Details about Verizon’s new device payment plan. Last week, Verizon came up with a new device payment plan that allows users to get the next hot device before their contracts were up. We only knew that users could spread the cost of a device over 12 months, attached to their monthly bill. More details have been released by Verizon as the program has officially launched. Here’s the scoop:
• The full retail cost of the smartphone or tablet has to be at least $349.99
• You can pay in 12 month installments, or even sooner if you want.
• There’s a $24 finance charge, which amounts to $2 per installment
• You will still be eligible for Share Everything plans.
• Your first payment and finance charge are due at the point-of-sale. After that, your payments will lump in with your bill.
• You can pay down the remaining balance of your smartphone or tablet anytime you want.
• You can only have two devices on installment plans at a time
• Eligibility is subject to a credit check
• Combined balance for both devices must not exceed $1000.
Also, monthly bill discounts won’t be eligible, and there are a few more eligibility requirements Verizon hasn’t disclosed. They’ve asked customers to visit a representative to determine eligibility.
You can read more about Verizon’s device installment plan here.