Should you exercise the yearly upgrade option and subsequently trade in your financed iPhone, under the terms of iStore’s trade in programme, the financed iPhone that you traded in will not be returned to you. iStore will refund you the prevailing trade in value at the time of returning the iPhone which can be used to settle the outstanding balance of the payment plan for the current financed iPhone. A new payment plan associated with your new, upgraded iPhone will be calculated at a new rate determined by the new iPhone purchased. You will, however, owe the difference, if any, between the trade in value (as determined by iStore) and the remaining balance of your original payment plan. If there is a surplus between the trade in value and the remaining balance of your original payment plan, then you will have a credit on your card account for the surplus.
In order to take up a 24 month payment plan you need to have applied and have been approved for (and thus the owner of) an iStore Card. The iStore Card approval and issue is conditional on a full credit vetting process being successful and an adequate credit rating being approved by the Financial Services institution who issues iStore Card.
Together with the above you will need:
To be credit worthy at point of programme upgrade
To have a credit rating at point of upgrade that covers the full value of your selected new iPhone purchase
In order to upgrade to a new iPhone every year, thus canceling your current payment plan after 12 instalments and taking up a new 24 month payment plan, you need to:
Take out a new 24-month payment plan at the time of trade in
Ensure the iPhone you are trading in is in excellent condition and adheres to all current iStore trade in programme terms and conditions
Be liable for the difference, if any, between the value of the iPhone you are trading in, as determined solely by iStore, and the remaining balance of your original payment plan.
All above is conditional on iStore still offering a 24-month finance product (via iStore Card or another method) at the time of upgrade.