Apple Payment Plan vs. 0% CC

DecJW

Hi all,

So through a lot of analysis and number crunching, I've finally decided to ditch my pay monthly plan with EE (contract is up next month) and go SIM Only instead, and to purchase a new iPhone through the Apple Store itself.

With their payment plan, a new phone can be paid off with 0% interest over 20 months. Great compared to a monthly plan with a carrier!

However, the thought crossed my mind earlier of whether it would make any difference at all at getting a 0% credit card, buying it outright on that (includes the ability to pre-order then as well!) and paying off the exact same monthly payments to clear the CC via DD.

I have 1 credit card currently, which gets paid off IN FULL every month via DD. I've never missed any payments on anything and have a squeaky clean record.

So my question is, does it make a difference which option I go down in reference to credit reports and future financial opportunities? Does having a CC which isn't paid off in full every month (minimum is met though) look worse than a credit agreement with a store company (Apple) where it is paid off completely after the 20 months? Effectively, is there any difference between these options?

Many Thanks!
Dec

[Deleted User]

It would make little difference.

The advantage of a card is that it would be slightly easier for you to overpay.

DecJW

Indeed that was a thought, thus helping to clear if faster if funds allowed.

I suppose my initial confusion would be whether a lender would see a phone payment as a "normal" thing whereas a CC could be used for absolutely anything and thus could have an air of doubt of what it's being used for. Then again, I doubt they really care what you use it for!

Thank you very much!

speedyrite

For info, if you take out the Apple Payment Plan it will show up on your credit report as a Personal Loan account with Barclays Partner Finance.

Anthorn

DecJW wrote: »

Hi all,

So through a lot of analysis and number crunching, I've finally decided to ditch my pay monthly plan with EE (contract is up next month) and go SIM Only instead, and to purchase a new iPhone through the Apple Store itself.

With their payment plan, a new phone can be paid off with 0% interest over 20 months. Great compared to a monthly plan with a carrier!

However, the thought crossed my mind earlier of whether it would make any difference at all at getting a 0% credit card, buying it outright on that (includes the ability to pre-order then as well!) and paying off the exact same monthly payments to clear the CC via DD.

I have 1 credit card currently, which gets paid off IN FULL every month via DD. I've never missed any payments on anything and have a squeaky clean record.

So my question is, does it make a difference which option I go down in reference to credit reports and future financial opportunities? Does having a CC which isn't paid off in full every month (minimum is met though) look worse than a credit agreement with a store company (Apple) where it is paid off completely after the 20 months? Effectively, is there any difference between these options?

Many Thanks!
Dec

Been a while but I was rejected by both PayPal Credit and Barclays for the Apple payment plan so I bought my iPhone 7 with a credit card. Most likely related to the personal loan aspect of Apple payment plan because I've always found obtaining a personal loan a lot harder than obtaining a credit card. Go figure.

No difference to your credit history if you pay the statement balance in full every month or run up a balance. The point is that you adhere to your credit agreement and a minimum payment flag does show that you are doing that.