Apple Launches New Trade Up With Installments For More Affordable iPhones

By Ellen Fraser, | February 22, 2016

Apple's Trade Up With Installments is only available in the United States, and can only be accessed through Apple Stores.

Apple's Trade Up With Installments is only available in the United States, and can only be accessed through Apple Stores.

Apple Inc. is now offering a new program called Trade Up With Installments, allowing customers to stop using old iPhone and upgrade to a new one.

Trade Up With Installments plan is designed for users of the iPhone 4, 4s, 5, 5c, 5s, 6, and 6 Plus. The cost of upgrading is made even more affordable when users trade in an older device, whether it be an iPhone, a damaged iPhone, an Android smartphone, or even a Windows Phone. This Apple’s new program is a hybrid of its pre-existing upgrade program and the company’s reuse and recycling program, BGR reported. 

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As of the moment, on the normal iPhone Upgrade Program, customers can pay about $32 a month for a brand new iPhone 6s on a two-year agreement with an annual trade-in option.

If the customers are trading in an iPhone in good working condition, the payments range from about $15 to $35 a month, depending on how many models they jump up to. If they are switching from the iPhone 4 to the 128GB iPhone 6S Plus, for instance, they need to pay $35.37 a month. But if they are moving from an iPhone 5 to an iPhone 6, $14.54 is the monthly payment.

Apple will also accept certain Android and Windows phones for trade-in. The credit they can receive ranges from $100 to $300.

The monthly fee is calculated by subtracting the trade-in credit from the price of the unlocked iPhone, and then dividing that number into 24 payments, according to MacWorld. It is worth noting that there is no interest involved, and AppleCare+ is not included. If the customers would like to get AppleCare+, they are required to pay for it up front. Also, the Trade Up With Installments plan does not allow consumers to upgrade to a new iPhone every 12 months. 

Interested clients in the Trade Up with Installments plan need to fill out a micro loan when they go to a physical Apple Store. The loan is handled by Citizens Bank, and if it is approved, they will purchase the phone on the client’s behalf and setup monthly payments that are the strictly the price of the device minus the price of their trade-in.

Currently, Trade Up With Installments is only available in the United States, and can only be accessed through Apple Stores.

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