2020 Apple MacBook Pro 13' Touch Bar, M1 Processor, 8GB RAM, 256GB SSD. £1,149.00 - £1,187.00. Product review details, This product has received, on average, 4.90 star reviews, There are. Get Apple TV+ free for 3 months. Interest Free Credit available over 36 months. 0% APR Representative. Although Apple introduced Apple Card financing for Christmas last year, up until now it’s been limited solely to iPhone purchases, providing interest-free payments over a 24-month installment plan.
View Apple Card Monthly Installments
- Open the Wallet app and tap Apple Card.
- Tap the more button .
- Tap Monthly Installments. If you have multiple monthly installment plans, tap the one that you want to see.
- Apple told staff it will offer the program interest-free for a limited time after the launch. The memo to employees indicated that the program will launch on August 11.
- Saturday June 6, 2020 1:51 pm PDT by Juli Clover. Apple plans to debut interest-free payment plan options for customers who purchase iPads, AirPods, Macs, and more using Apple Card, allowing them.
To see more details, tap Total Financed. You can also view Apple Card Monthly Installments online.
When you buy an eligible Apple product by choosing Apple Card Monthly Installments as your payment method, you'll get a 0% APR installment.1 After your installment purchase, you'll get a notification on the iPhone or iPad you use to help you manage your Apple Card Monthly Installment. You can tap the notification and unlock your device to see your monthly installment details. If you use your Apple Card to pay for that purchase all at once — instead of over time — your purchase will be subject to your standard purchase APR because you didn't choose an installment.2
Pay your monthly installment
Your minimum payment for Apple Card includes your Apple Card Monthly Installment. When you pay your minimum payment each month, you automatically pay the monthly installment for each of your installment plans.
Pay extra
To pay extra on your Apple Card Monthly Installments, you need to first pay your entire Apple Card balance. Then, to make an additional payment towards your installment balance, choose Pay Early. If you have multiple installments, your additional payment is applied to the outstanding balance of your oldest installment plan.
To Pay Early:
- Open the Wallet app and tap Apple Card.
- Tap the more button , then tap Monthly Installments. If you have multiple monthly installments, you see the balance for all of your monthly installments.
- Tap Pay Early, then tap Continue.
- Choose an amount to pay, then tap Pay Now or Pay later and follow the instructions on your screen.
If you don't pay a monthly installment, you aren't charged a fee or interest. To keep your account in good standing, pay your monthly installments on time as part of your Apple Card minimum payment due every month.
See your Apple Card Monthly Installment payment history
- Open the Wallet app and tap Apple Card.
- Tap Monthly Installments.
- If you have multiple Apple Card Monthly Installments, tap the device you want to view monthly installments for.
About Apple Card Monthly Installments
Apple Card Monthly Installments is an easy payment option. You can choose to pay for a new iPhone, iPad, Mac, or other eligible Apple product with Apple Card Monthly Installments — instead of paying all at once — in order to enjoy interest-free, low monthly payments.1 Just be sure to choose Apple Card Monthly Installments when you check out if you want to pay for your purchase over time at 0% APR. And you'll get 3% Daily Cash all up front when your device ships or when you buy a new device at an Apple store.
You can use Apple Card Monthly Installments to buy more than one device. Each new device that you buy has its own installment plan. The amount you finance for each device is subtracted from your available Apple Card credit. The number of devices that you can buy with Apple Card Monthly Installments is only limited by your available credit.
What you need
An Apple Card account with enough available credit to cover the cost of your new device.3
Make sure your device has the latest version of iOS or iPadOS, or macOS. On iOS 13.1 or earlier, you can't see your installment details and Total Balance includes the total amount you finance.4
Apple Card Family participants can make a purchase using Apple Card Monthly Installments if the account owner or co-owner has not set a transaction limit for the participant. If the account owner or co-owner has set a transaction limit for the participant, it must be at least equal to the total purchase price of the eligible Apple product. This includes tax and shipping.
How monthly installments are calculated
The total amount you finance for your new device is divided into interest-free monthly installments. Each installment is included in your Apple Card minimum payment and is due every month for the duration of the installment plan.
The total amount you finance increases if you buy an AppleCare+ plan. If you use Apple's Trade In program, your total financed amount decreases by the amount you get for your old device.
