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Interest-free Installments For IPhone From Apple Card

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Apple unveiled a new feature for the Apple Card, enabling cardholders to buy a new iPhone in 24 monthly installments without paying interest.

In October, during Apple's earnings call, CEO Tim Cook had announced the tech giant's plans to introduce this feature.

The Apple Card, Apple's first credit card, was introduced by the tech giant in March this year in partnership with Goldman Sachs and Mastercard. The card was rolled out to all U.S. customers in August.

The iPhone can be purchased by Apple Card customers online at apple.com, in the Apple Store app, or at an Apple store. Customers can trade in their old iPhone for a lower purchase price.

Customers who already have an Apple Card are not required to fill out an additional application to purchase an iPhone. Those who do not have it can apply from the Apple Wallet app on the iPhone.

Apple said the monthly installment payments will be automatically added to the cardholder's minimum payment due on his Apple Card, so customers will have only a single payment to make each month.

Apple will offer 6 percent cash back on purchases at its retail stores made from December 10 through December 31 2019 using the Apple Card, instead of the usual 3 percent cash back on Apple purchases.

The daily cash on the purchase price of a new iPhone will be automatically added to the Apple Cash card in the Wallet app.

Usually, Apple rewards customers with 3 percent daily cash on all purchases made directly with Apple, 2 percent cash back on Apple Pay transactions, and 1 percent cash back on payment with the physical card.

The interest-free installment program is different from the existing Apple Upgrade program that remains available for customers who do not have an Apple Card.

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