Verizon Wireless joined AT&T and T-Mobile on Thursday when it announced its own set of early upgrade plans. The new option is called Verizon Edge – perhaps a somewhat poor choice since that still calls back memories of the slower data network under the same name – and allows you to pay the cost of a phone over 24 months.
A standard contract lets you pay the price of your phone off over 24 months and the big upside to that is that, after your contract is up, you own the phone. Verizon Edge, meanwhile, lets you upgrade every six months if you’ve covered 50 percent of the cost of the phone during that time. You’ll then turn in your phone and choose the new device. That’s great if you really hate your current smartphone, but you don’t really walk away with anything to sell off.
Verizon Edge doesn’t require a long term service contract (though if you have Share Everything, which is required, you’re technically already in one), the company said, and you won’t pay any upgrade fees when you pick out a new phone. Just turn in your old device, make sure 50 percent of it is paid off, turn it in, and pay the new cost of a phone and start over again. The plans will launch to Share Everything customers on August 25.