Best Buy Expands Upgrade+ Program to iPad Pro and Apple Watch Ultra

[MacRumors]

Best Buy today announced it has expanded its Upgrade+ program to include the iPad Pro and Apple Watch Ultra. Launched in October in partnership with Apple, the program provides monthly financing via Citizens Bank for select Apple products purchased from Best Buy in the U.S., similar to Apple's iPhone Upgrade Program. APRs range from 0% to 29.99% based on creditworthiness, according to the program's fine print.

The program is also available for the latest models of the MacBook Air, MacBook Pro, iMac, Mac Studio, and Mac mini, including the new 15-inch MacBook Air.

The monthly payments are spread across three years. After 36 months, customers who purchase an eligible iPad Pro, Apple Watch Ultra, or Mac have the options of upgrading to a newer device, paying off the remaining balance of the purchase in the 37th month and keeping the device, or returning the device and leaving the program.

Upgrade+ also offers customers the option to finance the purchase of an AppleCare+ plan for their Apple device and select Apple accessories. Best Buy Totaltech members who purchase an iPad Pro or Apple Watch Ultra through the program will receive AppleCare+ at no additional charge for up to 24 months while their membership is active.

More details about the Upgrade+ program are available on Best Buy's website.

Article Link: Best Buy Expands Upgrade+ Program to iPad Pro and Apple Watch Ultra

 

[Apple Fan 2008]

Interesting, maybe I should look into this.

 

[10anta]

Basically pay for something over a period of three years and then have the option of the retailer taking it back off you for nothing? How generous!

 

[surfzen21]

The upgrade program is not a good deal at all. You pay for roughly 80% of the product over the three years.

However, the no interest payments over three years with what looks like a 20% balloon payment at the end isn't a bad deal.

 

[kevinbal]

Basically pay for something over a period of three years and then have the option of the retailer taking it back off you for nothing? How generous!

Well, the 37th month final payment you don't have to make if you opt to begin a new 3 year cycle but still, it's really not a good deal at all considering the resale value that Apple products hold. There's not a lot of incentive here for folks outside of a 0% interest loan, I suppose.

 

[jeffmetanna]

If I remember correctly, this program requires a credit check and most people are not eligible for the 0% interest. I heard some people with credit over 800 getting 20%+ interest rates.

[Update] The footnote says: Promotional offers are based on creditworthiness and range from 0% APR to 29.99% APR from the date an eligible purchase is posted to your account until paid in full.

 

[compwiz1202]

Basically pay for something over a period of three years and then have the option of the retailer taking it back off you for nothing? How generous!

And these articles are always deceptive. It's not always interest free:

This Line of Credit offers an interest rate of 0% APR to 29.99% APR for 36 months,*"See disclosure" based on creditworthiness as determined by Citizens Pay.

 

[erikkfi]

Apple Watch is one thing, but I'm telling you, the new iPads are so powerful and iPadOS so underpowered that you can get by with way more than 3 years of usage.

 

[phenste]

If I remember correctly, this program requires a credit check and most people are not eligible for the 0% interest. I heard some people with credit over 800 getting 20%+ interest rates.

[Update] The footnote says: Promotional offers are based on creditworthiness and range from 0% APR to 29.99% APR from the date an eligible purchase is posted to your account until paid in full.

Best Buy as a whole is a scam of a business so I'm honestly not surprised by these fine-print tactics

 

[mattopotamus]

Apple Watch is one thing, but I'm telling you, the new iPads are so powerful and iPadOS so underpowered that you can get by with way more than 3 years of usage.

Phones and Macs also fall into this camp now.

 

[hovscorpion12]

Apple Watch is one thing, but I'm telling you, the new iPads are so powerful and iPadOS so underpowered that you can get by with way more than 3 years of usage.

Most likely it’s due to BB having a feeling that Apple is going to announced the iPad Pro 16” and wants to get ahead and offer 36-Month payment plan early.

 

[bigjnyc]

I'm always skeptical of these so called "programs" that try to make it seem like they are beneficial to the consumer. Accountants are never sitting around with their pocket protectors and tuna sandwiches in a conference room saying "hmmmm how could we structure this so we can make less profit and help out our customers"

 

[hovscorpion12]

Granted. The iPhone upgrade Program has been pretty solid

 

[compwiz1202]

I'm always skeptical of these so called "programs" that try to make it seem like they are beneficial to the consumer. Accountants are never sitting around with their pocket protectors and tuna sandwiches in a conference room saying "hmmmm how could we structure this so we can make less profit and help out our customers"

They are usually fine if they are really zero and don't have this lopsided payment structure. Don't say interest free in the article but hide that it could be up to 29.99%

 

[macduke]

Remember, these companies structure these things to take advantage of people.

