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CJRhoades

macrumors 6502a
Dec 4, 2007
544
203
Lafayette, IN
You guys don't read the terms. It's not about whether or not you have great credit to qualify for the 0% APR in the first place, it's the fact that these programs are to get people who can't even pay their bills on time to suffer even more. The loan installment is thru your credit card.

Good, let the people who can't pay their bill suffer. Their interest pays for my cashback. I pay my bills on time and benefit for it. Why wouldn't I take advantage of a 0% APR loan on a phone if it exists?
 

AliMacs

macrumors 6502
Oct 8, 2014
496
810
If you choose to upgrade and turn in your old phone after 12 months do you keep paying the same monthly rate?

Fortunately you do not need a lawyer to guide you thru this agreement policy:

http://www.apple.com/legal/sales-support/iphoneupgrade_us/

Everyone should read the fine print. Those that cannot read obviously are the ones who believe love to finance cellphones. Stop financing a cellphone so you can look cool. Either pay for it in full or save your money. Learn how to save up and not use financing for stupid stuff like cellphones. This is the biggest issue with american's who cannot afford to buy stuff but yet want to do it thru financing programs.
 
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GreyOS

macrumors 68040
Apr 12, 2012
3,355
1,682
Fortunately you do not need a lawyer to guide you thru this agreement policy:

http://www.apple.com/legal/sales-support/iphoneupgrade_us/

Everyone should read the fine print. Those that cannot read obviously are the ones who believe love to finance cellphones. Stop financing a cellphone so you can look cool. Either pay for it in full or save your money. Learn how to save up and not use financing for stupid stuff like cellphones. This is the biggest issue with american's who cannot afford to buy stuff but yet want to do it thru financing programs.
Was hoping someone who's not a jerk would answer
 

Mac 128

macrumors 603
Apr 16, 2015
5,360
2,930
American economics at its finest. You are a complete loser if you cannot afford to pay $649 + taxes up front for a smartphone. Sorry if you need to finance a smartphone then you really need to go back to school and learn how to count. This is how Americans get in debt. You buy something you cannot afford.

Either pay for it in full or SAVE UP until you can afford it. These programs have ludicrous interest rates and their entire objective is to trap you paying interests because you miss payments/stop paying. There is no "free" service to the general public on helping you buy anything.

Completely missing the point. Completely.

My bank offers a program called First 500. The first $500 I put in my savings account earns 5% interest. So, I put $500 I was going to spend on the iPhone into that account (which I normally do not use because the base rate is only .1%), and in two years time, I've earned $50. The remaining $149 I can put into a savings bond earning up to 1.64% interest and in two years time have earned $5. That may not seem like a lot, but it's $55 more than I had when I bought the iPhone. And, at the end of the first year, I can trade that phone in for a the latest and greatest iPhone, without paying another dime toward the principal of the old phone (just the taxes).

So it makes more sense to finance the phone this way if one is truly responsible with their money, and wants the latest tech. Moreover, I have the satisfaction that my used phone will be sold to someone who truly can't afford to buy a new phone in a place that doesn't allow this kind of financing.
 

Dr. Echsel

macrumors member
Apr 4, 2011
41
110
Louisville, KY
American economics at its finest. You are a complete loser if you cannot afford to pay $649 + taxes up front for a smartphone. Sorry if you need to finance a smartphone then you really need to go back to school and learn how to count. This is how Americans get in debt. You buy something you cannot afford.

Either pay for it in full or SAVE UP until you can afford it. These programs have ludicrous interest rates and their entire objective is to trap you paying interests because you miss payments/stop paying. There is no "free" service to the general public on helping you buy anything.
There's no interest to pay using this plan. And to call someone a "loser" based on their financial situation is distasteful and completely unnecessary.
 

AliMacs

macrumors 6502
Oct 8, 2014
496
810
Good, let the people who can't pay their bill suffer. Their interest pays for my cashback. I pay my bills on time and benefit for it. Why wouldn't I take advantage of a 0% APR loan on a phone if it exists?

For a car hell yes. For a smartphone, well, if you have great credit and can qualify I guess why not? But my angry rant is for the people who always fall for financing programs and ultimately fail to make payments on time, etc. These credit card companies are all demons.

I'm not here to make you look bad but if you cannot afford something up front like a cell phone, then you cannot afford it until you have the cash. If you can't afford to pay for it up front to begin with you shouldn't be in the market for a $650/$750 device.
 

iChrist

macrumors 65816
Sep 7, 2011
1,479
432
3 countries for tax benefit
I buy a new iPhone every year. Every year I have to go on craigslist and list my old phone, and worry about getting robbed and shot dead. I rather pay the monthly fee and save my life (and time from selling old phone).

Lmao. So thanks to this dumb program, it no longer makes financial sense to get risk getting shot? So you value your life at approximately $300-400? Or you could just use eBay or buy an assault rifle like a real American.
Lol
 
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16Paws

macrumors 6502a
Jun 2, 2014
793
216
You guys don't read the terms. It's not about whether or not you have great credit to qualify for the 0% APR in the first place, it's the fact that these programs are to get people who can't even pay their bills on time to suffer even more. The loan installment is thru your credit card.

Well that isn't true... The installment is through a 3rd party that Apple has set up, they are not magically striking a deal with my CC to allow me to pay the phone off.

I agree with you on one point, you should be ABLE to buy the phone upfront before signing up for the terms, but that does not mean you should. Debt is a good thing if you handle it well and as someone who has a great credit score... I will say that I will take a 0% interest loan ANY day of the week.

