Apple Launches Apple Upgrade Device Leasing Program In U.S.

(RTTNews) - Apple Inc. (AAPL) on Tuesday launched Apple Upgrade, a new device leasing program in partnership with payment provider Klarna for iPhone, Apple Watch, Mac and iPad purchases in the United States.

The program is available online, through the Apple Store app and at Apple Store retail locations, offering 12- or 24-month leases for iPhone and Apple Watch, and 24- or 36-month leases for Mac and iPad.

Monthly lease prices start at $17.99 for iPhone, $11.99 for Apple Watch, $24.99 for Mac and $11.99 for iPad. Customers can reduce their monthly payments by trading in an eligible device through Apple Trade In and can earn 3% Daily Cash back on lease payments made with Apple Card.

At the end of the lease term, customers can upgrade to a new device, purchase the leased device with a one-time payment, or return it and exit the program.

With the launch of Apple Upgrade, Apple will discontinue the iPhone Upgrade Program and iPhone Payments in the United States. Existing iPhone Upgrade Program customers will be able to switch to Apple Upgrade, finance purchases through Apple Card Monthly Installments, purchase devices outright or use carrier financing, if eligible.

The company said the application process, handled by Klarna, includes a soft credit inquiry that does not affect applicants' credit scores, with approvals available within minutes online or in stores.

Apple shares were nearly 1% up in pre-market trading after closing at $336.91 on Monday.