Apple Upgrade installment program launches Tuesday

Apple has finally pulled the curtain back on its next‑generation leasing service, calling it “Apple Upgrade.” The rollout is slated for Tuesday, July 28, and it conveniently coincides with the shutdown of new enrollments for the long‑standing iPhone Upgrade Program.

Mark Gurman first tipped us off in Bloomberg’s “Power On” newsletter, noting that Apple would stop taking fresh iPhone Upgrade sign‑ups at the same time the new program went live. Existing iPhone Upgrade customers can keep riding the old train, but no new riders will be allowed on board.

What sets Apple Upgrade apart? For starters, it’s not limited to iPhones. You’ll be able to lease an iPad, a Mac, or an Apple Watch – although the budget‑friendly Apple Watch SE and the entry‑level MacBook Neo won’t make the cut, and the plan is off‑limits for business or education purchases.

The leasing terms vary by product: 24‑month contracts for some devices, 36‑month contracts for others. And unlike the old program, you won’t be forced to sit out the entire term – Apple Upgrade lets you swap to a newer model early, as long as you meet the eligibility criteria.

There’s a little snag, though. AppleCare, which came bundled for free with the iPhone Upgrade Program, is no longer included. If you want that coverage, you’ll have to purchase it separately.

Another shift is in the financial backer. The iPhone Upgrade Program was underwritten by Citizen Bank, but Apple Upgrade will be financed through Klarna, the Swedish‑born buy‑now‑pay‑later giant that’s already integrated with Apple Pay.

All told, Apple Upgrade feels like a broader, more flexible leasing playground – albeit with a few trade‑offs. Time will tell how consumers react, especially now that the program opens the door to a wider swath of Apple’s hardware lineup.