the Apple Card

23:05  13 december  2019
23:05  13 december  2019 Source:   businessinsider.com.au

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Four months after Apple launched its new credit card product Apple Card , the iPhone maker is now offering “Introducing an awesome new way to buy an iPhone from Apple — online at apple .com, in the “Pay with interest-free monthly payments . Get Daily Cash back. And see it all alongside your

Introducing Apple Card Monthly Installments. The smartest way to buy your next iPhone from Apple , interest-free. Learn more. And now with Apple Card Monthly Installments, you can buy a new iPhone and pay for it with interest-free monthly payments .3 Your monthly installment appears right

a close up of a device: The Apple Card pictured with an iPhone The Apple Card pictured with an iPhone
  • Apple's new iPhone instalment plan for Apple Card holders says a lot about why it launched a credit card in the first place: to discourage you from leaving Apple's ecosystem.
  • The plan, which Apple launched on December 10, lets Apple Card holders purchase an iPhone in 24-month installments with no interest or fees.
  • It plays into Apple's broader strategy for the Apple Card, which is to make it easier to upgrade to each new iPhone - and harder to leave that ecosystem behind.
  • That's as important as ever for Apple, as it has helped make up for slowing iPhone sales by finding new ways to monetise existing iPhone owners.
  • Visit Business Insider's homepage for more stories.

Apple recently introduced a new payment plan that allows Apple Card holders to purchase an iPhone in 24 monthly installments without any interest. The new perk, which launched earlier this week on Tuesday, says a lot about why Apple launched a credit card in the first place - to incentivise you to remain loyal to Apple's products.

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Apple Card Monthly Installments let you pay for a new iPhone with interest-free, low Introducing an awesome new way to buy an iPhone from Apple – online at apple .com, in the Apple Store app, or Just choose your new iPhone and then select Apple Card Monthly Installments as your payment

Your monthly payments cover the full cost of iPhone , as well as the AppleCare+ coverage option you’ve I just bought a new iPhone with the iPhone Upgrade Program. Can I exchange it for iPhone 11 More ways to buy iPhone . You can pay in full, choose carrier financing, or spread the cost with

The Apple Card already does an excellent job at keeping you hooked into Apple's ecosystem of devices, making it more difficult to distance yourself from the iPhone and gravitate toward Android. After all, given that Apple Card is only available to iPhone owners, who wants to deal with the inconvenience of giving up a credit card just because they're buying a different type of phone?

Now, with its new instalment plan, Apple is compelling iPhone devotees to not only hold on to their current device; it's simplifying the process of upgrading to a new one, too.

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With Apple Card Monthly Installments, you can buy a new iPhone from Apple and make low monthly payments , interest-free. And if you trade in your * Purchases from Apple Media Services and AppleCare+ monthly payments , as well as any Apple iPhone Payments or Apple iPhone Upgrade

Sure, Apple iPhone buyers can purchase an iPhone from their carrier and pay it off interest-free by making 24- monthly payments . The tech firm introduced the Apple Card in March and launched it in August. The card is the result of a partnership between Apple and securities firm Goldman Sachs.

Apple previously allowed customers to buy an iPhone in monthly installments without interest through the iPhone Upgrade Program it offers in partnership with Citizen One bank. But customers may still face other types of fees from their credit card holder through that plan, such as fees related to late payments or unpaid balances, as noted in the plan's terms and conditions.

That's why Apple is positioning its new instalment plan as being more convenient. The Apple Card doesn't charge any fees - not even penalties for late payments - and the instalment is automatically added to the minimum balance on your card. The company is also offering 6% back on purchases from the Apple Store when you pay using your Apple Card.

It shows that Apple wants to own the whole experience from start to finish, from where you buy the iPhone to the card you use to pay for it.

Motivating users to stick with the iPhone is particularly important for Apple as the company's smartphone sales have been declining in recent quarters. Apple has managed to grow its overall revenue despite slowing iPhone sales thanks to healthy growth in other segments, like its burgeoning wearables and services divisions.

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There's a new way to finance an iPhone in town and it 's called iPhone Payments . The iPhone Payments plan is a loan financing program that lets you make monthly payments Unfortunately not. The iPhone Payments plan is Apple 's financing option for buying an iPhone with a carrier plan .

If you added your Apple Card to another iPhone , you can make a payment or set up scheduled payments Payments and Credits includes payments you might have made, refunds on purchases you Just open Wallet on your iPhone and tap Apple Card . Then scroll through Latest Transactions

The company's wearables, home, and accessories division, which includes popular products like AirPods and the Apple Watch, grew to $US6.5 billion, the company revealed in its fiscal fourth quarter earnings report. That makes it nearly as large as Apple's Mac business. Apple's services category also grew by 18% to $US12.5 billion in the company's fiscal fourth quarter, helping Apple topple analysts' expectations.

Apple's most recent earnings results proved that the iPhone is more important than ever for Apple. Even though iPhone revenue isn't growing, the company is still managing to boost revenue by finding new ways to monetise existing iPhone users, such as by convincing them to sign up for a monthly $US5 subscription to Apple Arcade or by encouraging them to purchase a pair of $US250 AirPods Pro.

The Apple Card plays a big role in this endeavour by making it harder for current Apple smartphone users to ditch their iPhone, and easier for them to upgrade to a new one. The new iPhone instalment plan is just another step in that direction.

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