Apple's new Apple Upgrade program offers appealing, low monthly payments on Apple devices, so affordable in fact that some consumers may be asking, "What's the catch?" Here's how the new Apple (AAPL) payment program works, and what experts say to consider before jumping in. Also read: Best high-yield savings accounts: Earn up to 4.10% APYHow the Apple Upgrade program worksApple Upgrade is a hardware-leasing agreement that replaces the old purchase program. Entry-level Apple products such as the iPhone 16, iPhone 16 Plus, Apple Watch SE, MacBook Neo, Mac mini, iPad (A16), and Studio Display are not available through the Apple Upgrade program. Can an Apple Upgrade lease be canceled?