Apple Upgrade might’ve provided our first hint for what could change with Apple Card

This week, Apple launched Apple Upgrade, its new leasing program for most Apple products. It replaces the iPhone Upgrade Program entirely, and for the most part, it’s an incredible deal.

The deal is so good that largely, there isn’t a great reason to use Apple Card Monthly Installments (ACMI) anymore. You still get 3% cash back using Apple Upgrade, similar to ACMI – and the leasing terms are a lot more generous than ACMI. You also don’t have to lease forever. At the end, you can purchase the device by paying the difference between the leasing cost and the MSRP.

So, it’s left me wondering – will Apple Card Monthly Installments go away?

Apple Card Chase transition

Earlier this year, Apple announced that the Apple Card would be transitioning partner banks, from Goldman Sachs to JPMorgan Chase. This transition won’t take place until early 2028, so there’s quite some time ahead before anything happens.

While this isn’t confirmation of anything, Apple’s messaging on the Apple Card transition website didn’t seem to be incredibly definitive. Regarding the future of Apple Card Monthly Installments, the website says the following:

Apple Card users can continue to purchase Apple products with Apple Card Monthly Installments when they choose to check out with ACMI at Apple Store locations, apple.com, and the Apple Store app.

The fact that Apple used the phrasing “can continue” doesn’t exactly inspire confidence about it continuing to be around long into the future. Apple is just confirming that nothing is changing right away.

Apple Upgrade

As I mentioned in the beginning, Apple Upgrade is an incredible deal – and it largely replaces any desire to want to use Apple Card Monthly Installments. Apple Upgrade is more flexible, has longer payment terms, still earns 3% back with Apple Card – and if you want to own the product in the end, you can purchase it without having to pay more than the MSRP.

That said, Apple Upgrade is done in partnership with Klarna – and you have to wonder: why not Chase? If Chase is going to be the partner bank for Apple Card, why wouldn’t they also underwrite this new leasing program for Apple?

Simply put, I don’t think there’s much money in this business. After all, there’s no interest on the financing, and there aren’t late fees either – so there isn’t much financial upside for a major bank here. Goldman Sachs learned this lesson the hard way.

If Chase doesn’t want to back Apple Upgrade, they might not want to back ACMI either – so it wouldn’t be all that surprising if the program went away. Apple Upgrade largely supersedes it, minus the fact that a few products are excluded – though that could be adjusted later.

Of course, this is all speculation – but the timing seems all too convenient to me. I’m sure Apple Card Monthly Installments will remain around for the near future, but it truly wouldn’t surprise me if they stopped allowing new ACMI purchases at some point before 2028.

My favorite Apple accessory recommendations:

• Anker MagSafe/Qi2 Ultra-Slim Battery Pack
• AirPods Pro 3 (2x ANC vs AirPods Pro 2!)
• Anker Nano 45W Fast Charger with Smart Display
• Anker Nano 13-in-1 MacBook Docking Station
• Logitech MX Master 4 Mouse for Mac
• Belkin Qi2 3-in-1 MagSafe Charging Stand

Follow Michael: X/Twitter, Bluesky, Instagram