Yes, if you miss a payment they are going to likely charge you interest, but that is because you have proven you cannot pay the bill on time. As long as you pay on time this is a good for the consumer and Apple.
 

AliMacs

macrumors 6502
Oct 8, 2014
496
810
There's no interest to pay using this plan. And to call someone a "loser" based on their financial situation is distasteful and completely unnecessary.

I will change my original post to reflect this rude and unacceptable terminology.
 

DolsJ

macrumors member
Aug 27, 2008
56
61
Is it? Weird. This says $99 for 6s and 6s+: http://www.apple.com/support/products/iphone.html

Even better, then. No real downside.

Edit: Ah, read it wrong. That's the accidental replacement cost, not AppleCare+ cost. Ooops.

That is strange, but if you follow the links on the page you linked to actually purchase the Apple care+ plan it shows the true price of $129. I remember the price increased in the past few years. Apparently that one page was never updated.

Edit: Ahh, the wording got me too.
 
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iGeek2014

macrumors 68020
Jun 29, 2014
2,135
1,103
=== Nowheresville ===
If you choose to upgrade and turn in your old phone after 12 months do you keep paying the same monthly rate?

From UK so unfamiliar with this

I'm also from the UK but I'd imagine you'd continue to pay the same amount monthly unless the handset you're interested is higher compared to last year's price (or lower).

I guess (in a way) we have a similar programme on o2, Tesco Mobile, EE and Virgin Mobile.

Or you could order your handset from GiffGaff and pay for the phone monthly and choose another carrier to provide service.
 

AliMacs

macrumors 6502
Oct 8, 2014
496
810
I use my credit card to pay for everything then pay it off each month. In the past year I have earned over £200 from my credit card. It's money for nothing.

If you can do this, then you are no loser. This is for the rest of Americans who are in massive debt. These programs just lure the poor saps into more debt.
 

ActionableMango

macrumors G3
Sep 21, 2010
9,612
6,907
This is how Americans get in debt. You buy something you cannot afford.

If you are going to pick on high household debt for Americans, you are skipping over several other countries that are MUCH worse off:

Household-debt-in-2013-The-top-10-per-capita-in-EUR_chartbuilder.png
 

BenTrovato

macrumors 68040
Jun 29, 2012
3,037
2,202
Canada
I use my credit card to pay for everything then pay it off each month. In the past year I have earned over £200 from my credit card. It's money for nothing.

If only people understood how much their consumer data is worth. 200 pounds is peanuts to them. They would pay 10 times that amount and still be insanely profitable.
[doublepost=1461627767][/doublepost]
If you are going to pick on high household debt for Americans, you are skipping over several other countries that are MUCH worse off:

Household-debt-in-2013-The-top-10-per-capita-in-EUR_chartbuilder.png
That chart is definitely wrong.
 

AliMacs

macrumors 6502
Oct 8, 2014
496
810
Well that isn't true... The installment is through a 3rd party that Apple has set up, they are not magically striking a deal with my CC to allow me to pay the phone off.

I agree with you on one point, you should be ABLE to buy the phone upfront before signing up for the terms, but that does not mean you should. Debt is a good thing if you handle it well and as someone who has a great credit score... I will say that I will take a 0% interest loan ANY day of the week.

Yes, if you miss a payment they are going to likely charge you interest, but that is because you have proven you cannot pay the bill on time. As long as you pay on time this is a good for the consumer and Apple.


Perhaps I should've come out wording my message properly. I want people to know if you can't afford to pay for a $650 smartphone, then the smartphone is not in your budget range. The practice of buying something without paying for it up front is a bad practice no matter what. What do they teach in school these days? I've played monopoly when I was 7 yo so many times but never once was I able to buy some property when I have no cash. This shouldn't be how the mentality of buying things - NOT small things like a cellphone. A car, a house, a boat sure with the large amount of money. But the same concept here - if you can't afford it in the first place, it's not in your budget period. Buy something else that you can pay for up front.
 

ActionableMango

macrumors G3
Sep 21, 2010
9,612
6,907
That chart is definitely wrong.

Well, okay. But I wasn't cherry-picking charts, it was the first result from Google.

EDIT: I've looked at several other sources and some other years, and while some of the positions move around a little bit, they are all roughly the same. So it doesn't seem wrong to me. Maybe you are looking at a different type of chart that shows something else like national debt, or debt-to-GDP ratios, or something else other than straight up household debt.
 
Last edited:

GreyOS

macrumors 68040
Apr 12, 2012
3,355
1,682
If the phone you upgrade to was the same price as your original, the rate stays the same.
This is a pretty cool program then, I'd like to see this in the UK.

Also to that other user, this isn't about not having the money, it's about being able to upgrade with a guarantee your old iPhone won't have depreciated in value, as it keeps half the original value after half of the program. (Trading it in writes off the remaining 12 months' payments- you're now paying towards the new phone)

That said, I've not really looked into whether an iPhone's value after 12 months is generally more or less than half its original value when you sell it second hand. But that's more of a gamble.
 

AliMacs

macrumors 6502
Oct 8, 2014
496
810
If you are going to pick on high household debt for Americans, you are skipping over several other countries that are MUCH worse off:

Household-debt-in-2013-The-top-10-per-capita-in-EUR_chartbuilder.png

I don't need to major in economics to understand how I can afford something vs something I cannot afford. I shop within my budget. Not outside of it. Apple products are expensive - with programs like these it makes people think it's affordable when in reality you can't afford it.

And someone needs to look at this graph and make sense of it. I'm not qualified to explain it.
 
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