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Apple has quietly made changes to its financing options for customers purchasing new products in Canada. Previously, customers could enjoy interest-free financing on select devices for a certain period of time. However, according to recent reports by Reddit users, the Financing and Credit webpage on Apple Canada’s website has been updated, indicating the end of the 0% interest offer. The new financing terms now include interest rates ranging from 4.99% to 7.99% APR.
In the past, Canadian customers had the opportunity to finance an iPad or Mac interest-free for up to 12 months, while a new iPhone could be financed for up to 24 months with no interest charges. With the latest changes, customers will now face an interest rate of 4.99% when financing an iPad or Mac. As for the iPhone, the interest rate for financing over a 24-month period has increased to 7.99%.
To illustrate the impact of these changes, let’s consider the example of a 128 GB iPhone 14 priced at $1,099 in Canada. Under the new financing terms, customers can choose to pay for the device in 24 installments of $49.70. However, by the end of the financing period, the total cost will amount to $1,192.79, including $93.79 in interest charges. It’s important to note that the financing itself is provided by Affirm, not Apple. Additionally, Apple specifies that certain accessories are not eligible for financing.
Meanwhile, in the United States, Apple offers its own financing solution through the Apple Card. This solution is interest-free and extends to devices such as the Apple Watch and various accessories. Furthermore, customers who purchase products using the Apple Card can enjoy a 3% cashback, even when paying in installments. However, Apple has discontinued its financing option for customers who choose to purchase a SIM-free iPhone.
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As of now, the new financing rules for Apple products in Canada are effective for all new purchases. These changes mark a departure from the previous interest-free financing terms that Canadian customers had come to expect from Apple. While the company has not provided an official statement regarding this adjustment, it is clear that customers will now need to consider the impact of interest charges when financing their Apple devices in Canada.