Apple on Tuesday launched its own interest-free iPhone payment plan for the Apple Card. The plan is built into the Wallet app, and allows Apple Card users to split up the cost of a new iPhone over the course of 24 months. Each payment is added to the monthly Apple Card balance.
The program works in the same fashion that current smartphone payment plans work, only instead of having to make a payment to a third-party service as is the case with Apple's current iPhone payment program, you manage your entire account directly from the Wallet app on your iPhone.
Using your Apple Card for the purchase will also net you 3-percent cashback, all of which will show up in your Apple Cash account at the time of purchase. Through the end of the year, Apple has increased the daily cash amount to 6-percent on Apple hardware purchases.
To get the full cashback amount, you'll need to use your Apple Card to make a purchase in an Apple Store, Apple.com or through the Apple Store app.
You can read more about the new payment plan on the new Monthly Installments section on the Apple Card website.