Apple just announced four new iPhone 12 models and some are available for preorder starting this Friday, October 16. If you're looking to buy a new iPhone and want the latest and greatest model, you should consider how you plan on paying for it.
A new iPhone isn't cheap and will cost you upwards of $799 with the top-tier iPhone 12 Pro Max starting at $1,099. In order to pay for your new phone, consider using a rewards card and/or a card with an introductory 0% APR on new purchases. Your purchase can even put you one step closer to earning a generous welcome bonus.
CNBC reviews the cost of the new iPhone 12 models and the best credit cards to use for your purchase.
Here’s a breakdown of how much each iPhone 12 model costs:
3% cash back on goods or services purchased directly from Apple (including Apple retail stores, the Apple online store, the App Store, iTunes, Apple Music and other Apple-owned properties) on Uber and UberEats, at Walgreens and Duane Reade stores, on the Walgreens app and on Walgreens.com, in T-Mobile stores, at Nike, at Exxon and Mobil stations and at Panera Bread, 2% cash back on Apple Pay purchases and 1% cash back on all other purchases
10.99% to 21.99% variable
Perhaps the most obvious choice is the Apple Card, which offers 3% cash back on goods or services purchased directly from Apple. You'll be able to earn 3% cash back on your new iPhone 12 which can be around $21 for the iPhone 12 mini and over $33 for the iPhone 12 Pro Max.
You can also purchase your new iPhone through Apple Card Monthly Installments and pay for it with equal payments over 24 months. There are no interest charges with the monthly installment plan and you'll receive your 3% cash back on the purchase price of your new iPhone up front. Learn more about Apple Card Monthly Installments.
5X points on Lyft rides through March 2022, 2X points on travel and dining worldwide, 1X points on all other purchases
80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $1,000 toward travel when you redeem through Chase Ultimate Rewards®
15.99% to 22.99% variable on purchases and balance transfers
Either $5 or 5% of the amount of each transfer, whichever is greater
The Chase Sapphire Preferred® Card is offering its highest ever 80,000-point bonus after you spend $4,000 within the first three months from account opening. The 80,000 points are worth up to $1,000 toward travel when you redeem through Chase Ultimate Rewards® or on grocery store, dining and home improvement purchases with Pay Yourself Back.
You can charge your new iPhone to this card and get one step closer to earning the welcome bonus. And if you plan on buying multiple iPhones for family members, you can earn the bonus even faster. You'll need to meet certain eligibility requirements to qualify for the bonus, such as not being a current account holder on any Sapphire card.
5% cash back on two categories you choose quarterly (on your first $2,000 in combined eligible net purchases each quarter, then 1%); 2% cash back on one everyday category; 1% cash back on everything else
$200 after you spend $500 within the first 90 days of account opening
0% APR for the first 12 billing cycles on balance transfers
13.99% to 23.99% variable*
3%, minimum $5
2% to 3%
*See rates and fees, terms apply.
The U.S. Bank Cash+™ Visa Signature® Card allows you to choose which two bonus categories you earn 5% cash back in each quarter, up to $2,000 in combined eligible net purchases, then 1%. The electronics stores category includes Apple Store in-store and online purchases, so you can earn up to 5% cash back on your iPhone 12 purchase.
This card can earn you 2% more cash back than the Apple Card. If you purchase the iPhone 12 Pro Max, you can earn around $55. Keep in mind that you'll need to select the category prior to buying your new iPhone.
Information about the Apple Card and U.S. Bank Cash+™ Visa Signature® Card has been collected independently by CNBC and has not been reviewed or provided by the issuer prior to publication.