T-Mobile just changed the way customers can buy new phones, and Verizon is following suit. Under a two-year contract, Verizon used to let you upgrade your phone after a mere 20 months. Verizon would re-up you for another two years, you’d get a shiny new toy … it was a win-win all around. But the company got rid of that early upgrade program and now requires you to wait a full two years before you’re eligible for a new discounted device. That doesn’t just apply to new contracts – any contract set to expire after January 1 of next year has had the extra four months tacked on. But Verizon also created a Device Payment plan for “some devices” it carries, letting customers buy a new device and spread that payment out over 12 months … plus an added $24 finance charge. Your monthly rate won’t go down in year two like it does on T-Mobile, but at least you’ll have more flexibility in upgrading your device.
About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications, co-founder of Metacademy, and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit shellypalmer.com.