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The company quietly implemented the move in the country, effectively removing its interest-free financing option for up to 24 months. With this, customers in Canada will now be forced to observe Apple’s new interest rate policy when purchasing devices via financing options.
Apple did not formally announce the change, but it noted the new interest rate on its financing page in Canada. According to the company, interest rates for financing purchases will now range from 4.99% to 7.99% APR. Specifically, the former will be observed for iPad or Mac purchases, while the latter will be applied for iPhone financing purchases for up to 24 months.
The implementation of the new interest rates comes as Apple continues to prepare for the release of its new iPhone 15 line. According to reports, high demand for the upcoming flagship series is expected, with the Cupertino giant wanting to have around 85 to 90 million iPhone 15 units to prepare for this. The company also reportedly plans to stock iPhone 15’s first batch in July. Apple seems also to be preparing for the upcoming stream of customers by upgrading its current iPhone XS point-of-sale system with iPhone 14.
However, alongside this preparation for iPhone 15 release, Apple has also been making significant changes related to its retail business. Aside from the new interest rate policies in Canada, the company also recently decided to start requiring carrier connection for iPhones that will be purchased through its Apple Card Monthly Installments (ACMI). Here, the company says it will begin requiring a connection with AT&T, T-Mobile, or Verizon for every iPhone purchase starting in August. This will be applied to all iPhone purchases everywhere where ACMI is accepted. Also, the company is changing its ACMI installment policy for new Apple Watch purchases, slashing its term from 24 to 12 months.