Apple is offering monthly payment plans to customers in China via a China Merchants Bank card, reports the Financial Times.
Anything that costs more than Rmb300 ($48 USD) can be purchased on credit. Monthly plans of 3, 6, 12, 18, or 24 months are being offered via a China Merchants Bank card. The 3, 6, and 12 month plans are interest-free; however, the 18 month plan has a 6.5% interest rate and the 24 month plan has a 8.5% interest rate.
The service is similar to Apple's offering in the U.S. which partners with Barclays but has a higher minimum purchase and quicker repayment schedule.
It's thought that the move could help Apple penetrate further into the Chinese market where its products are difficult to afford for many.
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Anything that costs more than Rmb300 ($48 USD) can be purchased on credit. Monthly plans of 3, 6, 12, 18, or 24 months are being offered via a China Merchants Bank card. The 3, 6, and 12 month plans are interest-free; however, the 18 month plan has a 6.5% interest rate and the 24 month plan has a 8.5% interest rate.
The service is similar to Apple's offering in the U.S. which partners with Barclays but has a higher minimum purchase and quicker repayment schedule.
It's thought that the move could help Apple penetrate further into the Chinese market where its products are difficult to afford for many.
Read More