Coming to Apple Card: Pay off your next iPhone for 24 months at... -3%?!

Apple Card physical and virtual
Apple Card physical and virtual (Image credit: Lory Gil / iMore)

What you need to know

  • Apple CEO Tim Cook has announced a new feature, coming to Apple Card.
  • Apple Card users will be able to buy the iPhone and pay it off over 24 months with 0% financing.
  • Yes, with 3% cashback.

During the company's Q4, 2019 financial results conference call, Apple's CEO, Tim Cook, announced a new feature coming to Apple Card in the future: The ability to buy the iPhone and pay it off over 24 months with zero percent (0%) financing.

Users of the Apple Card will also still get the usual 3% cashback for using the card for the purchase. Which — math! – kinda makes it -3% financing? (Don't quote me on that... I'm terrible at fractions!)

Cook also called Apple Card the most successful credit card launch in history. Whether you consider that hyperbole or not, Apple Card has been adding cashback options regularly and seems to be off to a very strong start.

At least in the U.S. Still no word on when or if it might become available in other geographies.

So, if you have an Apple Card, will you go for the new financing? If you don't, is the new financing enough for you to consider it?

Rene Ritchie

Rene Ritchie is one of the most respected Apple analysts in the business, reaching a combined audience of over 40 million readers a month. His YouTube channel, Vector, has over 90 thousand subscribers and 14 million views and his podcasts, including Debug, have been downloaded over 20 million times. He also regularly co-hosts MacBreak Weekly for the TWiT network and co-hosted CES Live! and Talk Mobile. Based in Montreal, Rene is a former director of product marketing, web developer, and graphic designer. He's authored several books and appeared on numerous television and radio segments to discuss Apple and the technology industry. When not working, he likes to cook, grapple, and spend time with his friends and family.

  • AppleCard should be 100% illegal until there’s a web portal you can pay from. Requiring an iOS device to pay means you can ruin your credit if you break and can’t pay to repair your phone. $299 to fix plus your actual card payment? I hope the FTC looks into this.
  • Not quite -3% financing. It’s not an APR. it’s just 3% cash back affecting the total amount one time. If it were -3%APR, you’re talking about a larger amount of money. But it’s only 24 months so it’s not a huge difference.