Apple Concludes Barclays Tie-Up Amid Focus On Apple Card Financing Plans

Apple Concludes Barclays Tie-Up Amid Card Focus

As it aims to focus on Apple Card product financing offerings, Apple concluded its Barclays Plc card tie-up ahead of upcoming device launches. Shoppers will no longer be able to apply for the card on the firm’s website or in brick-and-mortar shops beginning on Tuesday (Sept. 15), Bloomberg reported, citing a memo.

The tech company will reportedly guide customers to the Apple Card Monthly Installments plan, which was recently brought to fruition. That offering enables U.S. holders of the Apple Card to steer clear of interest payments for six months, one year or two years based on the kind of Apple device purchased.

Through the Barclaycard Visa arrangement, shoppers were able to buy the tech company’s merchandise interest-free  based on the amount of purchase. Users would receive six months without interest for Apple purchases of under $499, while they would receive the promotion for 18 months for purchases over $999.

Apple, which will unveil plans for a new tablet and two new smartwatches on Tuesday (Sept. 15), informed workers that those who currently have cards can continue utilizing them as a regular credit card.

The news comes as Apple has added a single-click payment option to its eCommerce store for Apple Card holders, providing customers with a simplified checkout experience. At the time, it was reported that any full-priced item on the Apple site will be available for use with the card and the one-click feature.

Apple registered its quarterly results on July 30, coming out ahead of analysts' estimates. All told, Apple registered overall net income of $11.25 billion or $2.58 a share, which marked an increase from $10.04 billion or $2.18 a share a year prior. Revenues rose to $59.7 billion from a year prior, exceeding analysts' estimates of $52.24 billion. The tech company also noted cash on hand of $193.82 billion at the conclusion of the period, up from the past quarter.



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.