It's about the perks
Through the Apple Card Monthly Installments plan, you have more flexibility when it comes to carriers. At any time, you can change carriers even if the phone isn't paid in full. You can also buy the device SIM-free.
For
- No interest
- 3% Daily Cash
- No credit check if you already have an Apple Card
- Can change carriers at any time
Against
- Limited to the US only
- 24 monthly installments, can't upgrade until paid-in-full
Standard plan
The Apple iPhone Payments Plan allows you to purchase a new iPhone with 0% financing over 24 months. At the time of purchase, designate the carrier you want. You can only upgrade or change your carrier if the phone is paid in full.
For
- Ideal if you don't want to upgrade each year
- No interest
- Still available: 3% Daily Cashback with Apple Card, when applicable
Against
- Can't switch carriers for the life of the loan
- Requires a credit check
- Available only in the US
Ultimately, the choice between using the Apple Card iPhone Installation program or traditional Apple iPhone financing is flexibility. The former gives you the flexibility of not being tied to a carrier. Additionally, if you already have an Apple Card, there's no further credit check required. The more traditional option is like any other loan, requiring completing all payments before you can change carriers. It also requires a credit check similar to other loans.
Nearly the same
If you already have an Apple Card, your best choice is to buy your new phone with the card and take advantage of the installment plan option. With this selection, you also aren't tied to a carrier and can switch at any time. The more traditional Apple iPhone payment option limits you to one carrier for the life of the loan.
Regardless, the price is the same.
| Header Cell - Column 0 | Apple Card Monthly Installments | iPhone Payment Plans |
|---|---|---|
| Cost | Starting at $33/mo for iPhone 12 | Starting at $33/mo for iPhone 12 |
| Credit check | No (unless you're new to Apple Card) | Yes |
| Interest | Zero, same as cash | Zero, same as cash |
| Late fees charged | No | Yes |
| Loan length | Not a loan: 24 equal installments | 24 months |
| Upgrade time | After 24 payments (unless paid off early) | After 24 payments (unless paid off early) |
| Bank | Goldman Sachs Bank USA | Citizens One |
| Availability | US only | US only |
| Minimum age | 18 | 18 |
| AppleCare+ | Optional | Optional |
| Carrier | Not locked to carrier at any time | Locked to carrier |
| Eligible for Apple Card 3% Daily Cash | Yes | Yes |
| Devices you can buy with | iPhone XRiPhone SE (2020)iPhone 12 miniiPhone 12iPhone 12 ProiPhone 12 Pro Max | iPhone XRiPhone SE (2020)iPhone 12 miniiPhone 12iPhone 12 ProiPhone 12 Pro Max |
Using Apple Card installments to pay for your phone means you commit to paying 1/24 of your phone each month using your card. To do so, you must have enough spending ability in any given month to make the installment payment. The traditional payment plan shows up as a regular loan on your credit report. Each month, you make a payment, which brings down the total amount due. Neither program requires interest payments.
Looking for a carrier?
There are lots of iPhone carriers in the United States. Find the one that's right for you with ease.
A great solution
In the US only, you can elect to buy your new iPhone through Apple Card Monthly Payments. When you do, you don't need to select a carrier right away, and you can change carriers at any time. Still, you can't upgrade unless you make 24 equal payments.
Two years, one iPhone
The iPhone Payment Plan allows you to purchase a new handset using a traditional banking loan. Once the loan is paid, you can keep or sell it and switch carriers.
