You can still buy an iPhone 15 for one cent after Prime Day - what you should know

Kerry Wan/ZDNET

Update: This deal has expired and is no longer available on Amazon. Instead, you can find the same offer directly on Boost Mobile's website and other Prime Day offers still available in ZDNET's all-encompassing phone deals roundup.

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With every major shopping event, like Amazon Prime Day, comes a "free phone" deal. As you'd expect, they're almost always too good to be true, whether offered by AT&T, T-Mobile, or Amazon. The latest variation comes via Boost Mobile, who's selling any iPhone 15 model, including the Pro Max, for just one penny. What's the deal with this deal? I break down the fine print below.

Also: The best Prime Day deals still available

Buying the best iPhone on the market for a penny is a no-brainer for anyone, but digging into the offer details shows that you must meet two other qualifications to reap the benefits:

You must enroll in a 36-month installment plan under Boost Mobile.A Boost Infinite wireless plan is required and starts at $60 per month (up to $70.28 per month).

Basically, the one-cent iPhone is Boost Mobile's way of reeling you into a three-year agreement. The wireless plan that you have to sign up for, which gets more expensive as you pick a more premium iPhone 15 model, is how the carrier makes its money back. 

Also: iPhone 15 Pro review: Coming from iPhone 12 Pro or earlier? This upgrade will wow you

If you ever opt out of the contract, you'll have to pay off the rest of the iPhone. Conversely, once you get through the three-year term, you can always resell the iPhone and get some money back.

These qualifications shouldn't surprise you, especially if you've purchased a phone from a carrier before. In fact, if you're already under a monthly data plan that costs roughly the same (if not more), your existing handset has been paid off, and you're ready to try a new (and possibly better) mobile service, this deal is not as bad as it seems. Best of all, you don't have to trade in any qualifying devices.

Before you take the offer, here are the key differences and reasons to buy one iPhone 15 model over the other:

iPhone 15 Pro Max: Best camera experience thanks to 5x optical zoom, large AMOLED screen with 120HziPhone 15 Pro: Similar feature set as the Pro Max but with a smaller form factor and shorter zoom capabilitiesiPhone 15 Plus: Best battery life iPhone with a big 6.7-inch screen, but it's a 60Hz refresh rate panel
iPhone 15: Most standard iPhone 15 experience, with a 6.1-inch display and a slew of pastel colorways