Apple launches US device leasing program with Klarna
2 sources↑ Market-relevant
IN SHORT
Apple has introduced a new device leasing program in the U.S. called Apple Upgrade, in partnership with Klarna. The program offers monthly payment plans for iPhones, Macs, iPads, and Apple Watches, with options to upgrade, buy, or return devices at the end of the lease term.
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Key Numbers
$17.99minimum monthly payment for an iPhone
$11.99minimum monthly payment for an Apple Watch or iPad
$24.99minimum monthly payment for a Mac
12 or 24 monthslease terms for iPhones and Apple Watches
24 or 36 monthslease terms for Macs and iPads
3%cash back for Apple Card payments
Who's Involved
Apple
Technology giant launching new device leasing program
Klarna
Payments firm partnering for device leasing program
↳ Why This Matters
The new leasing program aims to make Apple's higher-priced devices more accessible to consumers by offering monthly payment options, potentially boosting sales amidst industry-wide chip shortages and price increases.
Key facts
Apple has launched a new device leasing program in the U.S. called Apple Upgrade.
The program is a partnership with the payments firm Klarna.
Leasing options are available for iPhones, Macs, iPads, and Apple Watches.
Monthly payments start at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad, and $24.99 for a Mac.
Lease terms range from 12 to 36 months depending on the device.
A soft credit check by Klarna will not impact a customer's credit score.
Customers can reduce monthly payments by trading in existing devices.
Payments made with an Apple Card will earn 3% Daily Cash back.
At the end of the lease, customers can upgrade, purchase, or return the device.
The new program replaces Apple's previous in-house financing and installment programs in the U.S.
Apple has launched a new device leasing program in the U.S. called Apple Upgrade, in partnership with payments firm Klarna. This initiative expands the technology giant's payment options, replacing its previous iPhone Upgrade Program and iPhone Payments offerings.
The program allows customers to lease iPhones and Apple Watches for either 12 or 24 months, while Macs and iPads are available under 24- or 36-month plans. Monthly payments begin at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad, and $24.99 for a Mac.
To participate, applicants will undergo a soft credit check by Klarna, which will not impact their credit score. Customers have the option to reduce their monthly payments by trading in an existing device and can earn 3% cash back when using an Apple Card for payments. Upon completion of the lease term, customers can choose to return the device, purchase it outright with a one-time payment, or upgrade to a newer model.
Existing members of Apple's iPhone Upgrade Program will have the opportunity to transition to the new leasing plan once they are eligible. The Apple Upgrade program is accessible through Apple's website, its mobile application, and its U.S. retail stores.
Frequently asked questions
It is a new device leasing program launched by Apple in the U.S. through a partnership with Klarna, offering monthly payment plans for iPhones, Macs, iPads, and Apple Watches.
Lease terms are 12 or 24 months for iPhones and Apple Watches, and 24 or 36 months for Macs and iPads.
No, applicants will undergo a soft credit check by Klarna that will not affect their credit score.
Customers can return the device, buy it with a one-time payment, or upgrade to a newer model.
What Happens Next
01Existing iPhone Upgrade Program members will transition to the new plan when eligible.
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