Cricket Wireless is offering new phone payment plans for the holiday season.

They've simplified the application, but you'll want to read the fine print
Just in time for the holiday season, Cricket Wireless has introduced a streamlined system to make purchasing smartphones more accessible. The "Phone Payment Plan options" offer a straightforward, digital application process.
Instead of navigating various financing choices, Cricket's new application directs customers to the optimal plan for their needs. Customers can check their eligibility and view available options without a hard credit inquiry. This initiative targets budget-conscious shoppers, particularly Gen Z, who often prefer payment plans.
Applicants will be directed to one of two options:
Bread Pay: Traditional financing offering eligible customers $0 down and 0% APR for 24 months. Interest rates may reach 14.99% APR based on creditworthiness.
Progressive Leasing: A 12-month lease-to-own arrangement. Customers lease the device with the option to purchase it later.
According to Shailendra Gujarati, chief marketing officer at Cricket Wireless, the new phone payment options empower the customer and deliver on the company’s commitment to making technology more accessible.
This move reflects prepaid services evolving to compete with postpaid options. Previously, prepaid plans offered the advantage of no contracts, but customers typically had to purchase phones outright. Postpaid carriers such as AT&T (Cricket's parent company) and Verizon often use discounted monthly-payment phones to secure long-term contracts.
Cricket’s competitor, Metro by T-Mobile, already provides device financing and leasing. Cricket's new system is a direct response, allowing prepaid customers to acquire flagship phones with low or zero down payments.
The "no hard credit check" feature is beneficial. However, customers should carefully assess each plan. The Bread Pay 0% APR option presents a solid deal, but the 14.99% APR carries a high interest rate for a phone. Progressive Leasing may be costly, potentially leading to payments exceeding the phone's value after completing all payments and fees.
The leasing option should be approached with caution. The 0% APR financing is a reasonable option if needed. Saving to buy an unlocked phone remains the best approach for most customers.