Apple has announced 0% interest financing for the Mac lineup, iPad, AirPods Pro, AirPods, Apple Pencil, and more.
Apple already offered a similar facility for the purchase of the iPhone for Apple Card users in December. This extension of the offer to related products of the company was indicated by Tim Cook in an investors’ call when Apple announced its latest quarter results.
The financing options vary according to the product. The heavier priced items like iPad Pro and Macs come with a 12-month interest fee option and smaller items like AirPods can be paid back in six equal monthly installments, obviously interest-free. The AirPods now can be bought at a payment of $41.50 per month and AirPods with wireless charging will cost you around $33. A 16-inch MacBook Pro will come at a monthly cost of $199.99 for 12 installments.
The Mac Pro will cost $499.91 per month and Pro Display XDR starts at $416.58 per month. There is an added attraction of 3 percent daily cashback with these purchases on the Apple Card.
There are some other items available under this scheme like the Magic Keyboard and Apple Pencil for 12 months with 0% interest. This may be a way to add sales of these items as consumers do not want to add to the cost of purchasing a high-cost item and put off buying the add ons.
Opt for Apple Card Monthly Installments at checkout to avail the offer and complete your purchase. Strangely Apple Watch is not a part of this 0% scheme.
How to buy with Apple Card Monthly Installments:
Select Apple Card Monthly Installments when you check out
Since you already have Apple Card, you’ll skip the application process
Complete your purchase
This financing scheme is available for United States residents only at the moment. The scheme will be rolled out to other countries later.
Currently, Apple is the world’s most highly valued company, with a market capitalization of $1.389 trillion could reach a valuation of $2 trillion in the coming four years, according to a research analyst at Evercore ISI.
A key element in this growth will be Apple’s growing services and wearable businesses. The analyst expects growth of nearly $60 billion with the expansion of Airpods and Apple Watch. Considering the 0 % interest offer, AirPods and other products are bound to see an uptick.
This brings us to question why Apple Watch was excluded from this offer.
Apple services have seen strong year-over-year growth of 17 per cent with a high revenue of $13.3 billion in the company's March quarter results this year.
The App Store, Apple Music, Video, cloud services, its App Store search ad business, AppleCare, Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card all have shown record returns in the last quarter.
Luca Maestri, Apple's CFO, confirmed that new services such as Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card are attracting new users with the addition of new content and features and aiding the growth of the overall service.
Apple now has over 515 million paid subscriptions across the services on its platform, up 125 million from a year ago.
The March quarter results of the company showed wearables, Home and Accessories segment record revenue of $6.3 billion, up 23 percent year-over-year.
Apple Watch is finding fresh customers across the world, with over 75 percent of buyers being first time purchasers, according to reports.