Despite being a clear cheaper alternative, Virgin Mobile (and similar low priced mobile virtual network operators) has often been knocked at for having limited phone selection. Well as of today, the flagship Apple iPhone 5 is now finally available for Virgin Mobile customers everywhere.
As an added bonus to entice everyone to switch over from crazy expensive monthly service plan, Virgin Mobile is offering an “get your Benjamin” sales promotion through 4th of July weekend until July 4th: if you switch, you’ll get $100 bonus credited back to your new account!
A fairly strong incentive for the switch over, especially if you’ve been eyeing an upgrade from an older iPhone. The only caveat is that being a semi-non-subsidized plan, you’ll have to pay a higher upfront cost for the iPhone 5 ($549.99). The math definitely works out in your favor though (check below).
Here are a few pluses and minuses to switching from Verizon with the iPhone 5:
- Free activation vs Verizon’s $35
- No contract vs Verizon’s minimum 2 year contract
- Cheapest plan is $30/month (unlimited $50 with auto pay)
- Cheapest plan at Verizon for the iPhone 5 is $100/month (geebus)
- iPhone 5 up front cost at Virgin: $549.99
- iPhone 5 up front cost at Verizon: $199.99
In terms of coverage, Virgin Mobile is piggybacking on Sprint’s network, so you get better nation-wide coverage from Verizon – though if you live in major metropolitan area, you’re probably good to go.
Here’s how the math works out in this deal:
You’re paying $350 more for the iPhone 5 upfront if you go with Virgin Mobile, but if you sucked up that cost and added up the numbers… a $50 unlimited plan at Virgin Mobile would only take 7 months to break even vs… say, Verizon’s cheapest $100 a month plan (and the $199.99 iPhone 5).
That’s 17 months short of the 2 year contract you get locked into at Verizon. In the same 2-year time line, you’ll be saving $850 at Virgin Mobile. Here’s the kicker, it doesn’t even include the $100 bonus you’ll be getting during this switch-over promotion.