Verizon is historically the last company to compete with T-Mobile and their game changing ways in making smartphones more accessible. Verizon is known for having a superior network, which allows them to charge higher prices to their customers because that is what they value most. With T-Mobile making waves in the wireless mobile sector, even Verizon cannot avoid making it easier to upgrade devices as they need to keep their customers.
Starting May 31st, Verizon customers can upgrade their smartphones or tablets once their EDGE device is fully paid off. The EDGE program is a monthly installment payment system where users pay for their devices over 24 months vs. a traditional 2-year contract where the device is discounted and offered at a lower price with higher connection fees. AT&T and T-Mobile have already allowed their customers to upgrade at anytime once the device is paid off, and Verizon is finally making that option available to its customers. This feature can be useful if you break you device 14 months into ownership – it might make more sense to just pay your device off, and get a new one versus getting a temporary replacement or getting the broken device fixed.
An example, the Samsung Galaxy S6 is 599.99 at full retail cost, but on the EDGE program it is only $24.99 per month with no interest. Once the device is paid off, you can trade in your phone for credit or donate it to Hopeline to help stop domestic violence.
Source – Verizon