Finance iPhones in Canada without credit card: Apple card

Finance iPhones in Canada without credit card: Apple card

Hey guys, today we discovered how to get any iPhone in Canada on installment without needing a credit card. Apple devices are popular gifts year-round, but the upfront cost can be a barrier. Here’s how Apple Card Monthly Installments can help you finance your next iPhone, iPad, Mac, or other Apple product interest-free.

Introduction to iPhone Installment Plans in Canada Without a Credit Card

In Canada, the desire to own the latest iPhone without the upfront financial burden has led to the emergence of various installment plans. These plans are a boon for those who lack a credit card or prefer not to use one for large purchases. Understanding these options can open doors to acquiring your dream phone without the immediate financial strain.

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Apple Card Monthly Installments: Your Guide to Financing Apple Products

It’s an Apple Card feature that lets you split the cost of Apple products into smaller monthly payments. You’ll get 3% Daily Cash Back upfront on your purchase, making it feel like a discount.

Finance iPhones in Canada without credit card: Apple card

How Does it Work?

  • You need an Apple Card with a credit limit high enough to cover the entire purchase.
  • Choose Apple Card Monthly Installments at checkout.
  • Your purchase will have its own installment plan (6-24 months) with no interest.
  • Only the cost of the Apple product is financed; shipping and taxes are charged upfront.
  • You can see estimated payment amounts and financing periods during checkout.

What Products are Eligible

  • iPhones and Apple Watches (24 months)
  • iPads and Mac Displays (12 months)
  • Apple TV, AirPods, and Beats (6 months)
  • Most Apple Accessories (12 months)

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My Experience (Positive)

I’ve financed three Apple devices using this feature: two AirPods and a Mac. The payments were manageable, and I earned cash back.

Finance iPhones in Canada without credit card: Apple card

Things to Consider (Cons)

  • Financing can affect your credit utilization ratio, potentially impacting your credit score (especially if your credit limit is low).
  • You need an Apple Card.
  • There might be better financing options with other credit cards offering welcome bonuses or longer interest-free periods.

The Verdict

Apple Card Monthly Installments are a great way to finance Apple products interest-free and earn cash back, especially if you already have an Apple Card and a high enough credit limit. However, compare it to other credit card offers before deciding.

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Important Reminders

  • Only finance what you can afford to repay.
  • Make extra payments if possible to reduce your overall cost.

Let me know your thoughts in the comments.

Related FAQ’s

Why should I make extra payments on my loan?

Save money on interest:┬áThe sooner you pay off your loan, the less interest you’ll pay overall. Extra payments go directly towards the principal amount, reducing your outstanding balance and future interest charges.

How much of a difference can extra payments make?

Even small extra payments can significantly reduce your total loan cost. Use an online loan calculator to see the potential savings based on your loan amount, interest rate, and extra payment frequency.

Can I get an iPhone on installment in Canada without a credit card?

Yes, it’s possible to get an iPhone on installment in Canada without a credit card. Many retailers and financing services offer alternative options such as Buy Now, Pay Later (BNPL) schemes, personal loans, and in-store financing plans. These alternatives can provide the flexibility to pay for the phone over time without the need for a credit card.

What are the eligibility requirements for getting an iPhone on installment?

Eligibility requirements may vary depending on the provider. Common criteria include being a resident of Canada, having a steady income, and passing a credit check or affordability assessment. Some financing options may require a down payment, while others might not. It’s important to check specific requirements with the provider you’re considering.

Are there any interest-free installment plans available for iPhones in Canada?

Yes, some retailers and financing companies offer interest-free installment plans for iPhones in Canada, especially during promotional periods or for specific models. These plans usually require you to pay off the iPhone in monthly installments over a set period, such as 12 or 24 months. However, it’s crucial to read the terms and conditions to ensure you understand any potential fees or penalties for late payments.

Are there any limitations on extra payments?

Some lenders might have minimum amounts for extra payments. Check your loan terms for any restrictions.


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