Taxes and shipping are billed to your Apple Card and are subject to your Apple Card variable APR. Taxes and shipping aren't included in your monthly installments.
Monthly installments and your Apple Card balance
Your Apple Card balance includes your monthly installment. If you use the payment wheel to pay at least your minimum payment due, your monthly installment is included.
When you get Daily Cash
When you buy a new iPhone, iPad, Mac, or other eligible Apple product with Apple Card Monthly Installments, you get 3% Daily Cash on the total amount you finance. This includes taxes and shipping charges.
You get your Daily Cash when your device ships or when you buy your device at an Apple store.
If you didn't set up Apple Cash, your Daily Cash accumulates and you can apply it towards your Apple Card balance.
When your monthly installments start
Apple Card Monthly Installments are billed to your Apple Card statement on the last day of the month. Your first monthly installment is billed at the end of the same month that your device ships or you pick it up at the Apple store.
If you return a device you bought with Apple Card Monthly Installments
When you return the device that you bought, the remaining monthly installments are closed and the Daily Cash that you received is charged to your Apple Card. The Apple Card Monthly Installment for the device you returned is credited up to the remaining amount of that installment balance. If there's a remaining credit, it's applied to your Apple Card account to cover other transactions you might have made.
- Apple Card Monthly Installments is a payment option available to select at checkout for certain Apple products purchased at Apple Store locations, apple.com, the Apple Store app, or by calling 1-800-MY-APPLE, and is subject to credit approval and credit limit. Variable APRs for Apple Card, other than Apple Card Monthly Installments, range from 10.99% to 21.99% based on creditworthiness. Rates as of April 1, 2020. If you choose the pay-in-full or one-time-payment option for an eligible purchase instead of choosing Apple Card Monthly Installments as the payment option at checkout, your purchase will be subject to the variable APR assigned to your Apple Card. Taxes and shipping are not included in Apple Card Monthly Installments and are subject to your card’s variable APR. See the Apple Card Customer Agreement for more information. Apple Card Monthly Installments is not available for purchases made online at the following special stores: Apple Employee Purchase Plan; participating corporate Employee Purchase Programs; Apple at Work for small businesses; Government, and Veterans and Military Purchase Programs. iPhone activation required on iPhone purchases made at an Apple Store with one of these national carriers: AT&T, Sprint, Verizon, or T-Mobile.
- Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch. Available for qualifying applicants in the United States.
- If your Apple Card application is approved with insufficient credit to cover the cost of your new iPhone, iPad, Mac, or other eligible Apple product, see what you can do.
- The interest estimator will not reflect that your Apple Card Monthly Installment Balance has a 0% APR if your device does not have iOS 13.2 or later. However, your periodic statement will accurately reflect the 0% APR on your installment balance. To access and use all of the features of Apple Card, add Apple Card to Wallet on your iPhone or iPad with the latest version of iOS or iPadOS.
There are finance options available for Apple products to help people afford them. Regular consumer options via a Barclaycard Visa and educational financing via a Capital One personal loan. But potential consumers might be left wondering, is it worth financing a piece of Apple hardware?
Apple’s products carry a price premium over other manufacturers. While a potential buyer might believe the quality of the equipment is there, that initial sticker shock makes it hard for some to pony up hundreds of extra dollars to get in.
Here’s how you can afford to buy an Apple computer:
- Use Apple 0% Consumer Financing
- Use Apple Education Financing
- Use Layaway
We lay out which is most cost effective below.
Apple Holds Resale Value
Apple laptops and phones are highly lusted after pieces of equipment. And while for many, the phones are a lifestyle options, many users are loyal to Apple’s laptops and desktops because they depend on them for getting work done. Whether it’s video editing or photography, creatives have been depending on Apple products for decades. Now many others who have found their phones to be excellent want to buy the laptops and desktops as well.
Some people question the value of Apple hardware. For some it’s almost akin to a religious war. But one thing is certain, no matter someone thinks about whether Apple hardware it holds its resale value. Used Apple products hold twice their value as non-Apple products.
This means that taking the time to finance Apple equipment might make sense to consumers. If they hold their value well and last, financing Apple products to get a better computer that will hold its resale value makes sense.
So how to finance an Apple computer?