You got 36 months to pay it off, but they leave you with a 28% balloon payment at the end. Many people who get these types of loans can't afford to pay that much all at once for a high priced device like those that Apple sells, so they end up giving it back and trading up, which is exactly what Best Buy wants, because the high resell value of Apple devices allows them to make a tidy profit. Those who refuse to do this then get hit with up to 30% in interest charges that is back dated to the start of the loan. At least that's how the fine print reads to me. Always read the fine print! And don't forget, if you damage your device, you're on the hook because they won't let you trade it in.

This could be a useful tool for someone who is on top of their finances and wants 0% for three years. I actually might do this for the Apple Watch Ultra and maybe my new Mac next year. Given interest rates and ongoing higher than average inflation right now, it's not a bad idea, as just keeping the cash in savings can get you around 4.5% over those three years (assuming the rate doesn't go down). For a decently spec'd MacBook Pro, that's several hundred dollars saved. Just be careful and make sure you pay it off before the term is up. A better idea is, if you can edit your autopay payment, divide the total cost by 36 months and make those payments instead.

 

[Apple_Robert]

On small ticket items like these, if someone can't afford to buy outright, said person shouldn't be purchasing.

 

[Flight Plan]

The best program is mine. I save up the money to buy what I want, and then I pay cash for that thing. I don’t borrow money from anybody. If I had to borrow money from me, I’d charge myself 75% interest. Yeah, I’m a b@$7@4d. 😉

But the good news is that I can loan you money! The bad news is, you don’t get the “me” discount. Interest is 95%. Still…any takers?

 

[FelixDerKater]

A 60/40 split at upgrade time would make this more marketable.

 

[Apple_Tiger]

Not really a great deal imo. I tried it for the MacBook Pro m2 pro but I ended up returning it anyways..

 

[Bentham]

Well this is inconvenient. I just bought an iPad Pro 12.9 inch, Magic Keyboard, Apple Pencil, and polishing cloth (had to) last week and have to pay it off within a year to avoid interest. Coming from ORIGINAL iPad. But maybe not…

 

[anselpela]

Well, the 37th month final payment you don't have to make if you opt to begin a new 3 year cycle but still, it's really not a good deal at all considering the resale value that Apple products hold. There's not a lot of incentive here for folks outside of a 0% interest loan, I suppose.

That depends on what the 37th month payment is, and how much the monthly payments were. No examples are given here. I assume that the 37th month payoff amount is significantly larger, which made the monthly payments much smaller. In which case, that makes it pretty cheap to use a device for 3 years, when only a portion of its total price is then being spread across the 3 years.

 

[anselpela]

The relevant info, since MR didn't provide it.

That's as good as any offer you're going to get.

 

[gagaliya]

Assume you can get 0% interest it’s an amazing deal.

I can either pay $4000 now for a studio m2 ultra

or

i can still get the studio m2 ultra now and pay $3100 over next 36 months, then 3 years later if Apple end up releasing a much better / powerful mac studio i have the *option* to upgrade and get the new one over 3 years plan again, if the new studio isnt all that different or my existing one can be sold on eBay for lot more, I just pay the $900 owed and keep existing without paying anything more, but walk away with around $500 in interest earned (at 5%) over 3 years from without paying the lump $4000.

There is no downside assume you can get 0% interest, some of you guys logic really boggles the mind, this inherit distrust over debt is unhealthy.

 

[lazyrighteye]

I'm really surprised Apple hasn't expanded their iUP program to include other categories. While not every category would fit iPhone's yearly upgrade cycle, I could see the program extending with category-relevant upgrade cycles (i.e. - longer time between upgrades/payoffs for, say, laptops). Watch seems an ideal candidate for the next device/category to get an iUP - or would that be WUP? Hell, they'd probably go with a tiered approach and offer Apple UP+, Apple UP Pro, Apple UP Max and Apple UP Ultra. Anyway, seems they're leaving money on the table.

 

[compwiz1202]

Assume you can get 0% interest it’s an amazing deal.

I can either pay $4000 now for a studio m2 ultra

or

i can still get the studio m2 ultra now and pay $3100 over next 36 months, then 3 years later if Apple end up releasing a much better / powerful mac studio i have the *option* to upgrade and get the new one over 3 years plan again, if the new studio isnt all that different or my existing one can be sold on eBay for lot more, I just pay the $900 owed and keep existing without paying anything more, but walk away with around $500 in interest earned (at 5%) over 3 years from without paying the lump $4000.

There is no downside assume you can get 0% interest, some of you guys logic really boggles the mind, this inherit distrust over debt is unhealthy.

I don't know how much a 3y old Studio would sell for, but I'm pretty sure the four items in the screenshot would sell for more that the final payment, so you'd recoup more paying it off and selling it than giving it back and saving the final payment.