Apple reportedly plans to stop new enrollments for the iPhone Upgrade Program as it prepares to launch a new leasing service called Apple Upgrade next week.
The current iPhone Upgrade Program lets customers pay for an iPhone in monthly instalments and upgrade to a newer model after 12 months. Citizens One provides the financing with 0% APR, while AppleCare coverage comes included with the plan.
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Apple also offers Apple iPhone Payments, which lets buyers finance an iPhone over 24 months through Citizens One. However, that option does not include a built-in annual upgrade benefit.
Bloomberg’s Mark Gurman reports that Apple will discontinue new enrollments for both existing payment programs when Apple Upgrade launches. This change reportedly covers the iPhone Upgrade Program and Apple’s standard iPhone financing option.
Apple Upgrade will reportedly launch on July 28 through a partnership with Klarna. The new service will use a leasing model, although it will not include AppleCare coverage as part of the monthly payment.
Apple has not explained how the change will affect customers who already use the iPhone Upgrade Program. Existing members may continue under their current agreements, but more details should become available when Apple officially launches the new service.
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