Verizon Ups Its Game to Capture iPhone Customers

The wireless provider rolls out an annual iPhone upgrade plan (finally) to keep pace with competitors.

Verizon this week announced a new annual iPhone upgrade plan — yet another move among wireless providers jockeying for iPhone customers.

If you purchase an iPhone 6s or iPhone 6S Plus from Verizon, you’re now eligible to trade in your old phone every year for a new iPhone, as long as you’ve paid off at least half of your phone’s cost. Up to now, Verizon customers had to pay off their phone in full before they were eligible for an upgrade.

Verizon’s new annual upgrade plan is an attempt to better compete with what other wireless carriers are offering. CNN Money says:

Verizon had been the lone holdout in the new upgrade-every-year trend. Each of the other three nationwide carriers have plans that allow you to trade in your old iPhone for a new one at least once a year. T-Mobile’s “Jump on Demand” plan lets you upgrade up to three times a year — and it’s not exclusive to the iPhone.

Verizon said its plan has some distinct advantages.

“If you’re not interested in upgrading, you still have the option to pay your phone off in 24 low monthly payments,” Verizon said in a statement. “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.”

T-Mobile and Sprint are offering iPhone 6 owners the option to trade in their phone for the new iPhone 6s with plans as low as $1 (Sprint) or $5 per month (T-Mobile), plus the cost of monthly service, according to Re/code.

Getting your hands on the newest gadget, like the iPhone 6s, can be expensive. If you’re like me and you don’t want or need a new phone every year, it makes the most financial sense to buy a phone and use it for at least a few years or until it dies.

If you’re tempted by the new iPhone, but not sure if you want to fork out the money to purchase one, check out “7 Points to Ponder Before You Pay Hundreds.” Find out more in “New iPhones Are Here – but Are They Worth the Wait?

Do you always have the latest and greatest phone or other devices? What do you think of Verizon’s new upgrade plan for the iPhone 6s? Share your comments below or on our Facebook page.

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