After Verizon’s CFO confirmed that a Verizon upgrade program was indeed on the way during an investor call this morning, Verizon has officially announced Verizon Edge. We caught wind of this a few days ago, but now we can look at the official details from Verizon. Verizon Edge is an upgrade program that will be available to customers on Share Everything plans and is a way to get faster upgrades. It’s a program designed to compete with T-Mobile JUMP! and AT&T Next! but does so with its own unique twist.
Verizon Edge splits the full retail cost of a device up over 24 months, which is twice as long as the existing device payment plan. Although we’re still awaiting confirmation from Verizon on this, we believe that the existing device payment plan is still around. Either way, Verizon Edge has you choose the phone you want and then sign up for a monthly service plan. When you purchase the phone, the full retail cost is split up over 24 months and you pay the first month then and there. If you want to upgrade after six months, you can just pay off 50% of the full retail price of the phone and start all over again with your new phone. You don’t have to worry about financing charges and two-year contracts, either; Verizon Edge only works for month-to-month plans.
That’s Verizon Edge for you. It seems like it could be a step in the right direction for Verizon, but it’s a bit confusing. We’ll be sure to update this article if we hear anything back from Verizon that helps to clear this up.
In the meantime, what do you guys think of Verizon Edge?
UPDATE: Verizon has just confirmed to us that if you are looking to upgrade your device after you have paid 50% of it off, you will need to trade in that device in “good, working condition” to Verizon to get a new device.
UPDATE 2: We’ve also received word from Verizon that all the existing plans will remain the same, including the device payment plan. If you don’t want to participate in Verizon Edge then you don’t have to and could instead go with a traditional upgrade or use a standard device payment plan.Show Press Release
If you want to stay on top of the latest technology, the new Verizon Edge device payment plan offers an affordable way to upgrade to the newest device and satisfy your love of technology. Verizon Edge is a flexible equipment payment plan that spreads the retail price of a phone over 24 months. You can also upgrade to a new phone after six months if 50 percent of the retail cost has been paid.
Here’s how it works: Choose the phone you want and sign up for a month-to-month service plan, it’s as easy as that. The full retail price of the phone will be divided over 24 months and you’ll pay the first month at the time of purchase. If you want to upgrade after 6 months, just pay off 50% of the full retail price of the phone and you can choose a new phone and start all over again.
There are no long-term service contracts, finance charges or upgrade fees with Verizon Edge. Every six months, as long as 50 percent of the cost of the phone has been paid, you can upgrade to the newest basic or smartphone available.
Verizon Edge will be available to customers on Share Everything plans starting August 25th