There is a new way to buy an iPhone at your local Apple Store, as the company has rolled out a new “Trade Up With Installments” program that combines its existing iPhone Upgrade Program and its usual trade-in offers.
What the ‘Trade Up With Installments’ offers is a reduction of that monthly fee, in exchange for a trade-in of your existing smartphone. For example, you can trade in your current iPhone 6 to get a new iPhone 6s with a 2-year payment plan of $15/mo. What’s interesting is that you can trade in an Android device, not just iPhones — Apple will give up to $300 in trade-in value for Android handsets.
The $15 per month is a nice discount from the iPhone Upgrade Program’s usual $32 per month for a new 16GB iPhone 6s on a two-year agreement with an annual trade-in option.
Of course, the actual pricing will depend on the value of the device you’re trading in, and the model of new iPhone you’re looking to get your hot little hands on. USA Today notes if you’re moving from an iPhone 6 to an iPhone 6s, you’ll pay $15 per month for 24 months, but if you’re moving from an iPhone 4 to a 128GB iPhone 6s Plus, you’ll need to cough up $35.37 per month.
You can trade in an iPhone dating back as far back to the iPhone 4. You’ll pay somewhere in the neighborhood of $15 a month for each step up in model, with the interest-free term again lasting for 24 months.
The program basically supplies an interest-loan, provided by Citizens bank, so the usual credit requirements will likely apply. Currently, the new plan is only available at U.S. Apple Store locations.