T-Mobile Promotion Ends, Raises Down Payment of iPhone 5 to $150
When T-Mobile first launched the iPhone last month, customers could purchase it for a $100 down payment with 24 monthly payments of $20 to cover the full cost of the device. The promotion has now ended and the 16GB iPhone 5 has its price tag increased by $50, now up to a $150 down payment with the same monthly payments. What this does is effectively raise the cost of the phone to $630 from $580 over the life of the plan according to TmoNews
The 32GB and 64GB iPhone 5 models have seen a similar $50 price tag increase. Buying a 16GB iPhone 5 though T-Mobile is still cheaper than buying an unlocked iPhone from Apple in comparison as the device is still $650 and there is no monthly payment option if bought directly from Apple.
T-Mobile is said to be continuing taking in trade-ins of current iPhone models to reduce the down payment required. The company reported last week that it had sold more than 500,000 iPhones in less than a month after launch.