A common issue when picking up a new smartphone on an 18 or 24-month contract is that your device will almost always be obsolete well before the end of your service agreement. This is especially true in the Android space, where manufacturers seem to be continually one-upping each other (and themselves) with new high-end devices every few months.
Independent UK retailer Phones4U has today launched a new service which could allow customers to keep up-to-date with the latest handsets throughout the life of their contract. JUMP ("Just Upgrade My Phone") splits customers' monthly bills into a phone service part, payable to the carrier, and a "JUMP service agreement" bill, payable to Phones4U. Then, after six or more months, customers can choose to upgrade their handset, trading in their existing phone in the process. The remaining JUMP balance that's payable until the end of the contract is then offset against the price of the phone, and a new handset can be chosen, the cost of which is added to the JUMP balance.
The bottom line is that you'd be able to upgrade your phone during the life of your contract, in exchange for a somewhat increased monthly fee.
It takes a while to wrap your head around what's actually going on, but effectively customers are being given the chance to re-jig the part of their monthly payment that covers the cost of the phone. It's probably not going to be economical to upgrade three times within a 24-month contract, but it is at least more affordable than blowing £500 on a new handset in the middle of your contract.
JUMP is launching in Phones4U stores from today, and online from May. We've got the full presser after the jump.
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