It’s been a while since Verizon announced Edge, the company’s new upgrade track for folks who want to be able to upgrade more than twice a year. With it, you can upgrade to a new smartphone by agreeing to pay 24 monthly installments of the device’s full MSRP, and as long as you pay off at least 50% of the device’s price you can keep doing that to upgrade as often as you like
And this is all without any extra fees or financing charges. Now, the program is finally available for folks to take advantage of, and we’ve gotten more key details thanks to the FAQ documents Verizon has put up. Here are some of the more key and interesting questions they’ve given us answers to:
- What is Verizon Edge?
Verizon Edge is a program that lets you pay for your phone over 24 months rather than paying for it all upfront. You only need to pay the first month’s installment at the time of purchase. You’ll then make a monthly payment until your phone is paid off completely.
After six months, if you’ve paid for at least 50% of the phone, you’ll have the option to Edge Up to a new one without any upgrade fees.
To be eligible for the Edge Up option, the Edge phone being returned must be in good working condition and have no significant damage, as determined by Verizon Wireless.
- What are the benefits of Verizon Edge?
With Verizon Edge, you can:
- Purchase a new phone with a low monthly payment
- Enjoy the latest technology available by upgrading your phone more frequently
- Sign a month-to-month agreement instead of a long-term contract
- Upgrade without additional fees or finance charges
- Who is eligible for Verizon Edge?
To be eligible for Verizon Edge, existing customers must meet the following requirements:
- Six months of good payment history
- Eligible for an upgrade
Customers with accounts less than six months will need to go through an internal e-credit check.
To be eligible for Verizon Edge, new customers must pass a credit check.
Prepaid accounts aren’t currently eligible for Verizon Edge.
- What devices are eligible for Verizon Edge?
All Verizon Wireless smartphones and basic phones are eligible for Verizon Edge. Other devices, such as tablets and mobile hotspots, aren’t eligible at this time.
- How much does Verizon Edge cost?
You make a device payment each month which appears on your bill. There’s no finance fee or upgrade fee to join
- Can I add insurance to a Verizon Edge phone?
Yes. You can purchase insurance and are encouraged to do so to protect against loss or damage.
- Is there an activation fee for new customers who sign up for Verizon Edge?
Yes. The activation fee policy applies to all new customers, even those signing up for Verizon Edge.
- I’m an existing Verizon Wireless customer under a service agreement. Can I participate in the Verizon Edge program?
Yes, you can participate in the Verizon Edge program provided you are upgrade eligible and enter a Verizon Edge Agreement.
- Is the Verizon Edge program available for prepaid accounts?
No. Prepaid accounts aren’t currently eligible for Verizon Edge.
Beyond all of that, Verizon has confirmed that you will need a service agreement to start, though going with Edge from here on out will put you on a month-to-month basis. Verizon doesn’t allow you to pay more than your monthly installment unless the following two conditions apply:
- You are looking to upgrade using VZ Edge and are willing to off 50% of the device’s cost, or
- You want to pay the remainder of the phone off in full.
To round things out, Verizon also went over returns, refunds and insurance. There’s a lot to consider and a lot to take in, so be sure to take a deep breath and dive into the whole FAQ before deciding whether or not you want to take advantage. If you’re wondering about the value proposition of it all, you might be interested in checking out our article where we compared Verizon Edge to the competition — AT&T Next and T-Mobile JUMP. Let us know if you are going to take Verizon up on their offer in the comments section below.