When you upgrade your phone through Verizon Wireless or T-Mobile, you typically have two options — pay the phone off in one shot or enter into a device payment plan. These are offered through the provider and don’t require a third-party company to intervene. Unfortunately, with Mint Mobile, device payment plans are only available through Affirm, a provider of flexible payment plans founded by PayPal co-founder Max Levchin.
Though Affirm is a trusted alternative to high-interest credit cards, it’s a third party that won’t bill through Mint Mobile. That means you’ll be responsible for paying off your device separately from your mobile plan. Through Verizon and T-Mobile, the payment plan is simply built into your monthly bill.
With Affirm, based on your credit, you may be denied outright or charged an interest rate as high as 36%. While a poor credit history can also exclude you from Verizon and T-Mobile’s payment plans, or require a downpayment, they’re always interest-free, so every penny goes toward the price of the phone. Furthermore, if you were hoping to bring the cost of your new smartphone down some, you’re out of luck. Unlike bigger-name mobile providers, Mint Mobile doesn’t offer device trade-ins.
