Buy now, pay later (BNPL) apps can help consumers finance everyday purchases like clothing, gifts and home decor without extensive applications and high interest rates.

T-Mobile, the only carrier that lets you earn 3% with your Apple Card, is offering up to $500 off any iPhone 13 model in return for financing and trading in an eligible device.

When it comes to a new iPhone, the interest rate for financing up to 24 months is 7.99%. For example, a 128 GB iPhone 14 that costs $1,099 in Canada can be financed in 24 installments of $49.70.

Apple Inc.’s entry into iPhone financing is starting to dislodge some customers from the biggest carriers and sending them shopping for cheaper, smaller providers like T-Mobile US Inc.