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2h ago

Apple Launches Klarna‑Backed 'Apple Upgrade' Leasing Program

The move shifts device purchases from ownership to recurring leases, presenting lower monthly costs despite recent hardware price increases.

Apple devices with Apple Upgrade logo and colorful abstract background
A customer holds an iPhone 17 Pro during the first day of in-store sales of Apple's latest products at Apple's Grove store in Los Angeles on Sept. 19, 2025.
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View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo

Overview

  • Apple confirmed on Tuesday that Apple Upgrade is live in the United States and replaces the iPhone Upgrade Program and iPhone Payments with leases run by Klarna.
  • Leases run 12 or 24 months for iPhone and Apple Watch and 24 or 36 months for Mac and iPad, with starting monthly payments as low as $17.99 for iPhone, $11.99 for Apple Watch or iPad, and $24.99 for Mac.
  • Klarna handles applications with a soft credit check that does not affect scores, trade‑in credits are applied to lower monthly payments, and Apple Card payments earn 3% Daily Cash.
  • Not all products qualify for Apple Upgrade, AppleCare+ is not included by default, leased iPhones must activate with AT&T, Verizon or T‑Mobile, and missing three consecutive payments ends the lease and can trigger collection of the outstanding balance.
  • Observers warn the plan can make devices seem cheaper month‑to‑month while raising questions about total cost, consumer protections and a reported iOS 27 beta framework that could technically limit or lock financed devices if enforcement is used.