Save Now Buy Later (SNBL) startup Tortoise has launched an exclusive, limited-time reward for CRED users for the soon-to-be-launched iPhone in partnership with Imagine Store by Ample, one of India's largest Apple authorized premium resellers.

As part of the reward, CRED users will have an opportunity to win cashback vouchers ranging from Rs 5,000 to Rs 10,000 on the Tortoise savings plan for the upcoming iPhone, which can be combined with other card cashback offers available during the iPhone purchase. The promotion, a first for Apple product purchases, also includes a free iPhone charger and priority delivery of the newly launched iPhone.

"It’s a well-known fact that Apple fans eagerly wait for the launch of new devices and like to be the first to get their hands on the new iPhone. But currently, they have no other way of acting on their desire today apart from waiting for the launch announcement and then getting in line at the time of launch along with everyone else. The Tortoise savings plan is the only construct in the world that allows users to act on their desire to purchase the new iPhone ahead of its launch," Vardhan Koshal, Co-founder, Tortoise, said.

Founded in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala, Tortoise is a fintech app that encourages saving up for large purchases instead of buying on credit. The Tortoise app provides users with the ability to save up for their future purchases by creating a savings plan and earning rewards in the process.

To avail of the offer, CRED users need to create a savings plan on the Tortoise app and save up for their iPhone purchase to be eligible for the cashback and then purchase their desired model on Imagine’s Online Store. After their purchase, the Tortoise cashback will be credited directly to their bank account.

Tortoise’s offering comes in at a time when Apple CEO Tim Cook bets on the India growth story. During the company’s recent earnings call, Cook told analysts that there was “a near doubling of revenue in India” in the June quarter. Even in the services business, Apple posted all-time records last quarter in many countries including the US, Mexico, Brazil, Korea and India.

A few years ago, whenever Apple launched a new iPhone, hundreds of diehard fans would even rush to grey market sellers to grab the gadget at a high premium weeks before its official launch. However, over the past five years, Apple started launching its products in India soon after its global launch, which triggered thousands of pre-bookings.

The tortoise savings plan, available up to 10th August this year, will provide users in India exclusive benefits on the newly launched iPhone as people await to be the first ones to get their hands on the new series.