Verizon Edge Now Allows Upgrades After 30 Days

Throughout 2013, all of the major cell phone carriers introduced early upgrade plans in response to customers who were no longer happy waiting two years to be able to upgrade their phones. Over the weekend, Verizon made a slight adjustment to its Edge device payment program by allowing customers to upgrade after just 30 days -- down from six months. Despite the decrease in wait time, as with the previous plan, customers will still have to pay half the retail price of their phone before they can upgrade to a different device.

Two Fees

Prior to the introduction of Verizon Edge, customers with two-year contracts would be able to pay off the price of their phone in the form of monthly subsidies attached to their service bills. Over time, these subsidies would enable Verizon to earn back the money that it initially invested by selling the phones at discounted prices. In terms of overall cost, this sort of two-year contract is relatively efficient, but that has not been the case with Verizon's Edge program.

Immediately after Verizon unveiled its new early-upgrade plan in July 2013, it became obvious that people would need to shell out significant money to trade in their phones and get new ones, if they were doing so after just six months. Even to this day, Verizon has not made it very clear that customers who enroll in the Edge program are still paying the same monthly subsidy prices for the phones, just as if they were on two-year contracts.

On top of the subsidy payment is another fee that varies by device and is generally between $10 and $30 each month. By paying the Edge fee, customers can upgrade early, however they have also been paying a monthly subsidy fee for a device that they will most likely...

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