Last week, Verizon tipped the world off to a new device payment plan that would allow users to snap up hot new devices before their contracts were up. At the time, we only knew that users could spread the cost of a device over 12 months, attached to their monthly bill. Now, a few more details have been made official by Verizon as the program has officially launched. Here’s the quick rundown:
- 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 $1,000.
On top of that, you don’t get a discount on your monthly bill, and beyond that there are even more eligibility requirements Verizon haven’t disclosed. They ask customers to visit a representative to determine eligibility. It sounds like you’re applying for a credit card more than trying to buy a new phone. We didn’t exactly expect Verizon to mirror T-Mobile’s innovative UNcarrier device strategy point for point, but reading this list doesn’t do much but give me anxiety for even trying to consider going this route for my next smartphone.
It will certainly help some people get the smartphones they want (and need) ahead of their contracts’ expiration dates, but having to jump through this many hoops will turn quite a few people away. Read more about Verizon’s device installment plan here, and let us know if you’ll be taking advantage of it anytime soon.