Sprint has finally announced their phone financing program, called One Up, to match T-Mobile JUMP, Verizon Edge and AT&T Next, all offer the same sort of program but with slightly different payments and arrangements.
T-Mobile has called out AT&T and Verizon for offering programs that are not anywhere as good as what T-Mobile offers with JUMP. The idea with these programs is the user pays extra to get a smartphone every six-months or every year on a two-year contract.
On Sprint, the user pays $0 down for the smartphone and then signs a two-year contract to pay off the smartphone. On the 13-month of the contract, Sprint will offer to change the smartphone for a newer model and start a new contract, the user has to trade in the first smartphone for the upgrade.
This does essentially mean the user is not purchasing the phone, they are leasing it from Sprint for a year and then give it back if they want a newer model. For Sprint and the rest of the carriers, this is gold, because they gain half the price of the phone and then can sell it back to other consumers at the store-front, while keeping the ‘One Up’ user on a contract.
One of the quirks of the Sprint One Up program is the Unlimited, My Way plan, where Sprint will cut $15 per month on service costs, meaning the phone service costs could be as little as $65 per month for unlimited everything.
Sprint is likely to announce the One Up program on September 20, according to the people who got hold of the information about the program in the first place.