Apple

Apple Preps Installment Pay Plans On Apple Card

Buyers of Apple products will soon have the ability to pay for those products, including iPads, Macs and AirPods, in monthly installments using the Apple Card.

The tech giant, planning to introduce the service over the next few weeks, will allow buyers to split up the payments in an interest-free manner, according to Fortune, which spoke to people familiar with the matter.

Specifically, there will be 12-month interest-free plans for iPads, Macs, the Apple Pencil and iPad keyboards, as well as the Mac XDR Display monitor, while AirPods, Apple TV and HomePod products can be accessed with six-month plans.

Apple’s idea is to help spur interest and sign-ups for the Apple Card, the joint venture the company launched with Goldman Sachs to launch a credit card. The program will also be compatible with Apple’s educational discounts, according to sources interviewed by Forbes.

The Apple Card was launched in August of 2019, and the company has since been introducing new features and deals. When the coronavirus pandemic came down in March of this year, the company decided to defer payments on the cards to help customers struggling due to job losses and the economic instability.

And Apple teamed with Walgreens earlier this month in order to provide a new $50 bonus for the Apple Card, which can be accessed in Daily Cash if the user spends $50 at a Walgreens within 30 days of signing up for the card in June of 2020.

Apple Card holders can also access 3 percent cash back deals at Walgreens, as well as other companies like Nike and Uber.

In April, Apple CEO Tim Cook said on the second-quarter earnings call that the company would be looking at the installment program for other Apple products besides the iPhone, though he offered no specifics at that time. Apple spokespeople had no comment to Forbes, the site said.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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