If you’re a Verizon Wireless customer you’ll soon be able to upgrade your phone much quicker, once the device is 50% paid off. The new Verizon plan called “Edge” also lets you pay for month-to-month service, and removes any finance charges and upgrade fees. Verizon officially announced the new plan today, which will be available to customers starting August 25.
The “Edge” plan will override Verizon’s current upgrade option, launched back in April, that lets you get a new phone every 12 months or once you have paid it off in full. Instead, “Edge” will let you get a new phone after half of the retail price is paid off. Payments are spread out over 24 months, so there are no large downpayments required. And, for those of you who can’t wait a year to upgrade, the “Edge” plan will let you get a new phone as quick as every 6 months as long as you pay off what you need to reach 50% of the total cost. Of course, you’ll need to pay the first month installment when you purchase the device.
A disclaimer, however, comes from Droid Life who confirmed with Verizon that “Edge” will not available to customers on unlimited data plans.
Verizon’s VZ Edge plan follows other cell carriers who are making it easier for customers to stay on top of the latest phone devices. Starting July 26, AT&T will launch AT&T Next, a service plan option that will let you upgrade your phone every 12 months. Like the Verizon plan, AT&T will not require you to purchase the device in one payment, but rather make monthly payments. The difference is, AT&T will spread out the payments over 20 months, and let you upgrade at the 12 month mark. (At least that what AT&T has announced.)
T-Mobile has had the jump on both AT&T and Verizon with options to upgrade twice a year after the first 6 months of enrollment. The “Jump” program (more details here) costs an extra $10 per month, includes loss/theft/damage protection, and doesn’t require an annual service contract. Monthly phone payments are averaged out over 24 months, but depending on the model a down payment may be required.
Sources: Verizon, Droid Life