The “Free Phone” offer is nothing new in the consumer space, and if you clicked on this article with some skepticism, that’s normal. Such offers are almost always too good to be true, regardless of whether they are advertised by AT&T, T-Mobile or Best Buy. However, for the right customer, they’re the perfect opportunity to pick up a new phone for less than retail.

The latest variant of the “free phone” comes via Boost Mobile, which previously sold the iPhone 15 series for pennies and has now switched to the newer iPhone 16 series. With this Black Friday deal, you can snag the latest iPhone model, be it Plus or Pro Max, for pennies. So what’s this deal all about? Let me break down the fine print for you.

Also: The best Black Friday deals now live

Buying one of the best iPhones on the market for next to no money is a no-brainer for anyone, but when you take a closer look at the offer details, you realize that you have to meet three additional requirements to take advantage of the benefits:

• You must sign up for a 36-month installment plan at Boost Mobile.
• A Boost Infinite Wi-Fi plan is required and starts at $65 per month.
• The iPhone will be locked to the Boost Mobile network and cannot be used by other carriers.

Basically, the one-cent iPhone is Boost Mobile’s way of getting you a three-year contract. The cell phone plan you have to sign up for is how the cell phone provider gets their money back.

Also: We tested the iPhone 16 Pro’s camera system and it is seriously underestimated – with one tragic flaw

If you ever cancel the contract, you’ll have to pay off the rest of the iPhone. Conversely, you can always resell the iPhone after the three-year term has expired and get some money back.

These qualifications shouldn’t surprise you, especially if you’ve bought a phone from a wireless carrier before. If you already have a monthly data plan that costs about the same (if not more), your existing cell phone is already paid off and you’re ready to try out a new (and possibly better) cell service, this deal isn’t so bad , it seems. The best part is that you don’t have to trade in any qualifying devices.

In front of you Accept the offer, Here are the key differences between each iPhone 16 model to help you decide which is best for you:

• iPhone 16: Standard iPhone 16 experience, with a 6.1-inch display and a range of bold color options
• iPhone 16 Plus: A durable iPhone with a large 6.7-inch screen but a panel with a 60Hz refresh rate
• iPhone 16 Pro: Similar functionality to the Pro Max, but with a smaller form factor and battery size
• iPhone 16 Pro Max: The largest display and battery on an iPhone, with all the fix-ins including camera controls

Would you like to expand your scope? Check out our roundup of the best Black Friday phone deals available right now.