Apple wants you to be able to get a new iPhone anytime your little heart desires one.
To attract existing smartphone customers that aren’t looking to drop $600 bucks at one time, Apple has introduced a new program called Trade Up with Installments which allows you to put the price of a trade-in towards reducing your monthly payments for a new iPhone, with payments starting as low at $15 a month.
One of the killer features of this plan is that you don’t even have to be trading-in an iOS device to get a reduced installment price. Android users can get up to $300 for their used devices. New iPhone customers who bring in a Galaxy S6, for instance, will get $290 towards the purchase of a new iPhone.
If you’re not ready to make a purchase just yet, smartphone users can also take their eligible device in-store and get instant credit (up to $350) from Apple.
Users interested in the Trade Up with Installments plan will fill out what is essentially a micro loan when they go to a physical Apple Store. The loan is handled by Citizens Bank, that will, if approved, purchase the phone on your behalf and setup monthly payments that are the strictly the price of the device minus the price of your trade-in.
Until you pay it off you’re renting the device so if you drop your iPhone out of a helicopter you still have to pay it off like you would had you bought it outright. If you’re looking to upgrade to a new iPhone before the 24 months of payments is up, you can simply pay off the balance and use the program to trade it in towards the cost of the iPhone 11s Plus.
The plan isn’t anything too radical for Apple just a combination of existing programs mostly, but combining generous trade-in offers with an installment plan that isn’t gouging cash-strapped customers is awesome to see.
Source: http://feedproxy.google.com/~r/Techcrunch/~3/HbA6yifnwwk/
