One of the main criticisms of Apple over the years, and specifically since the launch of the iPhone, is their expensive product strategies. It has certainly worked for them, nonetheless, but they may make affording their products easier soon. No, the devices won’t be getting any cheaper, but Apple will reportedly soon allow you to pay for its products over time with no interest.
According to Bloomberg, Apple Card holders will have the option of monthly instalment plans on Apple products.
If you have an Apple Card, the company will offer you 12 month payment plans on products like Macs, iPads, display monitors, and other peripheral devices, such as iPad keyboards and the Apple Pencil. For less expensive products, like the Apple TV, HomePod, and all the AirPods models, there will be a 6 month payment plan. All of these offers will be interest free, as stated before.
As Apple expands its product line-up, the new payment options will allow more customers to buy into the Apple ecosystem. It will also entice new customers to take-up the Apple Card, a long-term strategy from Apple to build a robust financial services business.
Customers will have the ability to manage these purchases through their Wallet app on the iPhone.
Of course, the success of such a change will depend on whether or not customers are able to access the Apple Card in the first place. Apple’s risk appetite may not be at the level of the big banks, with many people saying they weren’t accepted for the Apple Card where they found it easy to get another credit card.
Nevertheless, Apple making their products more accessible could benefit the bottom line to a great extent. The much anticipated ‘cheap’ phone, the iPhone SE, is performing well and should be an indication that there is appetite for a lower upfront cost for its products.