Apple products are expensive, and they’re especially expensive in China, a country where Foxconn workers can’t afford the iPhones they make. To help make its devices more affordable for Chinese customers, Apple has started offering payment plans that range from 6-24 months. The plans are available for purchases between 300 yuan to 30,000 yuan, or about $48 to $4,825.
The 6-12 month installments are offered with 0% interest, while a 2-year payment plan comes with a 8% interest charge. Customers must be using China Merchants Bank to participate.
Bloomberg points out that the iPhone 5 costs 5,288 yuan in China, which is “equal to about six weeks’ pay for the average urban worker.”
This news is interesting given the fact that Apple is rumored to be introduce a low-cost iPhone for emerging markets (like China) later this year. These payment plans show how dedicated Apple is to making its products affordable in China, an area Tim Cook predicts will be Apple’s largest market.