The Verizon Plan: Know The Credit Requirements and Fees Before You Sign Up This 2022
The Verizon Plan: Know the Credit Requirements and Fees Before You Sign Up This [year]! The Verizon Plan, a direct successor of the Verizon Edge plan, offers its customers a simple solution. (Shop Verizon here!)
Verizon no longer offers plans that require you to pay $200 down on a phone, while paying the rest of the subsidized cost back over the term of your contract.
In this blog, we’ll teach you how the Verizon Plan works, so that you’ll understand Verizon credit requirements and fees before you sign up.
Pay the full retail price of your phone upfront or in 24 monthly installments
$0 down on a smartphone for eligible customers (based on a credit check)
All plans include unlimited talk and text
You select only the amount of data you need each month
You pay an access fee for each device
Buying Your Phone
When you sign up with Verizon, you can either pay for the entire cost of the phone immediately or choose to pay for the phone in 24 monthly installments. Regardless of your payment preference, your 2-year cost of ownership will be the same. If you do choose to pay in installments, you’ll be required to enter a 2-year contract with Verizon. The monthly payments will depend on the cost of the phone, and this amount is combined with the amount of your plan to create your monthly bill.
Early Upgrades with Verizon
Verizon provides two ways to upgrade your phone.
First option, make 12 payments under your installment plan and then trade in your phone for an upgrade.
Second option, pay the full price upfront, re-sell your phone when you want to upgrade and then buy a new phone.
Verizon’s upgrade program is the most expensive of those offered by the major wireless carriers. Because other carriers essentially give a discount to lease a phone and Verizon does not.
Most Verizoncustomers will most likely opt to stick with their phone for at least 2 years.
Wireless Data Plans
As we mentioned earlier, all plans include unlimited talk and text; however, you need to decide how much monthly data you will need.
Verizon does suggest the size of the data plan, which is based on the number of connected devices and the user’s monthly usage requirements.
On top of your monthly data cost and device payment, you’ll also need to pay a monthly access fee for each connected device.
Monthly Access Fees
Verizon monthly fees can be costly. Current monthly access charges are as follows:
$20 per smartphone
$10 per tablet or hotspot
$5 for all other connected devices
Also, the first phone on the plan must pay the $20 monthly access fee.
Need More Data?
If you require more data than available under the small, medium, large, and x-large Verizon plans, you can buy an unlimited plan: Click here.
The Verizon plan comes with 5 GB of complimentary cloud storage. If you find that you end up requiring more, you will be able to upgrade this at any time.
Data Plan Costs
Below are the data plan costs for 3GB and the shared 12GB data plans. Whether you purchase an iPhone, Samsung Galaxy or other smartphone, the costs will be similar; however, for this blog we cover the costs of data using a 16GB iPhone.
As stated above, the total two-year costs will be the same whether you pay in installments or pay the full purchase price upfront.
Individual 3 GB Data Plan*
Access Fee: $20/month
3 GB Data: $45/Month
Monthly Total: $92
2 Year Total: $2,210
Family 12 GB Data Plan*
2 Phones: $54.16/month
Access Fee: $40/month
12 GB Data: $80/month
Monthly Total: $174
2 Year Total: $4,180
* Totals are rounded for convenience.
Verizon charges a premium to use their top-rated network and 4G LTE speeds, but you will also own your phone, and can re-sell it after 2 years.
If you decide to trade in your phone and upgrade after 12 months, your 2-year cost of ownership will be the same as shown (assuming the new phone has the same price). But you’ll incur sales tax again and you’ll not be able to re-sell your phone.
Verizon Wireless has strict credit check requirements. Verizon checks the level of debt you are currently managing, charged-off/collections accounts, payment history and the limits on your credit accounts. If your credit score is lower than 650, you may have trouble getting approved or required to pay a large deposit.
Now that you are armed with an understanding of how the new Verizon Plan works, and you know all the associated fees and credit requirements, let’s outline the major pros and cons:
Verizon’s top-ranked network
You can re-sell your phone after 24 months because you own it
Early upgrade option is expensive
Plans are expensive
The bottom line is that Verizon plans are expensive, but a lot of that expense is offset because you sell your phone after 2 years. (Leasing and early upgrade plans usually require you to turn in your handset to upgrade early.)
However, if you love the fast and reliable Verizon network, Verizon remains the way to go.
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