Cricket’s new phone payment plans are here, but you’ll want to be careful. They’ve rolled out a simplified application to offer financing or leasing, and checking your options won't hit your credit score.
Instead of you trying to figure out which financing path to take, Cricket’s new application automatically directs customers to the best plan for them. The big plus here is that you can check your eligibility and see what you qualify for without getting a hard inquiry on your credit report, which is a nice touch. According to a new report, this move is aimed at budget-minded shoppers, especially Gen Z, who are more likely to use pay-over-time methods.
Bread Pay: This is traditional financing. Eligible customers could get $0 down and 0% APR for 24 months. However, based on creditworthiness, that rate could be as high as 14.99% APR.
Progressive Leasing: This is a 12-month lease-to-own option. This isn't a loan; you're leasing the device with the option to buy it at the end.
The new phone payment plan options put the customer in control. We’re delivering on our promise to make technology more accessible.
— Shailendra Gujarati, chief marketing officer at Cricket Wireless
Why this move actually matters in the prepaid world
Cricket phone payment plan options. | Image credit — Cricket
This is all about prepaid catching up and blurring the lines. For years, the big perk of prepaid was no contracts, but the downside was you usually had to buy your phone outright. Meanwhile, postpaid carriers like AT&T (Cricket's parent company) and Verizon use "free" or cheap monthly-payment phones as the main hook to lock you into 3-year plans.
Cricket’s big rival, Metro by T-Mobile, already has its own device financing and leasing partnerships. This new, simplified system from Cricket is a direct competitive response. It’s an attempt to give prepaid customers that "postpaid" experience of getting a shiny new flagship phone for a low (or $0) down payment, which helps Cricket keep customers from jumping to a competitor.
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Honestly, this is a bit of a mixed bag. The "no hard credit check" to see your options is genuinely great. That part is smart and very customer-friendly.
But you have to be really careful about which plan you get. The Bread Pay 0% APR deal is solid. But if you get the 14.99% APR offer, that’s a high interest rate for a phone. The option that really makes me nervous, though, is Progressive Leasing. Lease-to-own services are notoriously expensive. By the time you’ve made all 12 payments and paid the buyout fee, you'll almost certainly have paid far more than the phone was ever worth.
So, would I use it? I’d avoid the leasing option at all costs. But if you need a new phone and can qualify for the 0% APR financing, it’s a reasonable deal. For everyone else, saving up and buying unlocked is still the best way to go.
Mint Mobile is also offering an incredible bargain for those seeking unlimited data! The carrier's latest deal lets you grab any unlimited plan for just $15/mo, bringing the 12-month Unlimited plan to $180 instead of $360.
Johanna 'Jojo the Techie' is a skilled mobile technology expert with over 15 years of hands-on experience, specializing in the Google ecosystem and Pixel devices. Known for her user-friendly approach, she leverages her vast tech support background to provide accessible and insightful coverage on latest technology trends. As a recognized thought leader and former member of #TeamPixel, Johanna ensures she stays at the forefront of Google services and products, making her a reliable source for all things Pixel and ChromeOS.
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