Apple Launches Device Leasing Program Starting at $12/Month

Apple has introduced Apple Upgrade, a leasing initiative created in collaboration with Klarna, accessible to qualified customers in the United States. This program features leasing options of 12 and 24 months for the iPhone and Apple Watch, alongside 24 and 36-month plans for the Mac and iPad. Monthly payments begin at $11.99 for the iPad and Apple Watch (36-month), $17.99 for the iPhone, and $24.99 for the Mac (36-month). Customers can reduce their payments by trading in devices via Apple Trade In and receive 3% Daily Cash back with Apple Card. A soft credit check is required for enrollment. At the conclusion of the lease, customers have the choice to upgrade, buy the device, or return it. This new program replaces the iPhone Upgrade Program, which is being phased out. Customers currently enrolled in the iPhone Upgrade Program who have completed 12 payments can switch to Apple Upgrade or explore other options. Apple Upgrade is available now online, through the Apple Store app, and at physical Apple Store locations in the US. Karen Rasmussen, Apple's vice president of the Apple Store online, emphasized that the program provides a more adaptable payment solution. This launch comes after recent price hikes on various Apple products, including a $1,300 increase for the Mac Studio with M3 Ultra. Apple seeks to make its newest offerings more accessible amid the rising costs of electronics.