I just saw this insane offer today, where the new iPhone 8 is selling for *wait for it* Rs.18,788!!! Yes, you read that right, you didn’t miss a zero. So, what’s the truth about this deal? Let’s find out.
So, the original price of the new iPhone 8 is Rs.64,000 in India! Note that this isn’t the iPhone X but the iPhone 8 (both were announced at the same event, earlier this month by Apple US).
The offer goes like this.
If you take a Jio connection with this offer, then you get a 70% buyback on the phone after 12 months. What does that mean in plan English? Let’s find out.
Under Jio-iPhone assured buyback offer, a customer who purchases iPhone 8 and/or iPhone 8 Plus from Amazon.in (from the seller Reliance Digital only), will get an assured buyback value of 70% of MRP if such customer returns the Product, within the Assured Buyback Period (defined below).
So that means, if you buy the iPhone 8 now, including the Jio monthly plan, you can sell it off to Reliance Jio, after 12 months (and paying Jio the data plan cost, which comes to about 10K/year) for 70% of the value of the phone (which should be Rs.44,800).
So, how much money should you shell out now to get the iPhone 8?
The full price of Rs.64,000! Plus, you have to get the Jio data plan of about Rs. 9,588/year.
So in total Rs. 73,588!
Now, there’s a Rs.10,000 missing. What about it?
That’s where Citibank’s credit card kicks in. If you buy the iPhone on any Citibank credit card, you will get a cashback of Rs.10,000 in 90 days after the purchase.
So, essentially if you pay Rs.64,000 using your Citibank credit card, and pay the data plan on Jio either upfront for Rs.9,588 (or choose to play it monthly), then you can use the phone for 12 months and have it sold back to Reliance for Rs. 44,800.
Is it a good deal?
Now, that’s a good deal, if you have a Citibank Credit Card already, is planning to get the iPhone 8 and need a Jio data plan for the next one year.
When is it not a good deal?
If you don’t have a Citibank Credit Card, don’t mean to return back the phone after 12 months or want the iPhone X.
Otherwise, this is a fair deal. btw the offer is only available on Amazon.in here.