I guess that is financing if you keep paying for 24 months (though you are paying way more than the cost of the phone normally, so the no interest claim isn't really valid, $777 vs $649 for a 32GB 7 for example). If you upgrade after 12 months it is basically a very expensive lease, where you pay over half the value of the phone and have nothing to show at the end. Also you have to use one of those carriers, so you are basically locked into a contract with and expensive phone plan. I am using Sprint now because it is basically free for the next year, but I won't use them beyond that, I will switch back to an MVNO.
What I was referring to is zero interest financing for 12 or 24 months, even if it is through the Apple Card that is fine. But at the end of that period you would only pay the listed price and would own the phone and could sell it if you wanted. Since my first post I did receive an offer from Barclays for another interest free purchase period from the Apple store. Unfortunately it ends before the new phones will be out, but maybe they will do the same again after the phones are out.
It is a zero interest loan for 24 months just as I stated. The price is higher because it has AppleCare+ built into it. If you work the numbers out it balances to the penny. No interest. In fact, if you upgrade after 12 months you’re only paying half the price of the AppleCare+.
The difference is that you’re being forced into AppleCare+. I always purchase it for my iPhones anyway so that doesn’t bother me.
Here’s an example for an iPhone 7 128 GB.
Price of iPhone: $749 USD
Price of AppleCare+: $129
Total: $878
$878 / 24 = $36.58, which equals the monthly payment using iUP.