Apple is set to introduce a device leasing program supported by Klarna, named Apple Upgrade, on July 28.
Apple is set to introduce Apple Upgrade on July 28, a leasing program for iPhones, Macs, iPads, and Apple Watches, supported by Klarna, which will replace the current financing options. According to a report by Bloomberg on Monday, the service will be available for a majority of Apple’s devices and is anticipated to be one of the most significant shifts in the company's hardware sales strategy. Apple chose not to comment, while Klarna did not respond immediately.
The program functions similarly to a car lease. Customers can either pay off their device early, upgrade to a newer model before the lease term ends, or return the device when the lease period concludes, although some transactions may incur additional fees. Leases for iPhones and Apple Watches will last for 24 months, while terms for Macs and iPads will extend to 36 months; qualifying customers will need to pass a soft credit check.
As Apple transitions to Apple Upgrade, it plans to halt new enrollments in its existing iPhone Upgrade Program and standard financing. Bloomberg noted that the company aims to promote this new program as a means to reduce monthly payments in comparison to current options. However, unlike the iPhone Upgrade Program, Apple Upgrade will not include AppleCare, a significant point given Apple's recent increase in AppleCare+ prices as part of a larger trend due to the ongoing global memory chip shortage.
Not every Apple product will qualify for this program. Exclusions include the Apple Watch SE, the basic iPad, iPhone 16, and MacBook Neo, as reported by Bloomberg. Additionally, purchases made for business and educational purposes will not be included.
The announcement follows a price increase by Apple of several hundred dollars on various Macs, iPads, and other devices as a result of an industry-wide memory shortage causing significant hikes in component costs. It is also anticipated that iPhone prices will rise when new models are launched in September. By positioning hardware as a monthly payment rather than a lump sum, Apple Upgrade may help mitigate the impact of these price increases.
For Klarna, which has seen a notable decline in its stock since its September 2025 IPO, this partnership signifies a significant distribution opportunity. Following the news, shares of the Swedish buy-now-pay-later company increased by as much as 11 percent.
Apple had been working on its own hardware subscription service since at least 2022 but abandoned it in late 2024 due to software issues and regulatory concerns, according to earlier reports from Bloomberg. By collaborating with Klarna, Apple can offer leasing options without bearing the financial risks.
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Apple is set to introduce a device leasing program supported by Klarna, named Apple Upgrade, on July 28.
The Apple Upgrade program will enable customers to lease iPhones, Macs, iPads, and Apple Watches via Klarna, superseding the existing iPhone Upgrade Program and financing options.