A new “Apple Upgrade” program is set to launch in the U.S. on Tuesday, July 28, according to Bloomberg’s Mark Gurman. While Apple will stop accepting iPhone Upgrade Program sign-ups that same day, current customers already enrolled in the program will be allowed to remain in it “for the time being.”
Apple is partnering with buy-now, pay-later company Klarna on the program, Gurman said. His comments came in his latest Power On newsletter, published on Sunday.
Klarna Group plc is a Swedish financial technology company and digital bank that provides digital payments, short-term consumer credit, cards, banking services and merchant tools for online and in-store commerce. It is best known for its buy now, pay later payment products.
Buyers will be able to finance most most iPhone, iPad, Mac, and Apple Watch models, giving them 24-months to pay off new iPhones and Apple Watches and 36-months to pay for new iPads and Macs. Customers will be able to pay off the device early during the term, upgrade early to a newer device, or keep the existing device after it is fully paid off.
Gurman says some lower-priced Apple devices, the Apple Watch SE, entry-level iPad, iPhone 16, and MacBook Neo, will not be eligible for the financing deals.
The Apple Upgrade program will apparently not include AppleCare+ coverage, as it was under the iPhone Upgrade Program.