Every time a new iPhone is launched, it sends its users in a frenzy. However, these are two different kinds of frenzies. On one hand many get excited hearing the news of a new iPhone and are eager to explore its new features. However, many others dread the arrival of the new device, because several features of their current device would be rendered unusable. This means that to keep using those functions, users would have to buy the newest version of the iPhone, whether they have the money for it or not. If you are stuck in a similar dilemma, Apple card monthly installments could prove immensely useful.
What are Apple Card monthly installments?
Apple Card monthly installments are essentially a service that is part of the features of the Apple Card. The Apple card functions on the iPhone device. You can access it in the Wallet App. By signing up on the app, you can start using it almost instantaneously.
To apply for an Apple Card, you would have to do the following:
- Open the Wallet app on the iPhone device.
- Click on the plus symbol and tap on the option- Apple Card. Then press – Continue.
- You will be directed to a page where you would be asked to fill out the information. The details you would have to fill out would include- Address, Birthday, Income details, and if you are in the US then you would also have to provide your Social Security Number.
- After providing all of the above-mentioned details, you would be asked to agree to the terms.
- Once you press- I Agree, the details you have provided would be provided to Goldman Sachs. Your application would be assessed in real-time and you would instantly know whether it has been approved or denied.
- The whole process takes only a minute or so.
- If your application is approved then you will be provided with an offer that would specify your initial credit limit, along with the applicable APR (Annual percentage rate). The APR usually falls in the range of 12.99% to 23.99%.
- 30 days will be provided to you during which you can contemplate and accept the offer. Your credit score will not be impacted until after you have accepted the offer.
- Your credit limit may vary depending upon your credit score. Therefore, a higher credit score would mean a bigger credit limit.
- Over time, as you would keep using the Apple Card, Apple can also raise your credit limit.
Receiving and using Apple Card
The digital Apple Card will be sent to you almost instantaneously on your Apple Wallet. Hence, your customers can begin using the card immediately. The physical card is usually sent to the user’s provided address within a few days. The Apple Wallet will send alerts, informing the user about when the card would be arriving.
- The Apple Card comes with the logo of Apple on the front. It will have your name on it, along with a chip. Logos of Goldman Sachs and MasterCard will also be visible on the card.
- Regardless of where you are shopping, on apple.com, Apple Store, or at an Apple Store app, all you have to do is select Apple card monthly installments as your preferred payment option.
- After selecting the option, you will be able to buy the product in installments.
- Your installments would be visible in the Wallet app. You can check your installments whenever you like.
- There are no additional fees involved with using Apple card monthly installments. You don’t have to pay a fee for exceeding the credit limit or pay any sign-up fee. Also, there are no annual and international fees.
What is the objective of the Apple Card?
Since it was first launched in August 2019, Apple Card was focused on providing consumers with a supportive tool that would help them to better manage their finances.
In comparison to the complex and lengthy process of the credit card application, the process of applying for an Apple Card is infinitely more simplified and streamlined. Apple has astutely resolved the complexity by making the entire process available on the phone itself. Therefore, users can apply for the Apple Card through their devices.
What are the eligibility criteria?
To be eligible for an Apple Card:
- You should be over the age of 18 years;
- You should hold a driver’s license or State ID if you are applying in the US.
- In the US, you would also require a US residential address.
- You are required to have an iPhone 6 or the newer version of running iOS 12.4.
- You would also require iCloud and an Apple ID.
You can apply for an Apple Card and use the Apple card monthly installments feature to purchase the newest iPhone on low, interest-free monthly installments.