The latest iPhone 11 models are no doubt tempting, but the high price tag slapped on the products is a turn-off for many. To remedy this, Apple is introducing an installment scheme that will charge the sticker price of purchase on the Apple Card at zero interest.
The offer will entail monthly payments that can be stretched up to two years, and the iPhone maker is hoping that with the promo buying an Apple product will be easier than ever.
Apple dubbed the campaign as "the smartest way to buy your next iPhone," as there is no need to pay upfront the whole price and the repayment is deemed lighter for buyers operating on a strict budget.
The company said the installment scheme is initially for Apple fans in the United States, and buyers can make the purchase online or through a physical Apple Store. Either way, incentives await those who want to try out the offer as there will be daily cashback that in normal days was set at 3%.
For the holiday season, the reward has been bumped up to 6%, and buyers can apply on the following Apple products - iPhone, AirPods Pro, MacBook Pro, and other listed items.
Online buyers without an Apple Card can apply for the service in the middle of their purchase, and they are assured that the application and approval will only take minutes. It is best, though, to apply for the card before starting on the shopping activities, Apple said, adding the same applies for buyers who visit an Apple Store.
In introducing this financing plan, it is obvious that Apple is looking to make its product offerings more accessible to a greater number of consumers, BGR said in a report.
It appeared too that the plan is Apple's immediate answer to the usual complaint that the iPhone, for instance, has become unreachable for most buyers. It's clear that the company is unwilling to implement a significant price cut and can only offer an alternative - by putting a cushion on the purchase by way of installment.
There was no mention on Apple's part if the financing scheme will find its way to other markets in the near future, although Apple products are already available for installment with the use of a credit card. Such a purchase, however, usually comes with interest passed on the buyer.
Apple CEO Tim Cook has recently hinted that the company is ready to accommodate buyers looking for an easier way to get a taste of the iPhone experience.
"We're cognizant that there are lots of users out there that want sort of a recurring payment like that," the same report quoted Cook as saying.
