Apple has rolled out a new device leasing initiative in partnership with Klarna, allowing American consumers to spread the cost of iPhones, Apple Watches, Macs, and iPads across monthly payments starting from as low as $11.99 to $24.99. The program provides lease terms of one to three years depending on the device, and grants customers the flexibility to upgrade to newer models, purchase their current device outright, or return it when their lease expires.

The new offering comes at a time when Apple has raised prices across its Mac and iPad ranges due to industry-wide chip shortages, and represents a departure from the company's previous financing arrangements, which will be phased out. Customers who join Apple Upgrade can reduce their monthly costs by trading in existing devices and receive cash-back rewards when paying through Apple Card, with lease management handled entirely through the Klarna app.