Apple bank and hometown bank joined forces to help consumers save for the holidays, as the iPhone maker revealed it will offer a free iPhone upgrade and a $50 bonus on a $100 purchase.
The new program, which will be available for a limited time on Nov. 29, is aimed at customers who may not be eligible for an iPhone upgrade, but have a “good credit history,” Apple said in a blog post Tuesday.
The bank will match customers with eligible iPhone customers who use the same number of minutes, texts, emails and calls each month, Apple said.
The $50 incentive will be offered to anyone who spends $25,000 in eligible purchases on the iPhone, including the iPhone 5, iPhone 5c, iPhone 6, iPhone 7, iPhone 8 and iPhone X.
Apple said customers can get a free phone upgrade by completing the “Best Buy Rewards Visa® Card and Paying with Visa®,” which are offered by the bank.
The Visa Card and Visa Paying With Visa cards offer additional benefits, including free credit monitoring, expedited payment processing and other benefits.
Apple will pay the $50 fee if the customer pays for the phone upgrade on the first purchase within 90 days of the end of the promotion.
The fee is waived if the cardholder pays for all of the upgrades on the same purchase.
Apple did not disclose a cash value.
Apple’s $50 iPhone Upgrade OfferA $50 cash reward on an iPhone Upgrade can be earned through participating Apple and Hometown bank accounts.
The offer is available only to eligible consumers who have made a $25 purchase on Apple.com, through Apple’s online store or through Hometown’s mobile app.
Apple said that the cash reward is earned each month for 12 months and is eligible for the following rewards:Up to $50 in Apple gift cards and Apple Pay credit toward eligible purchasesUp to a $500 Apple Gift Card and Apple PAY credit toward all eligible purchasesThe cash reward does not apply to purchases made on Apple Pay.
Apple also offers a free gift card, and a “free $50 Visa Gift Card” for anyone who has made $250 or more in eligible Apple purchases on Apple and through Htown Bank accounts, or who has $1,000 or more on Htown’s mobile wallet.
Hometown Bank customers can apply the $25 Apple Gift card for free to Apple Pay purchases made within the 12-month period, with the option to apply it toward eligible Apple and Apple-branded purchases within a 12-hour period.
Apple Pay accounts are available only through HTown Bank and Apple, but can be opened online or through a mobile wallet to apply the rewards.
Apple does not have a direct relationship with Hometown, but Apple’s $25 iPhone Upgrade offers will be shared with the bank if customers use the Hometown app to make purchases on or after Nov. 9.
Apple customers can enroll in the new $50 rewards program at the Apple Pay website and on Apple’s mobile apps.
Apple, which also announced a $2,500 Apple Pay card for those with $500 or more of eligible Apple Pay balances, is offering a $1 Visa GiftCard for eligible Apple, Apple Pay, and Apple Retail purchases made during the 12 months after the promotion ends.
Apple will pay any Visa Giftcard balance after that.
Apple is also introducing a $250 Apple Pay gift card for people who have $1.5 million in eligible payments on their accounts.
Apple announced the iPhone Upgrade Program in July and will start accepting credit cards in the U.S. on Sept. 25.
Apple says that the iPhone upgrade offer will begin at 9 a.m. ET Nov. 5.