Apple to launch 'Apple Upgrade' program for iPhones, Macs, and iPads; What it means

Apple is expected to launch an “Apple Upgrade” program in partnership with Klarna that will make purchasing iPhones, Macs, and iPads easier on the pocket. According to a Bloomberg report, the Apple Upgrade Program is said to give customers more flexibility in financing Apple devices. In addition, the plan may also make upgrading to newer generation models easier by allowing users to switch devices before completing the full payment term.

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What is ‘Apple Upgrade’ program?

As per the report, the Apple Upgrade program will make it easy for Apple lovers to finance desired iPhone, iPad, Mac, and Apple Watch models. With the program, buyers now be able to lease iPhones and Apple Watches for devices over 24 months, and iPads and Macs for over 36 months, with a small monthly payments. 

During the financing period, buyers will have the option to pay off the remaining balance early if they want to own the device before the term ends. They can also upgrade to a newer model before the financing term is over by trading in their current financed device and starting a new financing plan.

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Lastly, buyers can either keep the device after completing the payments or return it to Apple. This program is said to be managed by Klarna, which offers “buy now, pay later” services. To join the Apple Upgrade Program, customers will have to undergo a soft credit check, and buyers may also have to pay additional fees depending on the financing terms, payment delays, or other conditions.

What happens to the iPhone Upgrade Program?

Bloomberg said that once the new Apple Upgrade Program launches, Apple may stop accepting new customers for its existing iPhone Upgrade Program. Therefore, the Apple Upgrade Program may come as a replacement. Apple is reportedly aiming to create a single, streamlined financing program that covers multiple products.

Apple is expected to market the new program as a way to reduce monthly payments, making it more affordable for customers to finance Apple devices, similar to how Samsung offers the Galaxy Forever Program. 

Apple could launch the new ‘Apple Upgrade’ program as soon as next week in the US, as per reports.