Verizon Officially Announces Their Edge Upgrade Program With Few Details

[dgstorm]

Just two days ago we shared a rumor that Verizon would be offering their own version of T-Mobile's "Jump" program, and that it would be called VZ Edge. It looks like the leak was accurate, because VZW just officially announced it this morning. They announced it in a small press blurb on their website, with very few details present.

For the most part, from what they did share, it looks like it will be exactly as the leak described. Here's a quote from the Big Red landing page with a source link below,

Verizon Edge Device Payment and Early Upgrade Plan

Technology changes fast. You purchase a phone or tablet and within a few short months, something new hits the shelves.

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.

Although this does offer folks faster upgrade options, unless the later details change things up with this plan, it's hard to see this as anything but pocket drain on Verizon customers.

Source: VerizonWireless

 

[hunter9604]

Still forcing the unlimited, grandfathered, long-time customers into the "share everything" bologna! Wish they'd wake up and smell the roses.... We, that have our unlimited plans aren't going to give them up. But that's what they're counting on, aren't they?

 

[dezymond]

That's Verizon's MO; rid of all unlimited data plans.

I'm surprised that Verizon, T-Mobile, and AT&T finally decided to bring back something similar to "annual ugprades" when today cell phones don't have such a significant leap from generation to generation. Had they implemented this maybe 2 years ago I think more people would've bought into the idea, but with how powerful phones are today, many are happy to hang onto their devices for 2yrs. This new plan only targets a very small majority, but people like to "sheep" so maybe it will turn out to be a great idea.

 

[Miller6386]

Hhmmm mm...... Interesting... So let's say I do this.... Right now I have a note 2, but let's say Aug 25th I go in and want an s4... I am on a share everything plan, so I will sign up get the s4 pay the 25 or 30 for the first month..... I would assume I keep my note 2,but what happens to my contract do i have to re-sign it? Then let's say 6 months after that I want the note 3 so I go back in pay the 30 or whatever the first month is plus pay off the s4 so I've paid 50 percent of retail.... But do I keep the s4 also? And do i have to sign another 2 year contract??

This is the info they should have included.

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[TatDroid]

It's easy to see why they "brought it back". This will be a huge cash cow. By not reducing the cost of your monthly plan (which INCLUDES $10 to $15 to subsidise the cost of your phone) they are now ALSO asking you to pay the retail price of the phone in installments. Brilliant!

 

[mountainbikermark]

Pay half the retail price of the phone and upgrade after 6 months. If I was able to keep the phone that'd be a good deal but I didn't see anything that says it's different from ATT where you turn the phone back in.
I can see it now Verizon rep says "yes Mr customer, you make a payment of $300 to get you to the halfway point, give me your almost old phone and we give you the privilege of paying us $x00 spread out over the next 24 months" . Mr customer says "wow what an awesome deal so I can get an iPhone 5s to replace my iPhone 5, give up my unlimited data plan and get to pay you exorbitant amounts for data plans! Thank you Verizon sales rep for making my dream come true"

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[dezymond]

I wonder how many people are going to use this plan and then get all riled up when they find out they can't keep their old phone. I know the reps will tell them this but many people tend to be "caught up in the moment" especially when it comes to a new phone, and we tend to forget the little details and fine print.

 

[Miller6386]

They can't charge you half the retail price then take the phone back... No one in their right mind would do that. If I pay half I'm keeping the phone.

Proudly from Beer Tent Capital of the World

 

[mountainbikermark]

I wonder how many people are going to use this plan and then get all riled up when they find out they can't keep their old phone. I know the reps will tell them this but many people tend to be "caught up in the moment" especially when it comes to a new phone, and we tend to forget the little details and fine print.

Back a gazillion years ago when I got my first contract that's how it went anyway. You signed a 1 year deal, paid a subsidized rate, after 1 year you either went month to month or signed another 1 year, gave back your old phone and got a new one at subsidized rate (anything other than a bag phone was $100 or more). That was back before text and data networks so the only add on was insurance if you wanted it.
BTW, $50 a month got me a whopping 100 minutes, no night and weekend and my "home area" was about 6 square miles, ANY call out of home area was .69 a minute and counted against my free 100 home minutes. I pay $220 a month now for 4 lines with a whole lot more features and sometimes back in the day my bill would be higher, for 1 line after roaming, than it is today.
Not taking Verizon side, but it could be a whole lot worse.

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[dezymond]

Back a gazillion years ago when I got my first contract that's how it went anyway. You signed a 1 year deal, paid a subsidized rate, after 1 year you either went month to month or signed another 1 year, gave back your old phone and got a new one at subsidized rate (anything other than a bag phone was $100 or more). That was back before text and data networks so the only add on was insurance if you wanted it.
BTW, $50 a month got me a whopping 100 minutes, no night and weekend and my "home area" was about 6 square miles, ANY call out of home area was .69 a minute and counted against my free 100 home minutes. I pay $220 a month now for 4 lines with a whole lot more features and sometimes back in the day my bill would be higher, for 1 line after roaming, than it is today.
Not taking Verizon side, but it could be a whole lot worse.

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Dang. So by today's prices we're practically robbing the companies

This is a good reminder of how good we have it today with technology. I would pay $220 for 4 lines with all these features in a heartbeat vs an old plan where I'm charged for turning the phone on cause I'm possibly roaming outside of my 6 square miles.

 

[TheOldFart]

They can't charge you half the retail price then take the phone back... No one in their right mind would do that. If I pay half I'm keeping the phone.

Proudly from Beer Tent Capital of the World

Sure, you can decide that you aren't giving it back. However, Verizon can decide that they aren't going to give you the new phone until you give the old one back. What are you going to do about it? Nothing.

 

[mountainbikermark]

They can't charge you half the retail price then take the phone back... No one in their right mind would do that. If I pay half I'm keeping the phone.

Proudly from Beer Tent Capital of the World

People do it every day. It's also known as an auto lease. Then there's the rent to own furniture/computer/tv store. Those same mindset people will probably fall all over themselves taking advantage of the awesome deal Verizon and company now offer.

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[johnomaz]

It's easy to see why they "brought it back". This will be a huge cash cow. By not reducing the cost of your monthly plan (which INCLUDES $10 to $15 to subsidise the cost of your phone) they are now ALSO asking you to pay the retail price of the phone in installments. Brilliant!

My thoughts exactly. On TMobile the upgrade plan is 10 bucks a month and you can upgrade twice a year no matter how much you've paid on your phone. Also, the plans are cheaper unlike VZ because they for some reason are still charging the subsidized plan price.

 

[Miller6386]

Well all I know is if they expect the phone back after I pay I won't be taking part in this every 6 months..... I might do it once.. It all depends on the details of re-signing my contract.

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[jntdroid]

If you know you're not going to leave Verizon and you know you can't go more than 6-12 months without changing devices, and you have a device to sell outright up front to cover the costs, it's really not a bad deal. You could, theoretically, go an entire year with a few of the latest/greatest devices and pay nothing out of pocket if you play your cards right.

The way I see it, this is a way for the phone-swappers to help spread and mitigate the cost of their "hobby", and really doesn't change much for them besides that. For those that are used to being stuck with a phone for 2 years, this will be something that will tempt them to the swapper's way of life, which will obviously increase revenue for Verizon...