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Apple Now Forcing iPhone 12 Financing Through Their Apple Card
The days of hassle free iPhone financing are over. You now have to apply for the Apple Credit Card if you want to finance a new iPhone through Apple.
iPhone 12 Announcement
Yesterday Apple officially announced the iPhone 12 and along with it came a new surprise: if you want to finance the purchase of an iPhone through Apple you must first sign up for the Apple Card.
What is the Apple Card
The Apple Card is Apple's version of a credit card with advanced software and money management features. The card itself is designed by Apple, made out of titanium, and issued by Goldman Sachs. Yes, it is a real credit card, but like everything Apple does or wants you to believe; it's different.
What Makes The Apple Card Different
How Does Financing Through The Apple Card Work
No interest financing isn't just limited to the iPhone. Apple Card Monthly Installments is the new way to purchase any eligible Apple product for zero percent interet over time. This is great news if you dont want to shell out the full amount upfront to buy a new iPhone or MacBook. However, just like any other credit card, you need to apply and be approved for the Apple Card.
What if I Don't Want to Apply for the Apple Card Can I Still Finance My Purchase Through Apple
The short answer is no, you cannot finance the purcahse of a new Apple product directly through Apple anymore. Apple is still offering interest-free financing but they have now tied this to the application and acceptance of their credit card to receive this benefit.
How to Finance an iPhone Without Applying for the Apple Card
You can still get interest-free iPhone financing without getting an Apple Card but you'll have to do it directly through a cellular carrier. Cellular network carriers such as Verizon and AT&T all require credit approval prior to installment agreements. This means that your credit score may be impacted by a hard credit inquiry from either Apple for the Apple Card or a cellular carrier.
iPhone Financing Options
What Are the Benefits of the Apple Card
Should I Apply for the Apple Card
You should apply for the Apple Card only if you don't mind having another credit card in your wallet and you will truly use the benefits of the card. Credit experts suggest having at least two to thrree credit cards but ultimately it's all about how you manage your personal credit. You can have 20+ open credit card accounts and still have an excellent credit score. Conversely, you could also have a poor credit score with that many open accounts. It's all about how you manage your debt-to-limit ratio; your credit card balances diveded by your total credit card limits across all your credit accounts. Make sure this number is below 30% to maintain a good credit score but somewhere in the neighborhood of 10% to have an excellent FICO score.