Samsung to launch a leasing program for the Galaxy S7 and Galaxy S7 edge on March 11

If you cast your mind back to October of last year, you may recall we reported that Samsung was rumored to be launching a smartphone leasing program for all upcoming flagship devices in its Galaxy lineup in South Korea, then in January a source familiar with the scheme suggested that the manufacturer would introduce it alongside the Galaxy S7 and Galaxy S7 edge. Now, two months later and a couple of weeks after the flagships unveiling, another report has surfaced this time shining a little more light on the terms and details of the plan.

The leasing program is expected to commence in South Korea when sales of the Galaxy S7 and Galaxy S7 edge kick off on Friday, March 11. We believe buyers will be able to split the total retail price of the device over 24-months, but will have the ability to trade-in their handset after 12-months in return for a brand new phone, and, providing their old unit is in good condition, will be exempt from any remaining payments — which is similar to the upgrade project the company currently operates in the UK.

As far as we can tell, in order to be accepted for the scheme, customers will have to apply for a Samsung Credit Card in the Digital Plaza in South Korea. Only once they’ve been accepted will they be able to lease their chosen smartphone. The monthly repayments should then be made using the Samsung Card as opposed to a direct debit, wire transfer or faster payment. Should a payment be missed, customers will be penalized with hefty fines or could even be forced to return their handset.

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