05.26.2015Updated on 04.26.2018Devices, Plans and Accessories

Verizon’s device payment program makes it easy to upgrade and experience the 4G LTE network

Get a new device when you want. With Verizon device payments, you can upgrade as soon as you’ve paid off the balance of your device.

UPDATE: Verizon Edge is now called the Verizon device payment program. Keep reading to learn how you can upgrade to a new device when you want with this program.

“Tick, tick, tick, tick…”

If you’ve ever had a cell phone contract, you’re familiar with that sound.

It’s the sound you would hear in your head as you counted down the agonizing seconds, minutes, days and months waiting for your old contract to end so you could upgrade to a new phone.

And, chances are, it would sometimes seem like you had to wait forever to become eligible to buy your new device while friends, family and co-workers walked around showing off the latest new smartphone.

Thankfully, multi-year cell phone contracts are mostly relics of the past. Today, you can upgrade to a new device in 24 months or less with Verizon’s device payment program.

How do device payments work?

When you purchase a device with a Verizon device payment agreement, the retail price is divided into equal monthly installments that you pay off over time rather than paying for it all up front.

Unlike cell phone contracts of the past, there is no service contract. So with the device payment program you can get a new device as soon as your device is paid off.

To become eligible to buy a new device, all you need to do is pay off the remaining balance of your old device. Then, pick out your new device and pay the one-time $30 upgrade fee at activation.

The device payment program is open to customers whose accounts are in financial good standing.

How many monthly payments before my device is paid off and I can get a new phone?

Monthly device payments are available for postpaid smartphones, basic phones, tablets, certain smart watches and the latest devices such as the Samsung Galaxy S9.

  • For smartphones, basic phones, tablets or Humx, device payment agreements are 24 months.
  • For certain eligible connected devices (some smart watches, for example) the device payment agreement is only 6 months.

How much is a typical monthly device payment?

Monthly device payments offer customers access to the latest technology on the nation’s largest and most reliable 4G LTE network. For example, the Samsung Galaxy S9 with an Infinity Display and 4K UHD video capture ($799.99 full retail) is only $33.33 a month. The LG K20 V ($168 full retail) is only $7 a month.

What are some other benefits of the device payment program?

Besides the ability to upgrade at any time once the device is paid off, monthly device payments give you the following benefits compared to an old-fashioned service contract:

  • You’re not locked into a two-year service contract
  • There are no early termination fees or finance charges
  • You have the flexibility to pay off the remaining balance of your device anytime you want

And once the old device is yours, you can do with it as you choose, whether you want to recycle your old device for an account credit or give it to a friend or family member to activate.

Watch a short video about how device payments work