Apple Extends Zero Interest Apple Card Financing For Macs, iPods, More

Apple Inc. AAPL is giving cash-strapped consumers a reason to buy its products.

What Happened: The Cupertino, California-based tech giant has extended its zero interest option made available for purchase using Apple cards to Mac, iPad and eligible accessories. 

The company had earlier in December announced a zero interest financing option for iPhone purchases using an Apple Card.

For higher-priced products such as Mac and iPad Pro, Apple is offering 12-month financing with zero interest, while for lower-priced products such as Air Pod Pro and Air Pods, a six-month financing option is available. 

When lower priced accessories are bought along with big-ticket products, they qualify for a 12-month financing option.

Zero-interest financing us unavailable for Apple Watches. 

Purchasers are also eligible for 3% daily cashback.

Since the zero interest financing scheme is made available for Apple Card users, it is now applicable only to purchases done in the U.S.

Last week, Bloomberg reported Apple is planning to allow trade-ins for its Mac devices in exchange for credit to buy a new device or add up the balance to the Apple gift card.

Why It Matters: The COVID-19 pandemic has rendered consumers cautious, especially with respect to premium products, and Apple's move is seen as one that's being made to entice purchases.  

When Apple announced zero interest for iPhones last year, it was speculated that the company may be moving toward a subscription-based program for its hardware products, like Amazon.com, Inc. AMZN Prime.

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Photo courtesy of Apple.