hoppyjr wrote:Axelay2003 wrote:I just tried to trade my 5 and I get a credit of $400.
Correct. The 6 or 6s models get $650, the 5, 5s, and SE models get $400. It comes as a credit against your device payment in the new phone, for 24 months. For example;
New iPhone 7 128gb is $31/mo and $400 credit for iPhone 5 trade is $16/mo = cost of new phone $15/mo for 24 months. You are not locked to the carrier in that you can pay off device and leave anytime, however; leaving before 24 months cancels any remaining credit payments.
All I got from the fine print is that $400 will be credited in 1-2 billing cycle. I was thinking along the lines of:
Example:
I pay $250 per month.
When the credit kicks in, they will subtract $400 from $250.
For that month I will owe no payment.
The following billing cycle they would subtract $150(remaining credit) from $250, which leaves me to pay the remaining $100 for that month.
The billing cycle after that will mean that I now will pay $250
+ $31 per month for the remaining 24 month contract.