You’ll Need to Pay for Three Whole Years with Verizon’s New Contract
Previously, Verizon offered two different options for its device payment agreement: a 24-month plan and an even longer 30-month plan. Now, if you go to buy a phone on the Verizon website, you’ll only have the option to either pay for the device completely or use its whopping 36-month payment agreement.
As of right now, Verizon hasn’t made any statements explaining why it decided to make this change. The company only updated its Frequently Asked Questions page about its payment agreement.
According to the web page, this change will affect almost every device Verizon sells, including:
- Mobile hotspot devices.
- Basic phones.
What Will Happen to My Previous Contract?
If you already had a contract with Verizon, whether it was a 24-month or a 30-month device payment agreement, your contract will remain for the device as long as you signed it before February 3, 2022.
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What Else Do You Need to Know About Verizon’s New Contract?
Granted, Verizon didn’t do a good job letting us know what the new changes are, but its FAQ page has pretty much everything you need to know.
First, you can pay off the entirety of your device early from the My Verizon app, website, or at a Verizon store. That way, you don’t have to wait for three years to pay a phone off.
With that said, Verizon says you can’t make more than your scheduled monthly payment unless you want to pay off your device completely. So if you don’t have all the money, you can’t pay more monthly.
It seems like there will still be early upgrades available in this new contract, but the web page doesn’t explain how it’ll change in this new contract.
And just in case you’re thinking about switching to a new company, Verizon isn’t the only company switching to 36-month contracts. AT&T is another company that only offers 36-month plans.
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