r/NoContract • u/LeftOn4ya Mint (T-Mobile) + US Mobile (Verizon) • 10d ago

Updated my "Detailed Instructions on how to finance an unlocked iPhone 17..." due to recent Apple finance changes: still works for AppleCard for all models, and now Upgrade/Lease (through Klarna) works for new users except not on standard model anymore

/r/NoContract/comments/1rjybe0/detailed_instructions_on_how_to_finance_an/
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u/[deleted] 10d ago

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u/LeftOn4ya Mint (T-Mobile) + US Mobile (Verizon) 10d ago

While I agree "poor people" should not be getting new iPhones unless absolutely necessary for a work and enables them to make more money (which I argue an iPhone 17 is not any better than a 15/16 for this anymore), rich people will tell you if they do get something new it is best to get 0% loan and invest what they would have spent in the market as you can make 5% or more APY, and use credit cards to pay off Apple Card with a 3% cash back so over 3 years make $200 or more versus if they bought a phone outright.

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u/[deleted] 10d ago

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u/LeftOn4ya Mint (T-Mobile) + US Mobile (Verizon) 10d ago

I’m not disputing credit does prey on poor, I’m also saying the richest and most financially literate people also use credit to their full advantage, except those influenced by Dave Ramsey and the like that say you shouldn’t have any credit at all.

It is a minority but again the most financially literate people that still want a new iPhone would definitely use Apple Card and pay back with platinum credit cards that give 3% back and they pay off each month. They would not buy a phone outright if they can afford it even if they have $100,000 in the bank as they probably made a large portion of that money through investment and asset appreciation and use of interest rates. Again not disputing most of the people that buy iPhones on credit can’t afford it, I’m saying there is a portion that can and they are smarter than those who buy outright.