Apple Card Monthly Installments needs more flexability

[CheesePuff]

The Apple Card Monthly Installments is a great feature of the card, but it really needs more flexibility with the product payment plans. For example, I purchased a $2300 iMac with it, and its payment plan is over 12 months, which is perfect.

But the new Apple Watch Series 6 can now be purchased in installments as well, but its over 24 months, which I think is ridiculous for such a small priced item. Compare that to the AirPods which are financed over only 6 months (with the AirPods Pro and Apple Watch SE being nearly the exact same price).

I wish they let you choose at checkout the products you are financing to payback at 6, 12, 18 or 24 months.

 

[chabig]

You can pay more than the minimum. If your 24 month payment is $20 and you want to pay off the item in six, pay $80 every month.

 

[CheesePuff]

You can pay more than the minimum. If your 24 month payment is $20 and you want to pay off the item in six, pay $80 every month.

I understand that, but I think its silly they have set periods that cannot be changed, and that make no sense. Why wouldn't the iMac be 24 months and the Apple Watch be 12 (or even 6)?

 

[chabig]

Why complicate things with different terms for different products?

 

[CheesePuff]

Why complicate things with different terms for different products?

..which is exactly what they are doing as it stands right now. Why do $249 AirPods Pro have a 6 month plan, but a $279 Apple Watch SE have a 24 month plan? Makes zero sense.

 

[chabig]

I didn’t realize that.

 

[compwiz1202]

..which is exactly what they are doing as it stands right now. Why do $249 AirPods Pro have a 6 month plan, but a $279 Apple Watch SE have a 24 month plan? Makes zero sense.

Yea why isn't it just like most places and as the price rises, the term also rises? Possibly with the airpods vs watch they deem the watch more essential so they give a more generous term. Or they know the watch is a path to more purchases so they want as many as possible to be able to get one.

 

[CheesePuff]

Yea why isn't it just like most places and as the price rises, the term also rises? Possibly with the airpods vs watch they deem the watch more essential so they give a more generous term. Or they know the watch is a path to more purchases so they want as many as possible to be able to get one.

All I wish is that at checkout you could chose the term length between 6 - 24 months, that would be perfect.

 

[MrKennedy]

Goldman may have played a part in determining the terms for each product category.

 

[4sallypat]

Agreed that you should be able to choose the length of repayment terms.

I just had a major car repair and put it on my Amex card which I then chose a 6 month plan to repay.
Amex Plan It offers many choices - I could have chosen the longer term but I could afford more so I chose the least number of months.

 

[MrKennedy]

Agreed that you should be able to choose the length of repayment terms.

I just had a major car repair and put it on my Amex card which I then chose a 6 month plan to repay.
Amex Plan It offers many choices - I could have chosen the longer term but I could afford more so I chose the least number of months.

I've used Amex Plan It once, and it was a promo with no fee. Depending on what fee they assign and the duration of the plan, you may end up paying more than what the interest would've been had you carried a traditional balance. Always check the math!

Glad it worked out for your car repair. Those can be pricey!