Recently T-Mobile announced plans to allow customers to upgrade their iPhones annually. This was quickly followed by Sprint and now it looks like Verizon wants in on the annual upgrade program as well. With Verizon’s program, customers just need to ensure that they have paid off at least half of the device’s retail cost and they will be eligible for an upgrade.
According to Verizon who took some jabs at the competition, “If you’re not interested in upgrading, you still have the option to pay your phone off in 24 low monthly payments. That’s a better option than those “lease plans” offered by other companies, which can include surprise balloon payments just 18 months into your agreement, or ask you to turn over your phone without getting anything for it.”
Verizon’s new iPhone plan will co-exist with the current 24-month financing plan, which as the carrier stated above, will be more flexible than what the competition is offering. However at the end of the day we suppose it’s really up to customers to decide if Verizon’s rates and services are worth it.
However this move is the latest in Verizon’s strategy to reinvent itself. Earlier last month the company announced that they would be joining the rest of the major carriers by ending contracts and subsidies in favor of installment plans.