Verizon Launches New Device Payment Plan

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It was just last month T-Mobile announced it will start selling Apple’s iPhone 5 on April 12th, and will offer cheaper, contract less data plans at its New York City event. This makes T-Mobile the first major U.S. carrier to offer the iPhone with no contract. In response to T-Mobile’s new ‘Uncarrier’ pricing structure, Verizon announced a few new changes.

Verizon announced last week that they were coming out with a new device payment plan and would be live on April 22nd. Qualified Verizon customers will be able to purchase phones or tablets at full retail price that is more than $349.99, and customers can pay for the cost of the device over 12 months. Verizon hasn’t gone into more detail on what “qualified” means, but its assumed a credit check would be necessary.

When it comes to payments, they would be broken into 12 installments, and have a $2 per installment finance charge. You will need to pay your first payment up front and then afterwards your payment charge will show up on your Verizon bill.

Here is a list of some of the details on Verizon’s Device Payment plan:

– You can finance any tablet or smartphone over the cost of $349.99, each customer gets a total credit of $1,000.
– You can finance two devices at a time, subject to credit approval and the $1,000 combined limit.
– Financing period is 12 months, you can pay your balance off at any point.
– Expect a $2 finance charge per month. (If you go the full 12 months $24 total). It may be like this per device.
-If you use this plan, your contract will not be extended.

You can finance a smartphone on Verizon now, and upgrade your device early, even if you are on a contract. We’re not sure if you will be officially “contract-free” on Verizon, or if you will need to give up unlimited data. We’ll keep you updated as soon as we find out more information.