General Consumers Financing an Apple Computer
Apple has teamed up with Barclaycard Visa to offer financing to any consumer that qualifies for the credit card. Applying for the Visa card will mean the applicant’s credit score gets a hard credit inquiry, which could knock their score down a few points. But the card offers a number of benefits to frequent Apple shoppers and benefits to financing through the credit card.
Read: 6 Surprising Ways to Hack Your Credit Score
The first benefit is that, depending on how much you spend at the Apple Store, you get a no-interest promo period to pay off the card:
Promo no interest period: | |
|---|---|
| 6 months | under $498 |
| 12 months | $499 - $998 |
| 18 months | $999 and over |
For example, that means anyone wanting to buy a $999 MacBook Air would have 18 months interest fee. That’s $55.50 a month paid to the credit over a year and a half without paying any interest.
It certainly takes the sting out of the higher initial Apple prices. And with 3X points for Apple purchases, frequent Apple buyers might need to pay close attention to this card anyway.
Educational Financing Through Capital One
For students, Apple has a finance plan through Capital One. It’s not a credit card you apply for, but a loan. The loan payments are spread out over 24 months for less than $1,099, or 48 months at $1,099 and up. So for a $1,099 laptop, the monthly payment would be $30-33 a month.
Unlike the interest-free credit card promotional period in the general consumer financing option, the Capital One loan has interest rates of 11.99% to 19.99% APR. That’s certainly not interest-free. In fact, the loan is appearing cheaper by taking longer to pay off. Sure a $1,099 loan is costing $30-33 a month, but over the life of the loan that means a total of $1240.38 spent due to the 11.99% interest (if you qualify for that lower rate). At 19.99% interest, the total cost of the loan is $1,342.30. That’s a very expensive 22% extra on top of the cost of the laptop due to financing.
The educational loan is, surprisingly, not a great deal. Students would be better off getting an Apple educational discount, which can be as much as 10%, and then applying for the regular consumer financing option through Barclaycard to then pay off the computer over an 18 month span.
Cost Comparison of Apple Financing with Barclaycard Visa vs Capital One Education Loan
Mac Credit Card
The extra cost of using the educational financing becomes quickly clear if you create a table looking at 24 month financing costs on Apple hardware:
Apple Mac Air Interest Free Credit
Capital One (at 11.9%) 24 months | Extra cost of laptop with educational financing: | |||
|---|---|---|---|---|
| Mac Mini ($499) | $499 | $563 | $609 | 12.8% - 22% |
| MacBook Air ($999) | $999 | $1,127 | $1,220 | 12.8% - 22% |
| MacBook ($1299) | $1,299 | $1,466 | $1,586 | 12.8% - 22% |
| MacBook Pro 13' ($1299) | $1,499 | $1,691 | $1,830 | 12.8% - 22% |
| Retina iMac ($1499) | $1,499 | $1,691 | $1,830 | 12.8% - 22% |
| MacBook Pro 15' ($2399) | $2,399 | $2,707 | $2,930 | 12.8% - 22% |
| Mac Pro ($2999) | $2,999 | $3,384 | $3,662 | 12.8% - 22% |
What About Financing an Apple Computer with Bad Credit?
No credit? Bad credit? It’s probably best to shy away from dinging a credit score down by applying for a credit card just to finance a laptop. If someone absolutely can’t bear with non-Apple equipment but can’t afford that upfront cost, then they should probably consider one of the oldest ways people have in the past afforded expensive items they couldn’t pay up front for: use a layaway plan.
Walmart, Sears and some other department stores offer layaway plans. These work by letting a customer put an expensive item aside and then make payments on it as they’re able until the item is paid off. There are some smaller fees, and some of them are limited to only the Christmas season. By asking around, it may be a way to break up the payments on an Apple device to make them affordable without getting into any kind debt.
But in general, if money is that tight, consumers might be better of looking at a Chromebook. At prices of $160 and up they might not hold their resale value or be as fully features as an Apple laptop, but they’re certainly going to fit the budget.
Sources:
Apple Financing: Consumer Finance – Apple.com
Apple Financing: Education Finance Plan – Apple.com
Apple Tax: Why Do Macs Hold Their Resale Value? – Makeusof.com
What Stores Offer Layaway – Makecentsof.com