By 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:
General Information
- 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.
[via Verizon]
In other news: It’s still not a good idea.
I think the whole point of edge and next is so at&t and Verizon can distract their customers from realizing that Tmobile decoupled the cost of the device from their plans when they went no contract. T-Mobiles Jump program was the biggest spotlight on the benefits of doing that. Edge and Next are a distraction.
I don’t think att/Verizon care if people sign up for these programs and the few that do is a complete win for them because they don’t have to subsidize a device while not taking a hit with service revenues
That’s the power they have because they have the best networks.
They seem to nail some ppl looking into this…they thought long and hard for this one and rightfully so……they got those ppl who still have unlimited data by the gonads, who are looking to do upgrades….and require for them to sign up for a new 2 yr contract if they are eligible to even have this edge program…they want to get those last unlimited data plans out the way. In a nut shell, you cant take advantage of the edge program if you got unlimited data. your gonna have to give it up.
Apparently Verizon unlimited users won’t qualify for Edge which is a big shock to me since they are buying the phone full price Verizon is just providing the financing
It’s not full price if you take advantage of the early upgrades.
You’re right. Its more than full price because they didn’t discount the service plan which is already bloated in order for you to pay for a subsidy… Which you are not
Unless you can do basic math. You pay half of the phone off and upgrade to a new one, then pay half of that off, then repeat. If you don’t plan to upgrade your phone for 2 years this isn’t a deal, but that’s not the point. This is for people who want a new phone every 6-12 months without paying $700 (they’ll pay $350 instead)
Call me crazy but I’ve read through this several times and I do not see anything saying “once you pay off 50% and upgrade again we will waive the remaining 50% on the old phone you just got rid of”. Can you point out where that is? I read this as, “pay full price for your new phone and once you’ve paid off half the value we will allow you buy another new phone at full price but now you actually owe us for your monthly service bill, the remaining 50% of the value of the old device, and 100% of the new device.” Sounds like an easy way for folks to think they’re getting a deal and actually getting totally screwed over but smiling the whole time because they can show off their shiny new phone. The only thing you’re getting for free is the financing and I’m sure they have that built into the price somehow.
It say so on their website, and the raps I talked to said the same thing. It’s a way to keep you bound to them without a contract. To get out of it you have to finish off the 24 months of payments (similar to a 2 year contract) or pay the full amount off(think early termination fee, but more expensive) it is a little more expensive, but you get to upgrade early. When you upgrade early your basically getting yourself into a new contract (24 months of payments). It’s cheaper for anyone who would buy at full price while under contract, and more expensive for anyone who waits the full 2 years to upgrade.
Seems to me you’d be better off buying a phone at retail, sell it, and buy a new phone at retail. Without being locked into a 2 year agreement to boot.
That’s why when I buy my next device I won’t be getting it from vzw. I will go to a 3rd party and gladly part with the $650+ for the device and just pay vzw my monthly bill minus the insurance coverage and keep my unlimited data plan. The minute I pay full price for the device I’ll be dropping the vzw insurance and insure through squaretrade.com or ensquared.com. This will decrease my vzw bill a bit more. Oh and that Max plan that vzw is offering to us unlimited users to get us to give up unlimited is a joke. They want us to pay for 6GB what we now pay for unlimited. That may work for some, but not for all.
Not all, you’re right. They are missing the other “6%” that use more than 6GB
Verizon is now allowing unlimited data users into Edge but with major catches.
http://www.engadget.com/2013/08/26/verizon-max-plan-goes-live/
“As confirmed by Droid-Life, when those with a grandfathered unlimited plan attempt to join Edge, they’ll be prompted to swap it out for a Verizon Max plan. The Max offer lets you have either a 6GB cap for $30 or an 8GB plus tethering option for $50.”
Exactly. They still have to give up their unlimited data. That’s a good rate but they still have to give it up
Agreed. The massive catch that I just can’t agree to. At some point I’m going to give T-Mobile a try to see how coverage is.
i am not giving up my unlimited. Verizon is such a rip off. i will buy off contract forever until they make a deal that is actually worth it. i am annoyed as it is that my plan stays the same price after my contract is up and i pay full price for my own phone.
I know I won’t be using Verizon’s edge. I still have unlimited and plan to stay that way my galaxy nexus still works great but by the end of the year I will be testing out T-Mobile with a nexus 5 before dropping my Verizon unlimited or buying a phone at full price. if Verizon ever pushes us off unlimited we will switch to T-Mobile or at&t. our service has been going downhill here every since they brought the 4g lte to our area. seems like they moved towers around and lowered the strength of the 3g. looking to jump ship but not looking to lose my unlimited data
there’s a deal “leaked” offering 6gigs for 30/month to existing unlimited customers. I was on vacation last week so I’m not sure if it ever came to pass.
just a scam to get us off the unlimited data plan.
Why bother to do this. If you want you can pay off a phone without having a upgrade in 12 months already. This is total bs
But you are paying the full price of the device and you pay $3/mo in interest. This method has no interest and you only pay half.
Until the price of the service plan drops to compensate for the fact I am paying retail for the phone these payment plan options are worthless to me. I would rather continue taking the subsidy.
Exactly. Why pay $15-$30 / month for 24 months, which is $360 – $720, instead of $100-200 once? You’re essentially getting a 2 year contract either way.. and there’s absolutely no cost savings once you pay off your phone compared to the old way.
Because those who fall for it will allow Verizon to profit even more and those that don’t will be disgusted by this model and are less likely to switch to Tmobile to do what appears to be the same thing but is actually completely differebtt
Verizon Edge is a huge pass for me. Their service has been going downhill for the past few months here in Central Florida. I’m going back to T-Mobile once my contract is up.
I’m a bit confused on this one… I pay an extra, say $30 per month. In 6 months I can upgrade to a new phone (it states I can upgrade twice per year). But I need to make sure I’ve paid 50% of the retail cost of the phone. So let’s say $650 is the retail. The first 6 months I’ve paid $180, now I pay another $145 and get a new phone. $325 total. Correct? Plus of course the normal plan cost. If you’re going to upgrade every 6 months, I consider this an ok deal. If you’re going wait the full 2 years, then no.. it’s a terrible deal. Or am I missing something?
Yeah, you are missing the part where you trade in your phone to “pay” the rest.
The real question is what are the NEW prices for coverage? If its the same old price we pay each month now with 2 year contract and phone for $199 then they should go “F” themselves for even pretending to give us an early upgrade deal.
We’ll see what the Month to month plans look like. If I can get 100 minutes for dirt cheap, I’ll bite.
what Edna explained I’m amazed that a student able to profit $7323 in 1 month on the computer. did you read this web page www.KEP2.com
Edna sounds like a tool…
For me… these Edge/Next/Jump programs are ideal. I’ve never had a smartphone last over 14-15 months. My intentions are upgrading around the 11-12 month mark every year before my phone goes kablooey.
When my phone goes kablooey… the carriers have never helped me. So if my phone dies… I have to get a crappy cheap go/prepaid phone or buy a phone full price(which isn’t happening).
Let me pay installments on a phone (like this) for 12 months… trade it in… and have a new phone.
I just went through the process online of signing up for edge. I’m not eligible for a upgrade until May 2014 but it still let me process and sign the agreement. My card hasn’t been charged my first installment yet, but the order is still being processed. If all goes well I should be getting me a new shiny HTC one which would mean my girlfriend will get my old razr maxx since she lost hers back in april.