Apple to Introduce Monthly Payment Plans for iPad and Mac
Apple is working on introducing installments plans for customers to purchase iPads, Macs, Apple Pencil, iPad keyboards, AirPods, Apple TV, HomePod and Pro XDR Display monitor, using Apple Card. The company already offers an installment plan for iPhone purchase using an Apple Card.
As reported by Bloomberg, the new hardware installment plans will be rolled out over the coming weeks. It is possible that Apple might announce them at WWDC20. Customers will be able to buy products using their Apple Card in the United States, and split the payments over a time period to pay them off without any interest. The following installment plans will be available:
- Apple Pencil
- Smart Keyboard for iPad
- Magic Keyboard for iPad
- Pro Display XDR
- Apple TV
Apple had previously launched an iPhone financing plan for Apple Card customers, which allows them to pay it off with no interest over 24 months. As part of Apple Card, customers also get cashback on their purchase. Even customers who get education discounts will be able to take advantage of these plans.
Apple's credit card is only available in the United States right now, however, the company has partnered with banks all over the world, which allows customers to use existing credit cards to purchase products through installment plans. You can check Apple's Online Store to find out which banks and cards are supported in your country.
The company is also working on service bundles, which will allow customers to pay a cheaper price for a combination of services offered by the company: TV+, News+, Music, Arcade and iCloud. Announcement for the service bundles has been speculated since last year, however, iOS 13.5.5 code shows signs that the company is still working on it.
In the future, the company might offer hardware + services bundles too. Tim Cook had tackled a question regarding the possibility of bundles by a journalist during Q4 2019 earrings call:
And then if I could follow-up, just on the bundling of Apple TV+, I guess for you, Tim, this is really the first time we've seen a significant bundling of services offering and hardware offering. And I'm wondering if you view this as kind of a strategic advantage of Apple and whether we might see more hardware plus services offerings -- bundled offerings, and ultimately do you -- do you ever believe that your hardware itself might be offered as a bundled service.