Verizon Launches Industry-First Three-Year Price Lock For New, Current Customers—But There's a Catch

Verizon has reportedly launched a three-year price lock guarantee for all customers.

Promising to be the first and sole carrier to make such a commitment, the mobile network carrier asserts that this new program delivers big savings and stability to its customers. But there's more than meets the eye, particularly when you look at the fine print.

What Is Verizon's Three-Year Price Guarantee?

Verizon Launches Industry-First Three-Year Price Lock For New, Current Customers—But

As of today, Verizon's new price lock covers anyone on its myPlan or myHome plans. You don't have to sign up or do anything—if you're on either plan, you're automatically covered. Better still, every time you change or upgrade your myPlan, your three-year clock is reset, locking in your new rate for another 36 months.

But the catch here: the price pledge does not exclude fees and taxes. That's to say, even if your bottom-line plan remains static, Verizon still has the scope to hike your monthly bill through charging extra costs. So while it's a good deal, it's not quite as set in stone as it seemed at first.

Trade-In Offers: Free Phones for Eligible Users

According to GSM Arena, Verizon makes it sweeter by adding a juicy free phone exchange offer. Existing customers on myPlan can exchange any phone, in any shape or form even if it's Apple, Samsung, or Google-branded. With this, you can get a brand-new phone for free.

Your phone being cracked, out of date, or hardly operational will not prevent you from still getting something in exchange.

Bundled Add-ons Mean More Savings

Subscribers who bundle their home and mobile internet plans under Verizon's umbrella can now save another $15 a month. This makes it more appealing to families or individuals already utilizing Verizon's services on multiple platforms.

Furthermore, the company is now providing free satellite messaging to all customers, a feature particularly beneficial for those in rural or emergency areas.

Save on Streaming With Verizon Perks

One of the highlights of additions is Verizon Perks, a new discounting program offering customers 40% off leading streaming services. Although specific services included weren't made available, this feature might be a game-changer for both cord-cutters and streaming fans.

Earlier last month, Verizon urged its customers to "put their phone down" as part of the support for the global digital wellness campaign.