Tim Cook made several announcements during the release of Apple’s 2nd quarter earnings. One of the announcements he made was that Apple may be planning to launch Apple Card payment plans for devices other than iPhone. He also said that these payments will be interest-free.
During the Q&M portion of the earning’s call, there was a question about the potential for deferred payments with the Apple Card. He replied saying, as you know; Apple has launched payment plans on Apple Card for the iPhone. Now we are trying to work on payment plans for several other products.
Back in December 2019, Apple launched an interest-free installment plan for the owners for Apple Card. This was a 24-month installment plan. With this plan, the users can now purchase an iPhone and make the payments in the 24 months without any interest. Now Apple has plans to offer the same interest-free payments for purchasing other devices than iPhone.
Apple does not take interest unless the payment goes beyond the 24 months. Tim Cook did not give any more details but Apple might offer the same plans for products such as Mac or iPads.
Also, during this pandemic, Apple has launched an Apple Card Assistance program. With this program, the Cardholders can now skip the payments due in March or April without paying any interest charges.