It's been rumored before but ahead of the launch of the new Galaxy S7, the Samsung Upgrade Program has gone live, in the UK at least.
Essentially it means you can spread the cost of the new, quite expensive phone, over 24-months without having to sign a carrier contract. But as the clue in the name would hint, you're also given a path to upgrade to, presumably the Galaxy S8, in 12-months time.
Let's break it down.
The cost of a new Galaxy S7 starts at £24.58 per month for 24-months based on the regular Galaxy S7. It will be more than this for the more expensive Galaxy S7 Edge. You pay a one-off deposit followed by 24 regular installments.
After 12-months you're given the option to upgrade, but you're not obliged to. If you're happy to keep your S7, then keep it. This is where there are a couple of things to note.
- Samsung will pay the outstanding balance on your current phone providing it is returned to them in "good working condition." Terms and conditions apply on that so make sure you brush up first.
- You then enter into a brand new 24-month term for the new phone.
- You can only leave the program once you've paid up in full for a phone.
You can pay up your outstanding balance at any time without penalty. It's important also to note that by paying for your Galaxy S7 this way you're also subject to paying 14.9% APR (interest per year) which makes the total cost of the phone £646.82.
So, should you use it? If you want a Galaxy S7 but don't have a spare £569+ lying around it's certainly a viable option. Looking at UK contract prices for the phone, the sub £25 a month price plus a SIM only contract from virtually any of the carriers could save you money over signing in to a new contract. And you don't need to pay off more than the price of the phone should you decide to quit and go to something else.
If you're interested in taking a look, hit the Samsung Store at the link below.
Samsung Upgrade Program for Galaxy S7 and S7 Edge