Apple released four new iPhone 14 models in 2022, featuring impressive specifications and updated features. However, the hefty price tags of these phones have been a topic of conversation among consumers. The cheapest model, iPhone 14, starts at $799, while the most expensive model, iPhone 14 Pro Max, has a minimum price of $1,099. Here, we will discuss financing options to help you pay for the latest iPhones.
Apple Card: Get Rewards While Financing
One of the best ways to finance your new iPhone is using the Apple Card. You can earn 3% cash back on purchases made with Apple, making it an ideal option for avid Apple shoppers looking to earn some extra cash. Moreover, you can avoid interest rates for 24 months when financing your purchase. You can also earn 2% cash back on all other purchases made with Apple Pay. If you do not like Apple Pay, you can opt for other credit cards that offer tailored rewards programs and introductory APR periods.
“When my friend told me about the Apple Card, I was skeptical at first. I didn’t want another credit card to my name. But when she explained the benefits of using the card to finance my iPhone, I was intrigued. I signed up for the card, and now, not only do I get rewards for my purchases, but I also get interest-free financing for 24 months. It’s a win-win situation.”
You may have thought you need an Apple Card to finance your new iPhone, but that’s not true. Apple has a partnership with Citizen One bank, allowing you to split the cost of your phone into interest-free monthly payments.
iPhone Upgrade Program: Stay Up-to-Date with the Latest iPhones
If you love staying up-to-date with the latest Apple products, then the iPhone Upgrade Program is perfect. This program allows you to finance your phone’s cost through 24 monthly interest-free installments. Once you make at least 12 payments, you can trade in your phone for a brand-new one and start the 24-month loan all over again.
Have you ever found yourself constantly upgrading to the latest iPhone every year? The iPhone Upgrade Program may be the perfect option for you. You can finance your phone’s cost through interest-free monthly installments and trade it in for a new one after making 12 payments.
iPhone Payments Plan: Financing Option without an Apple Card
Even if you do not have an Apple Card, you can still finance your iPhone using Apple’s iPhone Payment plan, a partnership with Citizen One bank. This program lets you split the cost of your new iPhone into 24 interest-free payments, allowing you to pay off the balance over time without opening an Apple Card.
Installment Plans Through Carriers: Convenient Financing Options
Your phone’s carrier also offers installment plans to help you finance your iPhone. For example, Verizon offers an interest-free 36-month installment plan, and T-Mobile offers a 24-month device payment plan. These programs allow you to pay for your device and rate plan on the same bill. Additionally, most carriers offer different deals, such as up to $1,000 credit after trade-in on a purchase of an iPhone 14 or iPhone 14 Pro.
If you like to keep everything in one bill, your phone’s carrier may have the perfect financing option. T-Mobile offers a 24-month device payment plan that lets you pay for your device and rate plan on the same bill. Plus, you can take advantage of other deals like up to $1,000 credit after trade-in on a purchase of an iPhone 14 or iPhone 14 Pro.
iPhone 14 Financing Options Comparison
Below is a table summarizing the financing options for each of the iPhone 14 models. You can choose the financing option that suits your budget and preferences.
| iPhone Model | Apple Card Installments | Apple iPhone Plan | AT&T Installment Plan | T-Mobile Equipment Installment Program | Verizon Device Payment Program |
|---|---|---|---|---|---|
| iPhone 14 (128GB) | $33.29/mo for 24 months | $33.29/mo for 24 months | $22.20/mo for 36 months | $33.30/mo for 24 months | $22.19/mo for 36 months |
| iPhone 14 Plus (128GB) | $37.45/mo for 24 months | $37.45/mo for 24 months | $24.98/mo for 36 months | $37.46/mo for 24 months | $24.97/mo for 36 months |
| iPhone 14 Pro (128GB) | $41.62/mo for 24 months | $41.62/mo for 24 months | $27.75/mo for 36 months | $41.63/mo for 24 months | $27 |
What the Experts are Saying
In addition to the financing options offered by Apple, other websites provide financing options for purchasing the latest iPhones. Best Buy, for instance, offers various financing plans, including 12-month financing for eligible purchases. The store also offers a trade-in program that can help you offset the cost of a new phone.
According to a review by CNET, one of the benefits of using Apple’s iPhone Upgrade Program is that it includes AppleCare+ coverage, which can save you money on repairs. The program also allows you to get a new iPhone every year, so you will always have the latest technology in your pocket.
On the other hand, TechRadar’s review of the iPhone Payment Plan highlighted that the program is only available for those who qualify for credit through Citizen One. Additionally, the review noted that the plan does not include AppleCare+ coverage, so you will have to pay for repairs out of pocket.
If you are considering carrier installment plans, AT&T offers a 36-month installment plan for the iPhone 14 and iPhone 14 Pro, while Sprint offers a 30-month plan. These plans allow you to pay for your phone over time while enjoying the benefits of your carrier’s network.
As with any financial decision, it is important to weigh the pros and cons of each financing option before making a decision. As pointed out by a review on PCMag, some financing options may come with hidden fees or penalties for early payment. Therefore, it is essential to read the terms and conditions carefully before signing up for any financing plan.
Conclusion
In conclusion, purchasing a new iPhone 14 can be expensive, but several financing options are available to help you manage the cost. Apple Card, iPhone Upgrade Program, iPhone Payment Plan, and carrier installment plans are some of the options discussed in the article.
Each financing option has advantages and disadvantages; choosing the option that best suits your budget and preferences is essential. It is also advisable to read reviews and seek expert opinions before deciding on a financing option. With the right financing option, you can enjoy the latest technology and features of the iPhone 14 without breaking the bank.
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