Verizon Wireless is the latest company to announce an early upgrade plan for smartphones. The new plan is called Verizon Edge, and it will launch on the 25th of August.
Verizon will let you upgrade your handset after 6 months of ownership, although you will have had to pay off 50 percent of the cost of the handset to be eligible for an upgrade.
“This is a flexible new equipment payment plan for customers who really want to purchase a new phone annually,” said Ken Dixon, Verizon Wireless’ vice president and chief marketing officer. “This is an affordable way for customers to quickly upgrade to the latest technology without a long-term contract.”
How Verizon Edge Works
The Verizon Edge plan is designed to offer flexibility and affordability to customers who are eager to keep up with the latest smartphone technology. Under this plan, customers can choose to pay for their device in monthly installments rather than paying the full price upfront. This makes it easier for more people to access high-end smartphones without the burden of a large initial payment.
To be eligible for an upgrade, customers must have paid off at least 50 percent of the device’s cost. This means that if you have a $600 smartphone, you need to have paid $300 before you can upgrade to a new device. The plan is particularly appealing to tech enthusiasts who prefer to have the latest gadgets without being tied down by long-term contracts.
Benefits and Considerations
One of the key benefits of the Verizon Edge plan is the ability to upgrade your phone more frequently. Traditional contracts often lock customers into a two-year agreement, making it difficult to switch to a newer model without incurring significant costs. With Verizon Edge, you can upgrade every six months, provided you meet the payment criteria.
Another advantage is the absence of a long-term contract. This gives customers more freedom and flexibility, as they are not bound to Verizon for an extended period. If you decide to switch carriers or plans, you can do so without facing hefty termination fees.
However, there are some considerations to keep in mind. While the plan allows for more frequent upgrades, it also requires you to keep up with monthly payments. Missing payments could affect your eligibility for future upgrades and may result in additional fees. Additionally, the total cost of the device may end up being higher when spread out over monthly installments compared to paying upfront.
We should have more details on how exactly the Verizon Edge plan will work next month. This will include specific information on eligible devices, payment structures, and any additional terms and conditions that may apply.
Source Laptop Mag
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