As stated on the site’s special financing page and as noted by Bloomberg, products that cost more than 300 yuan but less than 30,000 yuan are eligible for the installment plans.
The plans, which require a China Merchants Bank Co. credit card, may proceed for up to two years and may charge interest of up to 8.5 percent.
Under the new installment service of Apple’s Chinese online store, payments may be spread over three, six, 12, 18, or 24 months.
Zero interest is offered through Jan. 23 for customers who choose payments plans with 12 or fewer installments. Otherwise, a fee amounting to 6.5 percent or 8.5 percent is incurred for 18 installments and 24 installments, respectively.
Obviously, Apple has implemented these special financing options to attract more Chinese customers, whose purchasing power may not be enough for straight payments.
The cost of the iPhone 5, for example, is “equal to about six weeks’ pay for the average urban worker” in China, according to Bloomberg.