Apple To Roll Out Installment Payment Plans For Apple Devices On Apple Card: Report

Apple CEO Tim Cook.

According to a report from Bloomberg, Apple is preparing to offer monthly payment plans for many of its products, including iPads, Macs, and Airpods, on the Apple Card. Bloomberg reports Apple will offer a 12-month interest-free payment plan for gadgets including the iPads, Macs, the Apple Pencil, and iPad keyboards, and six-month interest-free plans for the AirPods, HomePod, and Apple TV. Apple notably started a similar program for the iPhone last year, offering 24-month long payment plans Apple Card users.

Apple chief executive Tim Cook had previously said the company would begin to offer installment payment services for products beyond the iPhone but, however, didn't provide specifics. With such payment plans, Apple is apparently looking to boost sales of its products, which are usually costly. Such plans could also attract more users for the Apple Card, which the company released in partnership with financial services giant Goldman Sachs last year.

Periodical payment plans for gadget purchases are already popular with U.S. carriers, and Apple looking to tap into the market doesn't seem startling. It doesn't, however, seem that Apple is entering the market with an aim to make profits, given Bloomberg's report that its payment plans would be interest-free. It seems to be more of a play to attract more users to the Apple Card, and, in turn, other financial services offered by Apple.

Photo credit: Apple