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Everything You Need To Know About Verizon's Device Payment Plans

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 Everything You Need To Know About Verizon's Device Payment Plans
topic by deadwrong03 - 04-22-2013, 03:18 PM


Last week, we broke news on a new device payment plan that Verizon was planning to introduce on April 21. Since today is April 22, naturally that new plan is now live, so we figured a recap of the dirty details was in store. With upgrade cycles moving to 24 months yesterday, and 1-year contracts long gone, many of you will be looking to other options for upgrades, this being one of them.

So here is the deal ¨C qualified Verizon customers will have the opportunity to purchase phones or tablets at full retail price (greater than $349.99), but spread the cost of that device out over a 12-month period. The term ¡°qualified¡± in this case means that a Verizon store rep has looked in their system and magically determined that you are eligible to participate in the program. Verizon has not released details beyond that, hence the ¡°magical¡± reference.

Payments for the device are broken down into 12 installments, along with a $2 per installment finance charge. When you make your first payment, you also have to pay the finance charge. From there forward, your payments and finance charges will appear on your monthly Verizon bill.

You can pay off the remaining balance of your smartphone or tablet at any time. There is a maximum of two open installment plans per customer at a combined balance of $1000.

The device payment plan does not impact your current contract.

Update: Verizon has confirmed to us that customers can use the Device Payment Plan as a way to upgrade phones while keeping unlimited data.

Here is the bulleted list of details:

¡öFull retail priced smartphone or tablet price must be a minimum of $349.99.

¡öPay for the full retail priced smartphone or tablet in 12 payments.

¡öFinance charge of $24, which is just $2 per installment.

¡öDevice Payment Plan customers can take advantage of Share Everything pricing and data sharing.

¡öFirst payment, including $2 finance charge, due at time of purchase. Your next payment will appear on your next Verizon Wireless bill.1

¡öFeel free to pay off the full balance of your new full retail priced smartphone or tablet anytime you want.

¡öMaximum of two open Installment Plans per customer, subject to credit approval.

¡ö$1000 combined Installment Plan balance limit per customer.

Does this plan interest anyone? If anything, it¡¯s a way to continue on with your unlimited data and then upgrade to a new phone without having to fork out the full retail price up front. Sure, the finance charge isn¡¯t fun, but this is essentially like financing a phone after all.


http://www.droid-life.com/2013/04/22/everything-there-is-to-know-about-verizons-device-payment-plan/


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28 comments for "Everything You Need To Know About Verizon's Device Payment Plans"


 04-22-2013, 08:50 PMaway - #2
tonio25 1 heat pts

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They would pull this #### after I upgraded and lost my unlimited
 04-23-2013, 08:07 AMaway - #3
.Hafestos. 5 heat pts

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They still have contracts though right?
 04-23-2013, 08:43 AMonline - #4
quintosis03 3 heat pts

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seems like all these phone companies are going to this. you pretty much paying for the phone now. might as well buy it off contract. smh.
 04-23-2013, 09:46 AMaway - #5
deadwrong03 72 heat pts72

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Originally Posted by .Hafestos.
They still have contracts though right?
yea this is just another option for those that want to upgrade early
 04-23-2013, 10:02 AMaway - #6
.Hafestos. 5 heat pts

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Originally Posted by quintosis03
seems like all these phone companies are going to this. you pretty much paying for the phone now. might as well buy it off contract. smh.
I don't get the point of buying it off contract. The plan is the same price, then there's an additional fee for the off contract phone, for what? If you want to pay another $600 in under 2 years time, or if you want to be able to switch carriers? Am I missing something?
 04-23-2013, 10:39 AMaway - #7
deadwrong03 72 heat pts72

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Originally Posted by .Hafestos.
I don't get the point of buying it off contract. The plan is the same price, then there's an additional fee for the off contract phone, for what? If you want to pay another $600 in under 2 years time, or if you want to be able to switch carriers? Am I missing something?
if you're grandfathered in with unlimited data if you upgrade you lose your unlimited data. Also this is for people who get new phones every year its coo for me im never upgrading again im tryna hold on to unlimited data as long as I can
 04-23-2013, 11:09 AMaway - #8
svvt14 1 heat pts

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Originally Posted by deadwrong03
if you're grandfathered in with unlimited data if you upgrade you lose your unlimited data. Also this is for people who get new phones every year its coo for me im never upgrading again im tryna hold on to unlimited data as long as I can
^^^^^ this right here I'm right with you man.
 04-23-2013, 02:39 PMonline - #9
ultimaforce 3 heat pts

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Holy ####, I still have my unlimited plan. If I read this correctly I can still keep it by doing this plan! ( Correct me if I am wrong)But do I to cancel my current plan, or wait until myb2 year is up to switch?

Edit: just read comments.

Last edited by ultimaforce; 04-23-2013 at 02:41 PM..
 04-23-2013, 03:42 PMaway - #10
deadwrong03 72 heat pts72

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Originally Posted by ultimaforce
Holy ####, I still have my unlimited plan. If I read this correctly I can still keep it by doing this plan! ( Correct me if I am wrong)But do I to cancel my current plan, or wait until myb2 year is up to switch?

Edit: just read comments.
u don't have to change anything whenever u want a new phone just do the device payment plan and ur good
 04-23-2013, 03:55 PMaway - #11
Dangerously 210 heat pts210

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I'd rather have it Subsidized up front.
 04-23-2013, 04:07 PMonline - #12
killababi 5 heat pts

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Originally Posted by Dangerously
I'd rather have it Subsidized up front.
not if u still have unlimited internet like me
 04-23-2013, 04:11 PMaway - #13
McmasterlockPt2 35 heat pts35

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So u pay an extra 24 dollars a month to your bill?
 04-23-2013, 05:55 PMaway - #14
R. Joven 16 heat pts16

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I have unlimited data and when the time comes I'll probably just buy a phone off-contract without this payment plan.
 04-23-2013, 06:00 PMaway - #15
deadwrong03 72 heat pts72

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Originally Posted by McmasterlockPt2
So u pay an extra 24 dollars a month to your bill?
no the $24 is a finance charge its broken up over the 12 months so its like $2 each month but u can pay the phone off early
 04-24-2013, 01:23 PMaway - #16
thekidd 6 heat pts

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Cash > Payment plan.
 04-24-2013, 01:29 PMaway - #17
D.O.H. 

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S4 here I come lol. My upgrade isn't until January
 04-24-2013, 02:43 PMonline - #18
quintosis03 3 heat pts

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Originally Posted by .Hafestos.
I don't get the point of buying it off contract. The plan is the same price, then there's an additional fee for the off contract phone, for what? If you want to pay another $600 in under 2 years time, or if you want to be able to switch carriers? Am I missing something?
what you dont get is the phone company is getting over with this price.

they are making you buy the phone, instead of them purchasing and taking the hit with the previous subsized plans. so they are just offering you service. plus they are charging an extra $2 for pretty much nothing (payment plan fee my a$s). their profits are going to sky rocket. you might as well buy outright and get with t-mobile and have the cheaper service.

i hope at&t does not go this route (even though i know its eventually coming)
 04-24-2013, 03:23 PMaway - #19
sideshow20 10 heat pts10

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hmm and i was JUST the vw store yesterday about to make the switch...guess i'll wait til monday to see whats up :D
 04-24-2013, 03:51 PMaway - #20
deadwrong03 72 heat pts72

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its a alternative everyone don't have 600-700 to drop on a phone u can pay it off as early as u want to avoid the finance charges i think its a good idea. I get to use it to keep my unlimited data im all for it
 


 



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