About a month back we heard rumors that Verizon was going to launch a new device financing plan. The rumors were then confirmed by the carrier’s CFO during a conference call with investors. Verizon was indeed going to launch a new device financing plan which is called Edge. The company said last month that this plan would go in effect in August, and indeed it has. Starting today Verizon subscribers can sign up for the Edge program. Verizon’s Edge announcement came weeks after T-Mobile started making waves with its Jump! program.

The value of these payments will depend on the price of a device. Verizon will allow Edge subscribers to upgrade their device after six months, though only if half of the retail price of their existing device is paid off. Subscribers will have to trade-in their old device, make sure that 50 percent retail value is paid and then pick up a new device after which they will continue to make 24 equal monthly payments. To sign up for Edge, existing subscribers must be eligible for an upgrade and must have six month of good payment history. New customers must pass a credit check. Verizon Edge isn’t currently eligible for prepaid accounts.

Filed in Cellphones. Read more about Verizon.

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