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Apple Card 12-month interest free

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NRB525
Super Contributor

Apple Card 12-month interest free

On the Apple Store, they offer 12-month interest free financing if you use the Apple Card to pay. 

When the financing is selected, does the full value of the product go on the card, with a stated payment on each statement, or is the monthly payment amount billed to the Apple Card each month?

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Message 1 of 13
12 REPLIES 12
Anonymous
Not applicable

Re: Apple Card 12-month interest free

Full charge is put on the card and installments are added to the minimum payment due each month. 

Message 2 of 13
NRB525
Super Contributor

Re: Apple Card 12-month interest free

So if you have this item, and other charges in subsequent months, one must calculate the minimum due, plus the new charges, to make a payment that avoids interest?

 

AMEX Plan It gives you a plan payment amount plus new charges. I wonder if GS Apple Card does that on the statement as well.

 

Considering closing out my ATT Next plan when the iPhone 12 comes out, to switch to Apple financing. It may be worth it just to see how the Apple Card funding works.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 3 of 13
Namaste7
Established Contributor

Re: Apple Card 12-month interest free


@NRB525 wrote:

So if you have this item, and other charges in subsequent months, one must calculate the minimum due, plus the new charges, to make a payment that avoids interest?

 

AMEX Plan It gives you a plan payment amount plus new charges. I wonder if GS Apple Card does that on the statement as well.

 

Considering closing out my ATT Next plan when the iPhone 12 comes out, to switch to Apple financing. It may be worth it just to see how the Apple Card funding works.


It's my understanding that Apple does something similar. You'll be able to see the payment due for the month that will include Apple financing payment plus the PIF charges to avoid interest.

 

 https://www.apple.com/apple-card/monthly-installments/

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Message 4 of 13
CreditInspired
Community Leader
Super Contributor

Re: Apple Card 12-month interest free


@NRB525 wrote:

On the Apple Store, they offer 12-month interest free financing if you use the Apple Card to pay. 

When the financing is selected, does the full value of the product go on the card, with a stated payment on each statement, or is the monthly payment amount billed to the Apple Card each month?


I received the 24-month interest free financing on my iPhone11Pro just last week. Double check that Smiley Wink


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Message 5 of 13
CreditInspired
Community Leader
Super Contributor

Re: Apple Card 12-month interest free


@Anonymous wrote:

Full charge is put on the card and installments are added to the minimum payment due each month. 


^^^ this


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Message 6 of 13
CreditInspired
Community Leader
Super Contributor

Re: Apple Card 12-month interest free


@NRB525 wrote:

So if you have this item, and other charges in subsequent months, one must calculate the minimum due, plus the new charges, to make a payment that avoids interest?

 

AMEX Plan It gives you a plan payment amount plus new charges. I wonder if GS Apple Card does that on the statement as well.

 

Considering closing out my ATT Next plan when the iPhone 12 comes out, to switch to Apple financing. It may be worth it just to see how the Apple Card funding works.


My purchase for a iPhonePro11 was $1,099 plus $74.94 tax. I've already paid the $74.94. The first installment payment is August 31, which is $45.79 for 24 months. If I make an additional purchase, and I do not want to pay any interest, I pay the monthly installment plus any amount over the $45.79.


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 7 of 13
Anonymous
Not applicable

Re: Apple Card 12-month interest free


@NRB525 wrote:

So if you have this item, and other charges in subsequent months, one must calculate the minimum due, plus the new charges, to make a payment that avoids interest?

 

AMEX Plan It gives you a plan payment amount plus new charges. I wonder if GS Apple Card does that on the statement as well.

 

Considering closing out my ATT Next plan when the iPhone 12 comes out, to switch to Apple financing. It may be worth it just to see how the Apple Card funding works.


Apple always has interest free payment options, I can't see that not applying to installments. It's very likely that's the default payment option. 

Message 8 of 13
Anonymous
Not applicable

Re: Apple Card 12-month interest free


@CreditInspired wrote:

@NRB525 wrote:

So if you have this item, and other charges in subsequent months, one must calculate the minimum due, plus the new charges, to make a payment that avoids interest?

 

AMEX Plan It gives you a plan payment amount plus new charges. I wonder if GS Apple Card does that on the statement as well.

 

Considering closing out my ATT Next plan when the iPhone 12 comes out, to switch to Apple financing. It may be worth it just to see how the Apple Card funding works.


My purchase for a iPhonePro11 was $1,099 plus $74.94 tax. I've already paid the $74.94. The first installment payment is August 31, which is $45.79 for 24 months. If I make an additional purchase, and I do not want to pay any interest, I pay the monthly installment plus any amount over the $45.79.


So they charge the tax separately from the financing? I suppose that means they do the same with AppleCare too. Did you get 3% for the taxes as well or just the device? If you only get it for the device purchase, the cash back math works out better for a card that earns 3% on charges from a carrier and that will factor into my decision in the fall. 

Message 9 of 13
CreditInspired
Community Leader
Super Contributor

Re: Apple Card 12-month interest free

I got the 3% on the entire purchase, tax included. 


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