Apple has ceased to provide interest-free financing for purchases of new iPhones, iPads, and Macs in Canada. As reported on Reddit, the change came into effect earlier this month. From now on, Annual Percentage Rates (APR) will range from 4.99% to 7.99% for these products, payable over 12 or 24 monthly installments.
Apple provides an example where a customer who purchases an iPhone for $1,099 would make monthly payments of $49.70 over 24 months. Over this period, the customer would end up paying a total of $1,192.79, which includes $93.79 in interest charges.
The new financing rates offered are as follows:
- iPhone: 7.99% for 24 months
- iPad: 4.99% for 12 months
- Mac: 4.99% for 12 months
This alteration in policy comes after Apple’s financial partner, PayBright, was acquired by Affirm in 2021. Apple’s website now states that financing is provided by Affirm.
It’s worth noting that many of Apple’s financing schemes available in the U.S. are not accessible to customers in Canada. These include Apple Card Monthly Installments, Apple Pay Later, and the iPhone Upgrade Program.
Thus, Canadian customers are left with limited options, with Affirm being one of the few remaining choices.