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Apple just made it easier to upgrade to the latest iPhone

cell phones, smartphones
Flickr/ Joe Fingas

Whether you have an iPhone, Android, or Windows phone, you can trade it in to Apple to offset some of the cost of your 24 monthly iPhone Upgrade Program payments of a brand new iPhone, according to CNET.

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The new program, announced by Apple on Thursday, is called the Trade Up Installment program. It's basically the monthly installment version of the Trade In program where you can get up to $350 in one lump sum in Apple Store credit for your old smartphone.

Just like the Trade In program, the most you'll save with the new Trade Up Installment program is $350. Apple told CNET that you'll get between $100 and $300 total offset if you trade in an old Android or Windows phone.

The amount that Apple will offset depends on your old phone's age and condition. An iPhone 4, for example, won't offset your monthly payments as much as a newer iPhone 5.

An example

A brand new 128GB iPhone 6s Plus costs $44.91 a month with the iPhone Upgrade program. If you trade in an old iPhone 4 with the new Trade Up Installment program, the monthly cost for a 128GB iPhone 6s Plus can be reduced to $35.37 per month from the $44.91 per month you'd normally pay. If you trade in an old iPhone 5, however, your monthly cost for a new 128GB iPhone 6s Plus can be as little as $31.20 a month.

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The catch

With the 24-month installment iPhone Upgrade program, you can trade in your iPhone every 12 months to get the latest model, even though you still have 12 more installments to pay. 

With the new Trade Up Installment program, you won't be able trade in the iPhone you bought after one year like you could with the iPhone Upgrade program. You'll have to complete all 24 monthly payments of the iPhone Upgrade program or pay off the rest of what you owe in one go before trading in your old iPhone.

Before signing up for any of these Apple programs, you should see how much you can get for your old phones by selling your them on online marketplaces like eBay or Swappa.

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