Just in time for the highly-anticipated launch of its thousand-dollar iPhone X, it was discovered that Apple is offering customers an intriguing new option to pay for their next iPhone — regardless of whether its an 8, 8 Plus, X, or otherwise.
Dubbed “iPhone Payments,” the option can interestingly be found only when a customer clicks deeper into the “Show More Payment Options” sub-menu, or navigates to the dedicated iPhone Payments US page on Apple’s website.
The premise of iPhone Payments is simple, however, and it’s remarkably similar to Apple’s other 0% interest payment option — the original iPhone Upgrade Program launched back in 2015. Save for a few key differences, of course.
Whereas Apple’s standard iPhone Upgrade Program offers customers the option to spread out their payment over 24-months, allows them to upgrade after 12 payments, and includes a small surcharge for AppleCare+ Protection coverage, iPhone Payments will simply allow qualifying customers to purchase their device outright, in accordance with the same, interest-free monthly payments.
The main differences between iUP and iPhone Payments, therefore, is that with the latter you won’t be charged for or receive AppleCare+ Protection coverage (which runs $129 for 2-years, in itself), and you won’t be eligible to trade in and upgrade to a new device after 12-months, either. So essentially, you’ll be getting the same 0% interest for 24-months and a slightly lower monthly price due to the lack of Apple Care+ — and that’s about the size of it.
Of course, while iPhone Payments may seem like a basic, no-frills agreement to finance your new iPhone, it’s merely just another in a long list of ways to pay, like through iUP, or in accordance with a monthly installment plan through your wireless carrier.
To be fair, even though it doesn’t include insurance, we can only imagine a service like iPhone Payments coming in handy at a time like this — when people are literally trying to sell their bodily organs to procure enough cash to buy the latest gadgets.
Luckily, the only thing you’ll have to remember when buying your iPhone through iPhone Payments is to pay the bill on time — unless you’re game to incur interest at an astronomical rate, of course.