Verizon Wireless Mobiles Monthly Payment Amount will become less with New 36 Months Plans (2024)

FAQs

Why are phone plans 36 months now? ›

Three-Year (36 Month) Contracts

In a nutshell, most new phone purchasers will be locked into 36-month contracts to pay off the prices of their mobile devices rather than 24 months or two years. This is part of a more significant, industry-wide trend and shifts toward longer EIP or equipment installation plan terms.

It used to be the case that 12-, 24-, and 30-month phone contracts were widely available, but at Verizon, the only option starting Feb. 9 is a 36-month contract. As Droid Life reports, Verizon is switching to just two options for customers when it comes to buying a new smartphone.

The term is simply the set amount of time for a loan or lease. For example, the term on a 36-month loan is 36 months, or three years. Shorter terms usually mean higher payments but lower interest rates.

To pay off your device. You can pay off your entire device payment agreement balance at any time. *

On average, people change their phones every four to five years. So if you go for a 36-month plan, you're basically stretching out your payment over the years you keep that phone. It gets more interesting when you get services like battery refresh and total care warranty over an extended period.

Once your contract ends, your phone will work just the same but you could save money by switching to a new plan or a new network. Once you've paid off the cost of your handset, you're typically free to switch networks or plans if you wish.

And, in recent years, the cost of some high-end phones has skyrocketed. Whereas some smartphones were up to $500 a decade ago, now they routinely surpass $1,000. Thus, longer-term EIPs help make today's expensive smartphones more palatable by spreading the cost of the gadgets over three years.

"Starting March 1, Verizon customers on select older Unlimited mobile plans will see a monthly plan increase of $4 per line, effective their next billing cycle," a Verizon spokesperson told CNET in a statement.

What's the price increase for my plan? We're committed to bringing you the nation's most reliable network. To continue improving our industry-leading mobile network and services, each 5G Get More phone line on your account will be charged an added $4/month, no sooner than 3/1/24.

Verizon will buy out your contract and cover early termination fees and device or lease buyouts from your old wireless provider. A family of four who've been waiting for the right time to switch to Verizon can use the incentive on each eligible line and receive up to $2,600.

Can I leave Verizon if I still owe on my phone? ›

Any outstanding balance must be paid in full before switching carriers. How much you owe depends on a number of factors including payments left on devices, current account balance, billing promotions, and trade-in value of phones you may be willing to sell to the carrier.

You can upgrade a device if your account is not past due and you bought the device you want to replace: At retail price – you can upgrade to a new device any time. With a device payment agreement – you can upgrade when any of these applies: You paid off your device payment agreement.

The bottom line is, if you want to sell your financed iPhone or Android smartphone you are free to do so whenever you want to do so. Just remember to disclose the device payments upfront to ensure a smooth transaction.

We charge a one-time $35 upgrade fee each time you change to a device with a new SIM on an existing mobile line. With each upgrade you get: 30 days of personalized tech support for smartphones (60 days if purchased online).

Can I trade in a phone that isn't paid off? Yes. Phones and other devices that were subsidized by a two-year agreement are eligible for a trade-in. For those of you enrolled in a monthly device payment, you are eligible to trade-in for a credit or gift card.

The two-year phone contract is dead. Sprint confirmed to The Verge this morning that it is no longer offering two-year contracts on phones, meaning that all four major US carriers — Verizon, AT&T, T-Mobile, and Sprint — now only sell phones at full price and on installment plans.

Mergers and rising infrastructure costs have led to a much smaller field of highly profitable service providers. With less direct competition, prices for cell phone plans are unlikely to get any cheaper. Consumers continue to struggle with limited options, both in plan customization and switching companies.

As spotted by Droid Life last week, Verizon has recently done away with its 24-month and 30-month contracts, which it calls device payment programs. Going forward, if you want to buy a phone through Verizon, the only options will be to pay the full retail price of the phone upfront or sign on for a 36-month contract.

The most common one-off charges are: add-ons like extra data or roaming add-ons when you're abroad. a charge for at least two late payments. a bill re-issue charge for providing a printed copy of your bill.