Apple has announced a new finance scheme called the “Flexible Finance Account” in the UK, replacing the popular iPhone upgrade programme.
The move marks a major shift for customers accustomed to the old program, which allowed users to pay a monthly fee and upgrade to the latest iPhone on an annual basis after making 12 payments.
Another big news for iPhone users is that the new program includes AppleCare+ at 0%.
Apple’s UK website confirmed the end of the iPhone upgrade program, saying: “We think you’ll love what’s next.”
The new Flexible Finance Account is touted as a line of credit that provides “even more options” and flexibility for future Apple Store purchases.
Although some of the big deals are still interest-free, such as all current iPhone 17 models and all iPhone 16 models over certain terms such as 20 or 24 months, the new system now applies interest rates for financing over longer terms for other products.
For example, financing an iPad or Apple Vision Pro over 36 months will now incur an APR of 14.9%.
Although the upgrade schedule changes in the UK, it will remain the same in the US and other markets.
UK customers who already use the service are encouraged to continue with their current payments until they qualify for an upgrade, after which they will be moved to the new system.
Apple points out that the new account system enables one-time authorization for future purchases.
