Last week, reports started emerging talking about a new device payment plan that Verizon was planning to announce on the 21st of April, and seeing that today is the 22nd, the plans are now live on Big Red's site. With these new plans, qualified customers will have the ability to purchase phones or tablets at full retail price, which much be greater than $349.99, and pay the cost of the device over a 12-month period. How do you know if you're qualified to do that? Details are sparse, but basically it's all in the hands of a Verizon store representative. You'll pay the device back in 12 installments plus a $2 per installment finance charge.
One of the biggest things people are concerned about now, however, is how they can hold on to their very rare unlimited data plans, which almost every carrier has gotten rid of. Verizon confirmed on Monday, however, that users taking advantage of its new Device Payment Plan will be able to keep their unlimited data while upgrading their device.
Currently if an existing customer has an unlimited data plan, they can keep their unlimited data plan as long as they pay the full price for their smartphone and the Verizon Wireless Device Payment Plan is an option available to them.
This new initiative by Verizon is a tad confusing, but basically the Device Payment Plan is a way for users to purchase a newer smartphone and pay it back over 12 months. Essentially correct me if I'm wrong, it's like buying a device on credit, and your credit must be approved for Verizon to allow you to take advantage of the Device Payment Plan.
It is nice, however, that Verizon is allowing unlimited data users to keep their plan while upgrading their devices. Many carriers are looking for any way possible to get people who are grandfathered into unlimited plans off those plans, as they are often much cheaper than the plans currently available.
Are you still lucky enough to have an unlimited data plan? On what carrier? How much is it per month? Let us know down in the comments!