Technology
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Apple launches device leasing plan amid rising prices
NDTV··29 Jul
Apple introduced a new leasing program called Upgrade for US customers, allowing iPhones, iPads, Macs and Apple Watches to be leased instead of bought outright. The program, run with partner Klarna, requires a soft credit check and can be used in stores or online. It arrives weeks after Apple raised prices on several products by 100 to 500 dollars.
Prism
What It Means For You
- US based buyers now have a lower monthly entry cost option starting at 17.99 dollars instead of paying the full device price upfront.
- Customers can upgrade devices more often under the plan, but budget models like the iPhone 16 and base iPad remain excluded.
- The plan requires a soft credit check, so eligibility and terms will vary based on individual credit profiles.
What's Happening
- Apple introduced a leasing program called Upgrade in the US, letting customers lease iPhones, iPads, Macs and Watches instead of buying outright.
- Leases run 12 or 24 months for iPhones and Watches, and 24 or 36 months for Macs and iPads, through partner Klarna.
- The program follows a recent price hike of 100 to 500 dollars on several Apple products, linked to rising memory chip costs.
A Fold Coming Behind Rising Prices
- The lease program replaces Apple's earlier iPhone Upgrade Program, which required 12 monthly payments before a swap was allowed.
- At lease end, customers can pay off the device, return it, or upgrade to a new model and start a fresh lease.
- The plan arrives ahead of Apple's expected September launch of its most expensive iPhone yet, including a first ever foldable model.
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