Verizon lays out device payment plan details

Verizon Wireless officially began their payment plan option yesterday, giving customers the ability to purchase and activate service on a full retail priced device and pay for it in monthly installments. If you have been wondering what the specifics are, Verizon let us know today on their blog:

  • Full retail priced smartphone or tablet eligibility price must be a minimum of $349.99.
  • Pay for the full retail priced smartphone or tablet in 12 payments.
  • Finance charge of $24, which is just $2 per installment.
  • Device Payment Plan customers can take advantage of Share Everything pricing and data sharing.
  • First payment, including $2 finance charge, due at time of purchase. Your next payment will appear on your next Verizon Wireless bill.
  • Feel free to pay off the full balance of your new full retail priced smartphone or tablet anytime you want.
  • Maximum of two open Installment Plans per customer, subject to credit approval.
  • $1000 combined Installment Plan balance limit per customer.

Let us know, is this option for you?



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Source: Verizon Wireless




  • justin

    Finance charge? No thank you.

  • Adam Ashe

    Seems a bit of a lame implementation for consumers; Verizon doesn’t have to pay an subsidy, so monthly access should be cheaper. The only thing they are “out” in this instance is the contract extension (would be out a tiny interest expect the consumer is paying finance charge).

    The consumer has to pay finance charge, get their credit score dinged with a hard inquiry & still pays full price for the phone.

  • Scott Kenyon

    I tried to do this. The plans do not start for phones until May 1st.

    • irod87

      Did they ask you have questions as far as qualification for the program?