The market for smartphone accessories is changing-fast. The market used to be just cases and screen protectors, but now it's smart watches, expensive headphones and fitness trackers-all of which cost close to, if not just as expensive as your smartphone. Having that in mind, T-Mobile has announced that they will soon allow for accessories to be covered by an Equipment Installment Plan of EIP.
Getting a smartphone through T-Mobile requires consumers to sign up for an EIP for their new device. EIP's work the same way financing a car works, there is an initial down payment (based off your credit) and then a set amount per month over a two-year span. The amount is attached to your monthly bill, and usually less than $30 a month. Where EIP's differ from car financing is there's no interest on the amount being financed. Currently, EIP's are only available for smartphones, but soon T-Mobile will be opening up EIP's to cover accessories as well.
TmoNews has released what seems to be a company email sent out to sales reps in regards to the last half of 2014. In the email, they welcome everyone to the last half of 2014, and talk a bit about what's new in T-Mobile's offerings. Then, (if you're familiar with retail you know about upselling) T-Mobile talks about how every sales rep should be trying to get customers to buy accessories for their new device. Interestingly enough, they say that accessories should be talked about throughout the sales process, and that one thing that should be mentioned is the offering of "EIP starting July 20th."
The new move could be attributed to the many accessories that are headed our way, if not already available at T-Mobile. One of which is the Samsung Gear 2 smartwatch, which costs $300. Using the EIP schedule, a Samsung Gear 2 would have a monthly cost of around $12.50-depending on how much you put down initially. There's other accessories that cost quite a bit of money as well, like the Samsung Gear Fit fitness tracker. The Gear Fit currently costs $200, but with the EIP it would cost around $8 a month-again, depending on the down payment.
Details have not been released just yet from T-Mobile in regards to the accessory EIP. They could have different terms for accessories than they do for smartphones. T-Mobile could also require a set amount to be paid up front. Though this will make it easier to get that smartwatch you've been waiting for, especially as more and more become available.