iphone payment plan - anyone done it?

Moneyonthemind

My iphone 6 has conked out after years of trusty service and I need to replace it quite soon. Trouble is, I want a phone that is going to last but can't magic up a grand or so splash out on one right now. I was looking at Apple's own payment plan for iphones and it looks quite good, no interest etc, pay it off about 50 pounds a month. Has anyone used that service and would recommend it? I'm just not sure if it's a good idea or not as I've never taken out a credit like that before. TIA!

ilikewatch2

My wife did it with her current iPhone, I believe it's Barclays Partner Finance who actually provide the loan. We've had no issues.
At the end of the day, if you want to buy a new product directly from Apple then it's a way of spreading the cost.

foxy-stoat

Hmmmm £50 a month for 2 years or spend a couple of hundred on a iphone 8 or £300 for a 10 - they would last a reasonable amount of time if you didnt drop them.

DCFC79

Moneyonthemind said:

My iphone 6 has conked out after years of trusty service and I need to replace it quite soon. Trouble is, I want a phone that is going to last but can't magic up a grand or so splash out on one right now. I was looking at Apple's own payment plan for iphones and it looks quite good, no interest etc, pay it off about 50 pounds a month. Has anyone used that service and would recommend it? I'm just not sure if it's a good idea or not as I've never taken out a credit like that before. TIA!

Not something I would do.

So do you have £50 spare a month ?

If you do where is this £50 ?

Why has yours conked out ?

If its saved somewhere then use it to buy a phone outright, plenty of phones of different brands with a wide range of prices.

Ive always had android and never had a phone conk out on me.

mcvarrie

I have a iPhone 11 Pro and it’s £30.99 a month through Apple’s payment plan. Interest free through Barclays Partner Finance. I paid £60 upfront and didn’t choose their upgrade plan. I do miss my iPhone 6s though, it was a great phone. 

Thrugelmir

mcvarrie said:

I have a iPhone 11 Pro and it’s £30.99 a month through Apple’s payment plan. Interest free through Barclays Partner Finance. 

The interest is factored into the price of the product plan. Nothing is interest free. Apple will simply receive less money from Barclays when the contract is entered into. In essence paying them commission .
 Hardly surprising when Apple's gross margin on selling phones is around 50%. Great marketing spin to offer interest free. 
My 12 year old Blackberry now costs me £8 a month with Vodaphone. 

Thrugelmir

jeepjunkie said:

Thrugelmir said:

mcvarrie said:

I have a iPhone 11 Pro and it’s £30.99 a month through Apple’s payment plan. Interest free through Barclays Partner Finance. 

The interest is factored into the price of the product plan. Nothing is interest free. Apple will simply receive less money from Barclays when the contract is entered into. In essence paying them commission .
 Hardly surprising when Apple's gross margin on selling phones is around 50%. Great marketing spin to offer interest free. 
My 12 year old Blackberry now costs me £8 a month with Vodaphone. 

Lol, yes but a 12 year old Blackberry cannot have apps that charge my EV for free which is a massive saving making a few quid on a phone negligible. Ok, not an iPhone 11, an old SE model.

I must admit I struggle with the starter handle to get my car going most mornings. 

Anamox

Thrugelmir said:

The interest is factored into the price of the product plan. Nothing is interest free. Apple will simply receive less money from Barclays when the contract is entered into. In essence paying them commission .
 Hardly surprising when Apple's gross margin on selling phones is around 50%. Great marketing spin to offer interest free. 
My 12 year old Blackberry now costs me £8 a month with Vodaphone. 

Every current iPhone is cheaper if you purchase via finance than pay with cash. iPhone 11 pro is approx £1031 for a 24 month payment plan, or £1049 to buy with cash. That tells me it is interest free for the consumer...

MallyGirl

or pay in full for an older model and get 2 years insurance as standard from John Lewis

Thrugelmir

Anamox said:

Thrugelmir said:

The interest is factored into the price of the product plan. Nothing is interest free. Apple will simply receive less money from Barclays when the contract is entered into. In essence paying them commission .
 Hardly surprising when Apple's gross margin on selling phones is around 50%. Great marketing spin to offer interest free. 
My 12 year old Blackberry now costs me £8 a month with Vodaphone. 

Every current iPhone is cheaper if you purchase via finance than pay with cash. iPhone 11 pro is approx £1031 for a 24 month payment plan, or £1049 to buy with cash. That tells me it is interest free for the consumer...

Most iphone users probably don't have that amount of cash savings readily to hand. That's the attraction of credit plans. Just like selling furniture as sofas. Cost price to DFS is actually around 30% of what a 4 year 0% costs the consumer. In many walks of life we overpay. 

John_

It’s worth having a look at the “renewed” iPhones on Amazon, they often have very good prices for recent or current refurbished models.