Apple card users will now be able to purchase the newest iPhone models with zero-interest over a 24 month period.
This Wednesday, Apple announced a new financial feature for iPhone users. In the next several months, Apple users will be able to purchase new iPhone models with zero percent interest for up to two years. Apple Card cardholders will be able to buy Apple products while avoiding traditional fees associated with credit card purchases. Moreover, the newest offer promises a 3% cashback after each iPhone purchase.
This could be a starting point for a new “Apple Prime” subscription model. This model would be designed on the same principles as Amazon Prime, providing fast and free shipping.
“Apple Prime” would integrate a variety of existing Apple tools and features, such as Apple Music, iCloud, Apple TV+, Apple News+, and Apple Arcade in one subscription model. Apple hardware subscriptions would allow users to bundle additional Apple services such as AppleCare when purchasing Apple hardware.
This comes as no surprise since Apple already provides a variety of cost-effective options. The company has already started with promotional plans for upgraded packages. For example, the existing student Music Plan now comes with Apple Music and Apple Plus features, while the monthly price stays at $5.
Apple trade-ins, one of the company’s promotions which has been on the table for a while now, allows users to buy the newest model of the iPhone for a much lower price. At the official promotion of the new iPhone 11, in September 2019, Apple announced a cost-effective solution for users who already have the latest version of the iPhone. Apple emphasized that the iPhone 11 could be purchased for only $399 instead of $699 if an iPhone 8 was traded in for it. On a monthly level, the costs of purchasing would be only $17. Trading in an iPhone X for iPhone 11 Pro would bring the monthly payment down to $25.