If you thought Verizon’s Edge plan was already a bad deal, the company updated it over the weekend and is now allowing customers to upgrade phones after just 30 days. Of course, though, there’s still a big catch. Customers who upgrade their phone after 30 days would still have to pay off at least 50% of the phone’s full retail cost before they could upgrade to a new handset.
If you’re not familiar with Verizon’s Edge plan, it was launched over the summer last year as a response to T-Mobile’s no-contract, early upgrade service plans. Similar to T-Mobile’s new plans, Verizon’s Edge would allow customers to pay no money up front for any new smartphone, but instead have them pay for the full price of the phone over time, with the option to upgrade to a new phone after six months, provided that the customers has paid off at least 50% of the phone’s full retail price.
At first, the Edge plan might sound like a good deal for those who like to upgrade phones frequently, but it’s actually really bad deal, since you’d end up paying more for the phones in the long run. We suppose the new 30-day period is better for those that want to upgrade phones more often, but we’re guessing that those types of users are smart enough to just buy their own phones at the full retail cost, allowing them to control their service plan themselves.
According to CNET, Verizon says that this new 30-day Edge plan is merely just a promotion, but the carrier has not set an end date for it, so who knows how long it will last.
Granted, Verizon’s Edge plan doesn’t have its customers signing lengthly contracts, but compared to going pre-paid, the Edge plans will cost you more in the long run the more often you upgrade phones. We’d suggest simply buying your own phone at full retail cost and going pre-paid with a $50 or $60 per month plan, which will be cheaper over time.