Verizon announced a major change to the Verizon Edge plans that will make it easier for users to buy an iPhone 6 or Galaxy S6 today and will simplify the process of upgrading early to buy iPhone 6s this fall.
The Verizon Edge option lets users buy a new phone for $0 down and then upgrade earlier than with a two-year contract. Up until this week users had to trade the phone in to Verizon and had to wait a specific amount of time to upgrade.
The new Verizon Edge plan details mean that you can now pay off your current phone today and upgrade to an iPhone 6, Galaxy S6 or LG G4 without giving Verizon your old phone. Alternately, if you are waiting for the iPhone 6s release date this fall, you can plan to pay off your current Edge phone by then and upgrade without any penalties or need to hand in your old phone.
A new change starts today, May 31st, that allows users to anytime after paying off the current Edge device. As part of the change, users don’t need to trade in the old device after it is paid off. This leaves it open for a trade in at Verizon or to a service like Gazelle, which can often net a good deal of money for a one year old phone.
As part of the Edge program buyers typically pay $5 to $25 a month for a new device. The iPhone 6 and Galaxy S6 are $25 a month, while a device like the Galaxy S6 Edge is $29.16 a month. The device cost is split into 24 monthly payments at 0% interest.
In addition to the new way to pay for your phone, you can save $15 to $25 a month on your bill depending on how much data you use. If you pay for a 6GB or higher data plan you save $25 a month on that line and $15 a month for a lower plan.
“The value of Verizon Edge, including lower monthly line access, is quickly making it the option of choice,” said Nancy Clark, senior vice president – Marketing and Sales Operations, Verizon in a post announcing the service. Clark adds, “More than 50 percent of Verizon Wireless customers now choose the simple and flexible Verizon Edge payment program when activating or upgrading smartphones.”
For many shoppers the Verizon Edge plan makes sense. The discount on monthly service is useful and if you need to upgrade you can do so without waiting two years.
The table below compares the Verizon Edge and Verizon two-year contract prices for the iPhone 6 16GB. The prices are almost identical to the Samsung Galaxy S6 on Edge or a two-year contract.
|Verizon Plan||Due at Purchase||Activation Fee||Edge Payments||Monthly Service||Total Cost 1st Year||Total Cost Two Years/ End of Payments|
|Verizon Contract, 1GB Single Line||$199.99||$40||$0||$60||$960||$1,680|
|Verizon Edge, 1GB Single Line||$0||$0||$24.99||$45||$840||$1,680|
|Verizon Contract, 2GB Single Line||$199.99||$40||$0.00||$75||$1,140||$2,040|
|Verizon Edge, 2GB Single Line||$0||$0||$24.99||$60||$1,020||$2,040|
|Verizon Contract, 2GB More Everything||$199.99||$40||$0||$80||$1,200||$2,160|
|Verizon Edge, 2GB More Everything||$0||$0||$24.99||$60||$1,020||$2,040|
|Verizon Contract, 4GB More Everything||$199.99||$40||$0.00||$100||$1,440||$2,640|
|Verizon Edge, 4GB More Everything||$0||$0||$24.99||$85||$1,320||$2,640|
|Verizon Contract, 6GB More Everything||$199.99||$40||$0||$110||$1,560||$2,880|
|Verizon Edge, 6GB More Everything||$0||$0||$24.99||$85||$1,320||$2,640|
|Verizon Contract, 10GB More Everything||$199.99||$40||$0.00||$140||$1,920||$3,600|
|Verizon Edge, 10GB More Everything||$0||$0||$24.99||$115||$1,680||$3,360|
In our comparison of Verizon Edge to Verizon two-year contracts we found that users who buy an iPhone 6 on Edge with a 6GB or higher data plan can save significantly over the course of a traditional plan thanks to the $25 discount that comes with this plan level.
Users can go to Verizon today to take advantage of this offer for a new smartphone. Before you buy a new smartphone check out our reviews to see which phone is for you.
If you plan to wait for the iPhone 6s release later this year, the slide show below walks through important iPhone 6s rumors.
We expect an iPhone 6s release date in the fall with a similar design, but key upgrades that some users may find big enough to wait several months for an upgrade.