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Apple launches ‘Upgrade’ device leasing program in partnership with Klarna
Apple has launched a leasing program, 'Upgrade,' in partnership with Klarna, allowing customers to pay monthly for devices like iPhones and Macs. Prices start at $11.99 per month, with options to upgrade or purchase at the end of the term. The program aims to alleviate the impact of recent price hikes due to supply chain issues, replacing previous financing options and integrating with Klarna for payment management.
Key points
- Apple introduces the 'Upgrade' leasing program with Klarna.
- Eligible customers can lease Apple devices with monthly payments starting at $11.99.
- Lease options include one- and two-year for iPhones and Apple Watches, and two- and three-year for Mac and iPad.
- At lease end, customers can upgrade, pay in full, or return the device.
- The program addresses issues from recent price hikes caused by the 'RAMageddon' chip shortage.
- Apple discontinues its previous financing programs for this new system, simplifying customer choice.
- Customers can trade in devices to lower payments and earn 3% Daily Cash back using Apple Card.
Why it matters
- The launch aligns with the growing trend of 'buy now, pay later' services in retail.
- The leasing strategy aims to enhance affordability amidst rising hardware prices and supply constraints.
- Discontinuing traditional installment plans reflects shifts in consumer finance models in the tech industry.
Apple's new leasing program is a strategic response to market challenges, aiming to maintain customer accessibility to its products while adapting to a changing economic landscape.