Apple just unveiled four new iPhone 14 models, all of which offer attractive features, but also carry hefty price tags. (Fortunately, the prices did not go up as rumored). However, the least expensive model – iPhone 14 – Starts at $799, while iPhone 14 Pro Max It will cost you at least $1,099.
Fortunately, there are many ways to do this Pay for your new phone Without having to get all that money up front. If you’re dying for the latest Apple models, but can’t justify paying close to $1,000 at a time, financing options are available that can help you get the phone of your dreams.
Apple also gives you the opportunity to fund other products they sell, including iPads, Apple Watch, and Macs. You’ll be able to fund your device through Apple Card, the iPhone Upgrade Program, or your phone carrier. Keep reading to find out the details of each and decide which option is best for you.
Apple Card
One of the best ways to fund your new iPhone is to use Apple Card. One benefit is that you can earn 3% cashback on purchases made with Apple, which is a great way to easily earn extra cash rewards when you buy this new phone. Plus, you’ll be able to avoid interest rates on your purchases for 24 months, which gives you plenty of breathing room to avoid the expensive APR. It’s a great option for avid Apple shoppers who are willing to spend some cash, while still making some money. Oh, and you’ll earn 2% on all other purchases made with Apple Pay.
If Apple Pay isn’t your preferred option, you can always unlock a card with a more tailored rewards rate for your spending that also features an introductory 0% APR.
Apple iPhone Upgrade Program
Another way to fund your new iPhone is the Apple iPhone Upgrade Program. If getting the latest iPhone version is important to you, then you should consider financing this way. The cost of the phone will be divided into 24 monthly installments without interest. Once you’ve made at least 12 payments, you’ll then be eligible to exchange your phone for a brand new phone, and restart your loan for 24 months. It’s an easy way to stay on top of the latest Apple products without having to purchase all of them completely.
iPhone Payment Plan
Even without an Apple Card, you’ll still be able to pay in monthly installments for 0% APR. You can do this with Apple’s iPhone Payment Plan, a partnership with Citizen One Bank. With this program, you’ll be able to split the cost of your new iPhone into 24 interest-free payments, allowing you to pay off the extra balance without having to open an Apple Card.
Installment plans through Carrier
Another way to finance your iPhone is to take advantage of the installment plan offered by your phone operator. Both AT&T And the Verizon It offers a 36-month interest-free installment plan, and T-mobile offers a 24-month payment plan for the device. These programs are convenient because you will pay for both your device and price plan on the same bill. Additionally, most carriers offer additional deals as well. Currently, AT&T and T-moble offer up to $1,000 in credit after you trade in your iPhone 14 or iPhone 14 Pro, for example. Verizon is also offering up to $800 after trading.
| iPhone 14 (128 GB) | iPhone 14 Plus (128 GB) | iPhone 14 Pro (128 GB) | iPhone 14 Pro Max (128 GB) | |
| Apple Card Installments | $33.29/month for 24 months | $37.45 per month for 24 months | $41.62 per month for 24 months | $47.79 per month for 24 months |
| Apple iPhone plan | $33.29/month for 24 months | $37.45 per month for 24 months | $41.62 per month for 24 months | $47.79 per month for 24 months |
| AT&T Installment Plan | $22.20 per month for 36 months | $24.98 per month for 36 months | $27.75 per month for 36 months | $30.53/month for 36 months |
| T-Mobile Equipment Installment Program | $33.30 / month for 24 months | $37.46 per month for 24 months | $41.63 per month for 24 months | $45.80/month for 24 months |
| Verizon Device Payment Program | $22.19/mo for 36 months | $24.97 per month for 36 months | $27.75 per month for 36 months | $30.52 per month for 36 months |
Reasons why your iPhone is not funded
However, there are potential drawbacks to the financing. For example, if you fail to pay your balance within the 0% interest rate period, you will be subject to exorbitant rates that could make your bill difficult to afford each month. In addition, when you borrow, you will increase your use of credit, which can negatively affect your credit score. Especially if you don’t have the money for it now, it can be tempting to go ahead and fund and worry about how to pay later, but this wishful thinking can make managing money and savings more difficult. Consider if your budget will allow you to juggle another monthly payment, perhaps for up to three years.
Overall, while financing your iPhone is a great way to stay up-to-date with Apple’s latest features and avoid paying a lump sum, it’s important to consider whether financing or buying up front is a better option for you, given your financial situation. And what you can realistically tolerate.
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