Apple Card physical and virtualSource: Lory Gil / iMore

What you need to know

  • Apple's iPhone installment plan for Apple Card goes live today.
  • You can get a new iPhone with Apple Card, and pay it back over 2 years with no interest.
  • Right now Apple is running a 6% cashback offer on hardware which will also work with this deal.

Apple's new iPhone installment plan for Apple Card goes live today, which means you'll be able to purchase an iPhone and pay it off over 2 years with 0% interest.

As reported by TechCrunch, the new installment program is a slightly different way to buy an iPhone on financing. Apple announced the service during its October earnings call, where one of the cool features was the fact that the installment plan would work with the 3% cashback on offer with all purchases of Apple hardware made with Apple Card.

Right now, however, Apple is running a holiday deal that gets you double that, with 6% cashback on offer between now and December 31. So right now, you can not only purchase the iPhone on a 2 year, interest-free plan, you can also get 6% cashback!

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This installment plan is different in a number of ways to Apple's iPhone Upgrade Program. The emphasis of the iPhone Upgrade Program is the new iPhone, which you get every year in exchange for renewing the two-year plan. Apple's iPhone Upgrade Program also comes with AppleCare+, so your device is protected with an extended warranty, and a couple of instances of accidental damage for the cost of a small excess fee. Of course, both of these privileges are baked into the price of iUP, so whilst you might not get an upgrade or AppleCare+ with Apple Card's finance option, you aren't paying for them either.

With Apple Card's boosted holiday cashback, this December will probably be the best time to take advantage of this deal. Head on over to Apple's website for a full rundown of all the information you need to get started.

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