Apple Card Monthly Payments: Everything You Need to Know

Apple is making it increasingly easy for people from all financial backgrounds to best iPhone for your needs. You can buy one, make monthly payments using the IPhone payment plan, get a new one every year on the IPhone Upgrade Program, and you can now buy one on credit with your Apple credit card. Here’s how it works and what you need to know to buy an iPhone with Apple Card monthly payments.

What exactly are the monthly Apple Card payments?

Monthly Apple Card Payments are an interest-free way to buy your new iPhone with payments spread over two years. If you have an Apple Card or plan to apply for one, you can finance your iPhone with Goldman Sachs. A fixed amount (depending on the iPhone you buy) will be charged to your Apple Card each month.

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There is no application to complete, no prior approval is required. If you have an Apple Card and your credit is in good standing with Goldman Sachs, you’re good to go. All you need to do is select the monthly Apple Card installments when purchasing your new iPhone.

How is it different from the iPhone payment plan?

The biggest difference between the two is that you need to be approved for the iPhone payment plan, but you are already approved if you have an Apple card. There are also a few more differences.

With iPhone Payments, you take out a loan from Citizens Bank. The Bank will perform a credit check on you (a smooth draw) to determine your eligibility.

With Apple Card Monthly Payments, you agree to pay the full cost of the iPhone by paying your credit card bill each month. If you buy the most expensive iPhone at, say, $ 60 a month, but only pay $ 30 a few months, you won’t be in trouble.

When you apply for an iPhone Payments loan, you need to select a carrier, although you will still get an unlocked phone. If you select Apple Card Monthly Installments as the payment method, you can buy an iPhone without a SIM card instead. You are also not locked in a specific carrier for two years. You can change operator at any time.

Which iPhones are eligible for Apple Card Monthly Payments?

The iPhone 2020 range includes:

  • iPhone 12 Pro and iPhone 12 Pro Max
  • iPhone 12 and iPhone 12 mini
  • iPhone SE (2020)
  • iPhone 11
  • iPhone XR

You can choose any of these phones without a SIM card or with AT&T, Sprint, T-Mobile or Verizon as the operator.

What about iPads? Mac? Apple Watch?

Yes, you can also use the monthly Apple Card payments to fund your next iPad, Apple Watch, or even Mac. Just select the Apple Card Monthly Payments option when checking out through the Apple Store app or online store.

Heard I can get the 3% cashback right off the bat

You heard that right. When you buy your iPhone (or any other Apple device) using the monthly Apple Card payments, 3% of the total amount of your purchase is immediately transferred to your daily money balance.

Of course, like anything you buy, this 3% is subject to any changes you make. If you return the iPhone, you will lose this cash back.

Can I buy an iPhone without a SIM?

You can! This is one of the things that makes this particular payment plan so interesting. You can either buy your iPhone without a SIM card or choose a carrier option when purchasing.

Can I change operator while paying my Apple Card monthly payments?

Absolutely. While you can choose a carrier when you first buy your iPhone with the Apple Card monthly installment plan, you don’t have to stay with that same carrier for the two years you pay for the iPhone. . It’s similar to buying an iPhone outright, except you don’t have to waste all that money up front.

Do I need to be approved for monthly Apple Card payments?

Only if you request an Apple Card. If you already have an Apple Card, there is no application or approval process.

With this in mind, your credit should be in good standing with Goldman Sachs. If you have a history of missed payments or have exceeded your credit limit, you may not be able to use Apple Card monthly payments.

What if my Apple Card line of credit is too low to purchase the new iPhone?

While you won’t put the entire iPhone balance on your Apple Card in one large purchase, the ability to use Apple Card monthly payments is subject to credit approval and limits for some devices. You should make sure that your credit limit is greater than the amount of the iPhone you wish to purchase before using this method, however, as you will only be charged a monthly amount (and not the full cost of the iPhone. ), you don’t need to always have the full amount available on your Apple Card.

What is the interest rate?

The interest rate for the Apple Card monthly payment plan is 0%. Keep in mind, however, that your Apple Card has its own interest rate. If you pay off the balance monthly, you’ll never pay interest. If you carry a balance from month to month, you’ll have to pay regardless of the interest rate on your Apple Card.

Will there be hard credit?

There is no credit approval process unless you apply for an Apple card. If you apply for an Apple Card, you will go through the standard credit approval process.

Who is eligible?

Anyone with an Apple card. The Apple Card is available in the United States for qualified applicants 18 years of age or older.

Can I trade in an old iPhone?

You can. Swapping out an old iPhone can lower the cost of your new iPhone, which in turn lowers your monthly fees.

The trade-in values ​​for your old iPhone are as follows:

  • iPhone SE – Up to $ 30
  • iPhone 6 – Up to $ 30
  • iPhone 6 Plus – Up to $ 50
  • iPhone 6s – Up to $ 80
  • iPhone 6s Plus – Up to $ 100
  • iPhone 7 – Up to $ 120
  • iPhone 7 Plus – Up to $ 250
  • iPhone 8 – Up to $ 170
  • iPhone 8 Plus – Up to $ 250
  • iPhone X – Up to $ 320
  • iPhone XR – Up to $ 300
  • iPhone XS – Up to $ 420
  • iPhone XS Max – Up to $ 500
  • iPhone 11 – Up to $ 350
  • iPhone 11 Pro – Up to $ 450
  • iPhone 11 Pro Max – Up to $ 500

What if I’m already enrolled in the iPhone Upgrade Program?

You cannot transfer payment from iPhone on your iPhone Upgrade Program plan to Apple Card Monthly Installment Plan. If you are in the middle of your 24 month contract on the iPhone Upgrade Program, I recommend that you terminate the program unless you are willing to pay what you owe for the iPhone on the Upgrade Program. iPhone in its entirety or complete two different installment plans at the same time (one for the iPhone upgrade program and one for the iPhone payment plan). The latter would mean you would have two phones.

Other questions?

If you have any additional questions about how Apple Card Monthly Payments work, please put them in the comments and we’ll find the answer and add it to this FAQ for you.

Updated October 2020: Update for iPhone 12 and iPhone 12 Pro.

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