Apple today has drastically simplified the iPhone trade-in program that allows eligible smartphones to be traded in for credit towards the purchase of a future device. Today’s changes allow customers to use the trade-in credit to help lower the cost of the a new iPhone purchase or to reduce monthly payments made to a carrier.
With the changes to the trade up program consumers will now be able to get up to $250 in credit for their smartphones, down from the original $300. The credit from these trade-ins can then be used to purchase a new iPhone at full cost through an available carrier financing plan. It appears as if Apple has removed the ability to get an interest-free loan through Citizens Bank in favor of letting the carriers handle the finances.
Apple’s blurb at the top of the site also mentions being able to reduce the monthly payments to a carrier in place of lowering the iPhone’s full cost, but specific details regarding this are not clear at the moment.
Customers looking to partake in the program can visit an Apple Store near them to get immediate credit towards the purchase of a new device, or by shipping the device to Apple to receive an Apple Store Gift Card. It appears that not all devices are eligible for the program, and Apple recommends those interested to check through its approved partner.
Currently on the site Apple has estimated trade-in values listed for a multitude of devices. The iPhone 4s is valued at $50, the iPhone 5 and 5c at $75, the iPhone 5s at $125, the iPhone 6 at $225, and the iPhone 6 Plus at $250. The iPhone 6s/6s Plus are left out of these estimates as it doesn’t appear Apple is accepting current generation models.
Apple’s original “‘Trade Up With Installments” plan allowed consumers to trade-in an existing smartphone, such as the iPhone 6, and get the new iPhone 6s with a 2-year payment plan at $15 a month.
More information on the program can be found on Apple’s iPhone Trade Up page.