Wrong again. I am one that had bought phones outright up until this program came out I can totally still buy them out right. This is 100% ZERO interest. I am spending the same amount, only not up front. Its a wash between selling old and buying new as if I didn't upgrade and paid this one off, I would sell it and have to buy new again...
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Apple's Upgrade Program Now Available for iPhones Purchased Through Online Store
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You only get value with the Trade-In program, which applies to iPhones as old as the 4 as well as non-Apple phones. For example, if you trade in an iPhone 6, you'll pay $16 a month for 24 months for a 6s, which comes to $384. So Apple is giving you about $265 for your old phone. (I'm assuming the 16GB version.)
As with most similar programs, you can generally do better by selling the old phone yourself. But it compares favorably to what Gazelle offers for the same phone—$220 for a 16GB iPhone 6 in perfect condition.
So let me get this right. For 32.41, i get to use the ip7 (next version) and also upgrade to ip7s for free, considering I can afford to pay my bills on time? Thats is a pretty good deal hah? Can somebody confirm this?
Care to explain? Do i have to pay the upgrade fee along with the monthly contract?
I am not sure about the upgrade fee through the carriers, but to answer your question yes, you can upgrade from the iPhone 7 to the 7s, but it wouldn't exactly be free because you are paying for the upgrade by making the monthly payments.
So, you buy a 7, you are now on the 24 month plan. When the 7s comes out, you can trade your 7 in and get the 7s. Your 24 months start over.
A downside is that you will never truly own the phone, unless you do not trade it in after 12 months and wait for the 24 months, assuming you do not pay it off sooner.
Right. Still, some people would opt for trading it in rather than going to the trouble to sell it, even if it's a sizable difference.
Not sure how you define 'free', but the upgrade program works thus:
1. Customer purchases iPhone with AppleCare+ from Apple for full retail price, with a loan issued by Citizens One - the loan is repayable over 24 months with a 0% interest rate.
2. Customer makes monthly payments to Citizens One.
3. After 12 months customer can upgrade to a new iPhone.
a. Apple will 'buy back' current handset and pay-off the balance of the Citizens One loan
b. Customer purchases a new phone with AppleCare+ from Apple for full retail with a new loan issued by Citizens One.
Your network provider may charge you all manner of fees to upgrade, but from an Apple/Citizens One perspective there are no fees.
True. One advantage of the Apple upgrade program is convenience - it's easier for some people to just return the phone to Apple than to advertise and sell it. As long as you keep paying, you can upgrade when a new iPhone comes out, though you never truly own the phone.
And if you believe that truly in your heart, then you need to learn economics again. The credit card companies will give you nothing for free.
You do realize that you're paying an extra 3% on every product you buy to pay for the transaction fees the CC company charges the seller right?
Money for nothing hahahaha
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well if they did not charge fees or interest on late payments, this would be the best deal of the centuryI'd be getting a free phone each year.
You just go on thinking you're getting a "free" phone each year.
I don't understand why this matters.
The poster would have paid that 3% on his purchases regardless of the type of payment in most cases.
If he purchased something, he is better off by using a credit card that has some type of cash back program. I use a cash back card and make a decent amount back on my purchases. I would not have this if I would use cash.
The original poster said the cash back was "money for nothing" and I was trying to show him that he's wrong. It cost him money to get that money back. Credit card companies aren't doing this "cash back" because they're good people. They are encouraging you to spend more and use more credit.
And they're using your money while they have it and are earning interest on it by investing it in other places.
You're absolutely right that by using the CC he's better off than paying cash as most stores will not give you a 3% cash discount - tho they should!
Not saying you shouldn't take advantage of the cash-back, but don't be fooled into thinking it is "free money" or "money for nothing" - they are making a stink load of money off of us and they're trying to fool the public into thinking they're doing good things for us.
I'm like the person you are responding to. I've never paid a penny in interest on my credit cards. I've gotten a free ticket to London, and over $3000 in travel credit, saved hundreds on care rental insurance, since I stared using credit cards in 2013. The credit card company makes money off the customers that keep a mostly balance. They make nothing from me.
And that is where you’re wrong! They make 3% on every purchase you make. Sure they make more money on people with a balance but if you think they're not making money off of you, you're mistaken.
I am paying the same amount for my purchase no matter how I pay. So no they are not making 3 percent off me as you claim.
Let's say you buy something for $100 with your CC. Guess what. The person selling the thing gets $97 and they pay %3 to the CC company for processing the transaction! 3% on EVERY transaction goes to the CC company. Sure, nothing extra came out of your pocket, but everyone increases their prices on products by 3% to cover these fees! So you're PAYING extra on everything you buy. And the CC company makes 3% on every frickin purchase.
Like I said I'm not paying anything extra, just because I used a credit card. The 3 percent applies to debit card purchases as well and has nothing to do with a purchase made on credit.
But you ARE paying 3% extra for every product simply for the privilege of using the CC.
And yes, you pay that whether you use debit or credit or cash. They're making it easy on themselves!
So, what is the point? The poster is not paying anything extra than anyone else by using a credit card.
Are you trying to raise awareness of fees credit companies charge business for the ability for their customers to use credit cards? Are you saying the credit card companies are cheating us? Are you saying the businesses that charge more for any type of purchase are cheating us?
If it is any of the above I think people understand what you are saying, and it is not new information for most people.
But the poster is correct by saying he does not pay anything extra by using his credit card.
I disagree. I believe that most people do not understand about the charges. They think they're getting "free" money when in fact they're not. People are uneducated about the economics of this stuff. I know plenty of smart educated people who don't realize that CC companies are making money off of every transaction whether they pay on time or not.
Are CC companies cheating us? Just look at the economic meltdown of 2008 and you have your answer. We let it happen. An educated consumer is not good for the CC companies.
My father taught me "there's no such thing as a free lunch" and i'm simply trying to pass on that lesson.
The issue is not about credit cards making money of every transaction. That we all know. As a credit card user who pays his bills off at the end of the month, I'm not paying anything extra, fact is im actually getting extra money. If I purchased a $800 phone on my credit care I get 800 points which equivalent to $8 in bill credits, plus 90 days of theft and damage insurance, plus a 1 year extended warranty.
I agree with the others who think you are beating the wrong dead horse!
Also you're overlooking the fact that companies have to pay to deposit checks and cash, so even if a shop was to go cash only, they wouldn't be able to drop their prices by 3% because they would be paying more for cash deposit services (e.g. armoured carriers), higher insurance premiums because they have thousands in cash sitting on the premises which makes them a more likely target for robbers, they have to hedge against counterfeit notes, there's more risk for employee theft etc...
Yes card companies make money on each transaction, but they price themselves so it's a wash for the merchant.
Somehow he thinks that it's the credit card end user that is paying the 3%.