What you need to know
- Apple Card may begin offering financing on more than just iPhone.
- Tim Cook teased the possibility on today's Q2 earnings call.
- This opens the possibility for 0% financing for the iPad and Mac.
In December of last year, Apple started to allow its customers to finance their iPhone with their Apple Card. When purchasing a new iPhone through Apple's website or through the Apple Store app, you could chose to 0% financing with your Apple Card and the company would charge you monthly payments for 24 months.
The financing option was Apple's first for its recently launched credit card and a new way to finance an iPhone outside of the company's popular iPhone Upgrade Program, which requires a subscription to AppleCare. It appears, however, that Apple may be bringing financing options to Apple Card for more than just the iPhone.
During the comapny's Q2 earnings call today, Apple CEO Tim Cook was asked from Bank of America about Apple's future plans for Apple Card. While Cook did not provide specifics, he did say that Apple was looking into offering financing options on more than just the iPhone.
"As you know, we launched the payment plan earlier on Apple Card for iPhone. We're working on that for other products and you'll see something on that shortly."
It is currently unclear as to what product or products Cook could be referring to, but we could imagine that customers may soon be able to finance an iPad or a Mac over 24 months with their Apple Card.
Currently, the only way to finance a product other than the iPhone, when purchased directly from Apple, is to use the Barclaycard Financing Visa®, a creit card that Apple has partnered with to offer 18 month financing to its customers. Now that Apple Card is here, it wouldn't be surprising to see the company bring this financing in house and begin offering the benefit through its own card.