Apple introduces ‘flexible finance account’ after ending iPhone upgrade program

Apple has announced a new financing scheme named “Flexible Finance Account” in the United Kingdom, replacing the popular iPhone Upgrade Program.

The move marks a major shift for customers accustomed to the old program, which enabled users to pay a monthly fee and upgrade to the latest iPhone on an annual basis after making 12 payments.

Another major news for iPhone users is the new program include AppleCare+ at 0%.

Apple’s U.K. website confirmed the end of the iPhone Upgrade Programme, stating, “We think you’ll love what’s next.”

The new Flexible Finance Account is referred to as a line of credit that provides “even more options” and flexibility for future Apple Store purchases.

Although some of the major offers are still interest-free, such as all the current iPhone 17 models and all the iPhone 16 models over certain terms like 20 or 24 months, the new system now applies interest rates for financing over longer terms for other products.

For instance, financing an iPad or Apple Vision Pro over 36 months will now incur a 14.9% APR.

Although the upgrade plan changes in the U.K., it will remain the same in the U.S. and other markets.

Customers in the U.K. who are already using the service are encouraged to continue with their current payments until they qualify for an upgrade, at which point they will be moved to the new system. 

Apple points out that the new account system enables one-time approval for future purchases.