The economic crisis stemming from the coronavirus pandemic has hit countries all over the world, costing millions of jobs and putting a freeze on a lot of non-essential spending, like upgrading your old phone or computer. Apple knows this, and that’s presumably why it’s reportedly planning to launch an installment program for its products.
Bloomberg reports that Apple is planning to roll out this monthly installment program—which will be tied to its Apple Card credit card, issued by Goldman Sachs—over the next few weeks. The service will let customers buy a product through Apple and split the cost over several months with interest-free payments.
The Bloomberg report states that Apple will offer a 12-month, interest-free payment plan for iPads, Macs, Apple Pencils, iPad keyboards, and Mac XDR Display monitors. Meanwhile, AirPods, Apple TVs, and HomePods will be offered at zero interest for six months.
The program aims to increase enrollment for the Apple Card and boost sales of Apple products by letting users split the cost over time, according to Bloomberg report. Installment payments will be added to a customer’s monthly Apple Card bill and will be managed through the Wallet app.
Of course, Apple isn’t the only company that offers payment installment programs to pay for products. Cell phone carriers also offer this service. However, Apple’s program would allow customers to use an installment plan to pay for a wide variety of its products.
Apple, like many companies, has been impacted economically by the coronavirus pandemic. In February, it announced that it did not expect to meet its own revenue guidance for the March quarter because the worldwide iPhone supply had been temporarily constrained by the health crisis. This also affected demand for its products in China, Apple said.
“In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response,” Apple CEO Tim Cook said during the announcement of the company’s second quarter results.
Apple also hasn’t stopped releasing new products during the health crisis. The company has launched its new MacBook Pro, MacBook Air, iPad Pro, Magic Keyboard, Powerbeats, and the iPhone SE. And we still haven’t seen the new iPhone 12 that’s expected this fall.
If any of those gadgets sound appealing to you, rest assured, as it appears Apple is making every effort to make sure you can still buy them one way or another.