Thinking of Buying the iPhone on Installments? Here’s What to Expect

Why Consider Buying on Installments?

With each new iPhone release, the price tag tends to rise. Opting for installment payments helps many buyers manage their budgets without compromising on getting the latest device. Instead of a large upfront cost, payments are spread out monthly—often with 0% interest if you qualify.

Financing options can also help those building credit or preferring to keep their cash flow free for other expenses. From Apple’s own plans to third-party retailers and carriers, the choices have expanded in recent years.

Apple’s Installment Plans: Apple Card Monthly Installments

If you use the Apple Card, you can finance the iPhone 17 with Apple Card Monthly Installments (ACMI). This plan splits the total cost into 24 equal monthly payments at 0% interest.

Perks include: – No fees or additional interest – 3% Daily Cash back on each payment – Ability to manage payments directly through the Wallet app

The catch? You’ll need to be approved for the Apple Card, which involves a credit check.

Carrier-Based Financing Options

Most major mobile carriers in the U.S. also offer installment and lease-style options when purchasing a new iPhone:

1. Verizon Device Payment
– 0% APR for 36 months
– Upgrade eligibility after 24 months (with select programs)
– Available for new and existing customers

2. AT&T Installment Plan
– Typically 36 monthly payments
– 0% interest for eligible customers
– Special trade-in credits on newer models like iPhone 17

3. T-Mobile Equipment Installment Plan (EIP)
– Spread payments across 24 or 36 months
– Works with their Jump! upgrade program
– New customers may need to make a down payment

4. UScellular, Xfinity Mobile, and Others
– Smaller carriers also offer installment plans, often with promotional pricing or incentives for switching.

Buy Now, Pay Later Platforms

BNPL (Buy Now, Pay Later) services have also entered the space, though most apply to older or refurbished models. A few platforms to consider:

Affirm
– Used by Apple and Best Buy
– Offers flexible 3, 6, 12, or 24-month plans
– APR varies based on credit (0–30%)

PayPal Pay Later
– Accepted at many online retailers
– Allows 4 bi-weekly payments or longer-term plans

Klarna, Zip, and Afterpay
– Limited iPhone coverage, but useful for accessories or lower-cost devices

Buying from Retailers with Installments

Several large electronics retailers offer their own installment or credit card programs:

Best Buy
– Monthly installment options with Best Buy Credit Card – Special 0% interest promotions during new iPhone launches

Walmart
– Sells iPhones with carrier financing or via Affirm
– Occasional bundle offers or discounts

Target
– Apple device purchases supported via RedCard or carrier plans at checkout

Amazon
– Offers Affirm financing on select Apple products
– Watch out for non-official sellers or third-party financing terms

Factors to Keep in Mind

Before committing to a payment plan: – Credit Approval: Most installment options involve a credit check. – Interest Rates: Not all plans are 0%. Always read the fine print. – Upgrade Cycles: Some plans allow early upgrades—others don’t. – Hidden Fees: Watch for activation, restocking, or early termination fees.

Also, buying through a carrier often locks your phone to their network unless you pay off the full balance.

Final Thoughts & FAQs

Buying the iPhone 17 on installments makes the latest tech more reachable for many. Whether you prefer Apple’s own interest-free plan, a carrier-based upgrade program, or a retailer-backed loan—there’s a flexible option out there.

But always compare the total cost, read the terms, and assess your budget before signing up. Installments can be a helpful financial tool—if used responsibly.

1. What credit score is needed for Apple’s Monthly Installments?
Typically, a score above 650 improves approval chances.

2. Can I buy an iPhone on installments with no credit check?
Only some Buy Now, Pay Later services offer this—most others require a check.

3. Is there interest on iPhone installment plans?
Apple and most carriers offer 0% APR. Others may charge interest.

4. Can I pay off my iPhone early?
Yes. Most plans allow early payment without penalty.

5. What happens if I miss a payment?
Late fees, interest, or account restrictions may apply—always check terms.

6. Are installment iPhones locked to carriers?
Carrier plans usually lock the phone until paid off.

7. Can I trade in my old iPhone?
Yes. Many plans allow trade-ins to reduce your new phone’s cost.

8. Are there installment options for iPhone accessories?
Yes—especially via BNPL services like Affirm or PayPal.

9. Do installment plans affect my credit?
Yes. Payment history can help or hurt your credit score.

10. Is it better to pay upfront or in installments?
It depends on your cash flow, credit, and the plan’s interest terms.