The Ultimate Guide to T-Mobile’s iPhone Upgrade Program
While many carriers have completely closed the door on upgrade programs for their customers within the last 5 years, it seems T-Mobile is doubling down on their reputation as the “un-carrier“. Acting completely counter to its competitors, T-Mobile unveiled its “Jump!” and “Jump! On Demand” phone leasing/upgrade programs, which target consumers that just have to have the newest phone in their hands.
With two clear options to choose from, T-Mobile is proving to be a versatile carrier with a strategy to veer sharply away from all of the decisions the major carriers (think AT&T, Verizon, and Sprint) are making. They are eager to paint themselves as the outlier carrier—the type of company perfect for those of us who hate doing things the same way as everyone else. However, as interesting as T-Mobile’s upgrade programs sound, how do they compare to the other options out there?
What is T-Mobile’s iPhone Upgrade Program?
T-Mobile has two programs to choose from. Depending on your phone buying habits, you’ll find one more attractive than the other.
JUMP!
JUMP! Is T-Mobile’s most traditional upgrade programs, but that doesn’t mean it lacks clout. Any T-Mobile customer on a “postpaid” plan (a postpaid plan is a standard plan that you pay monthly for, as opposed to a prepaid phone). With JUMP!, you pay an upfront deposit based on the model of phone you’re buying (the newest, better phones will cost you more) and your financial eligibility. After that, you pay the rest off via monthly installments tacked onto your phone bill.
What makes JUMP! different than the typical fare offered by other carriers? After you’ve paid 50% of the value of your phone, you’re free to upgrade to a brand new one by trading in your old phone. Think of this program as a phone lease—you pay to use your device, not necessarily for the device and once you’ve satisfied a fraction of the overall financial commitment then you’re free to trade your device in for a new one and repeat the process.
JUMP! On Demand
T-Mobile shows its out-of-the-box attitude with its JUMP! On Demand program. While it functions in much of the same way as their standard JUMP! program, you receive one distinct benefit—you can upgrade your phone every 30 days. JUMP! On Demand incurs a larger monthly fee but it pays you back in the luxury of having the newest, greatest phone on the market, be it Apple or Android.
With JUMP! On Demand, you can experiment with smartphones. One month, you can play it safe with the newest iPhone. And another month, if you’re feeling adventurous, go ahead and grab that weird, one-off Android phone and give it a spin.
How Do the iPhone Upgrade Programs Work?
Both of T-Mobile’s upgrade programs are simple to use. They require a credit check if you’re a new customer, a postpaid phone plan through T-Mobile, and you need to have no debts on your account.
If you’ve satisfied all of the requirements, then all you need to do is head into a T-Mobile store and ask about their upgrade programs. But first, weigh the pros and cons of each plan.
JUMP!: Great for people that like to upgrade their phone every year. With JUMP!, you pay a monthly leasing price for your current phone and get the chance to upgrade to a new phone after 50% of that financial commitment has been completed, which is typically one year of payments.
JUMP! On Demand: Pay a larger leasing price per month but gain the ability to upgrade your phone every 30 days. This is great for consumers that have the money and want to constantly have the newest phone.
T-Mobile’s Programs vs. Apple’s Upgrade Program
Both JUMP! and JUMP! On Demand are fun ways to invest in the newest smartphone technology. But how do they compare to Apple’s upgrade program?
The Cost Breakdown
Many factors will contribute to the cost of either upgrade program. However, many people agree that Apple’s iPhone program is the slightly better deal in the long-term, assuming you upgrade your phone every year. This Reddit thread breaks down the cost analysis into very technical terms. The gist of it is because Apple’s program does not require a down payment, it’s a cheaper option.
Carrier Commitments
One often overlooked aspect to upgrade programs are that, when you participate in a carrier upgrade program, you are locked into a contract with that carrier. If you use Apple’s iPhone upgrade program then you do not have any true commitment to a specific carrier.
Credit Checks
With any carrier, you’re required to undergo a credit check to establish a line through them. However, with most carriers including T-Mobile, you’re only required to undergo one credit check to establish your account. Due to the unique way that Apple finances your phone using their upgrade program, you have to undergo a credit check every time you refinance (upgrade) your phone. This can have a larger impact on your credit score.
Warranties
Both T-Mobile and Apple offer extended warranties with their upgrade programs. It’s up to you to decide which is best for you. But bear in mind that Apple can often repair or troubleshoot your iPhone in one of their stores while you wait, often for free with their extended warranty. T-Mobile sells a variety of smartphones and simply won’t offer the same level of support on an iPhone than most Apple Stores would.
Comparing Upgrade Programs to Buyback Programs
Of course, you can forgo an upgrade program completely and simply take advantage of buyback programs like Buyback Boss. If you have the upfront capital, buying a new smartphone at retail cost and trading it in after a year can net you quite the return (over $400 in a lot of cases). You can then roll that money back into the price of a new phone; rinse and repeat.
Buyback programs are certainly more straightforward and often more lucrative if you take care of your phone and keep it in great condition. Most of all, you’ll want to ensure you trade it in while it’s still at its peak value—within 2 years. It’s easy to forget how much money you’re investing in an upgrade program. They like it that way—companies want you to see the relatively low monthly cost of their upgrade program and hope you forget how much that adds up after a few years.
Common Questions About T-Mobile’s Upgrade Program
What’s the name of T-Mobile’s program?
T-mobile offers two distinct upgrade programs for their customers. T-Mobile JUMP! and T-Mobile JUMP! On Demand. Read a little above for an in-depth breakdown of both programs.
What do they cost?
The cost of T-Mobile’s upgrade program varies depending on the phone you choose. A better phone will cost more.
Do I need to trade-in my phone each time?
Yes, as is typical with upgrade programs, you need to trade-in your old phone to receive a new phone. Think of the program as leasing a car—you’re paying to use the car, not paying to own it.
How do I sign up for JUMP! and JUMP! On Demand?
According to T-Mobile, you can’t sign up for either program online. You either need to head into a T-Mobile store or give them a call at 1-800-937-8997.
So, what’s better? Apple, T-Mobile, or Buyback?
Each avenue has its perks, depending on what you’re looking for. T-Mobile’s On Demand upgrade program is fairly unheard of in the smartphone industry and could be attractive to the right consumer. Apple offers one of the most competitively priced and streamlined upgrade services on the market. On the other hand, buyback programs remove all of the complications altogether and set you up to own your device.
Getting the Newest Phone Can Be Complicated, but You Can Keep It Simple
You can make your life as simple or as complicated as you want it to be. Upgrading your phone is no different. However, it’s up to you to sit down and think about what’s important to do. Saving money? Having the newest technology? Keeping things as easy as possible?
Depending on your answer, you’ll find a different solution to your phone upgrade dilemma. There is no one-size-fits-all solution to the consumer quandary of upgrading your cellphone. Just bear in mind that, any upgrade program you participate in is meant to be a consumer luxury—it’s not a cost-savings measure by any means. It’s a way to enjoy the newest and greatest product.
If you’re the kind of person that likes to get a lot of use out of your smartphone, then you might want to consider buying it full price, getting 3-5 years out of it, and trading it in via a buyback program once it’s long in the tooth. Buyback programs like ours are stress-free and versatile. We can be a means toward always having the newest phone through constant trade-ins, or we can be a way for you to get a little bit of cash at the end of your smartphone’s life. At the end of the day be the consumer you want to be and we’ll be here to help.