Apple launches interest-free credit - limited time only
Apple has introduced an interest-free credit method of payment across its UK site for purchases of £449 and above.
Between 2 December 2013 and 10 January 2014 payment can be spread over 10 months, meaning the £549 16GB iPhone 5s can be bought online for £54.90 a month.
Longer payment terms are available and customers can choose to pay over 24, 36 and 48 months but they will have to pay interest at an APR of 14.9%.
Finance will be provided by Barclays and items will be delivered within seven working days.
This is used to compare interest rates for borrowing. It is the total (or “gross”) interest you’ll pay over the life of a loan, including charges and fees. For credit cards where interest is charged at more frequent intervals, the APR includes a “compounding” effect (paying interest on interest). So for a credit card charging 2% interest a month (equating to 24% a year), the APR would actually be 26.82%.