On Wednesday, June 28th, Apple refreshed its Canadian website to reveal that it will start charging customers an interest rate for its iPhone, iPad and Mac financing.
Now, if customers decide to finance their new device through Apple, they’ll have to pay an APR for their term.
- iPhone: 7.99 percent APR for a 24-month term
- Mac: 4.99 percent APR for a 12-month term
- iPad: 4.99 percent APR for a 12-month term
A day later, Staples Canada has announced its new “Flex Plan” for Apple products, allowing customers to purchase Apple products with financing interests as little as zero percent APR. The program is powered by RBC Ampli Inc. and is available to all Canadian residents “over the age of majority” in their province or territory (except residents of Quebec).
Products eligible for the FlexPlan include the latest iPhone, Apple Watch, iPad or Mac.
It’s worth noting that Staples isn’t offering a flat 0 percent APR rate to everyone. The APR rate you pay likely depends on your credit history and how much you’ve currently borrowed. The APR can be as high as 9.99 percent.
The financing term will be 12 months for eligible Apple accessories, 24 months for iPhone and Apple Watch products, and 36 months for iPad and Mac products. Customers can also reserve a portion of their loan to be repaid at the end of the term, giving them the option to return their device and upgrade to a new one, or keep their device and pay off the remaining balance.
“Now more than ever, customers want options when it comes to how they pay,” said David Boone, CEO, Staples Canada. “This collaboration builds on our commitment to deliver flexibility to our customers, letting them select how they pay for the best in Apple technology in a way that suits their needs.”
For more information on Staples’ Flex Plan, click here.
Image credit: Staples