Verizon is now offering customers the option to upgrade their smartphones to a new device after a year of paying for half the entire cost of the device. However, the new offer is only available for the iPhone 6s and iPhone 6s Plus, which will launch in retail stores on Friday, Sept. 25.
Big Red's new upgrade program is actually a response to similar programs announced by T-Mobile and Sprint, whose aggressive marketing schemes have gotten the wireless industry locked in a price war.
There's having an iPhone 6s. Then there's having it on the best network. https://t.co/iQHl1AJ7rh
— Verizon (@verizon) September 24, 2015
T-Mobile made its announcement first, promising customers who trade in an iPhone 6 or iPhone 6 Plus will be able to get the iPhone 6s or iPhone 6s Plus for $5 a month. Sprint followed suit with a $1 a month offer, effectively undercutting its bitter rival's price.
Verizon takes a shot at both of these offers by saying its own annual upgrade plan is much better than T-Mobile and Sprint's lease-type programs. The offer actually coexists with Verizon's 24-month Device Payment plan. Customers can now choose to turn in their iPhone 6s or iPhone 6s Plus after having paid for half the device's cost, which usually takes a year to do so. However, customers who do not want to turn in their old iPhones can still continue paying to complete the 24 monthly installments and keep the device afterwards.
Pricing is not exactly the best. The 16 GB iPhone 6s costs $27 a month, while the 64 GB and 128 GB variants are $31 and $35, respectively. The iPhone 6s Plus, meanwhile, starts at $31 a month for the 16 GB version, while the 64 GB and 128 GB are $35 and $39. However, Verizon claims it has the fastest 4G LTE speeds in the U.S., and it does have the best network coverage among all the biggest four carriers in the country.
Verizon also takes it out on T-Mobile and Sprint, warning customers that their plans "can include surprise balloon payments just 18 months into your agreement, or ask to turn over your phone without getting anything for it."
The plan is only available for customers who want a new iPhone 6s or iPhone 6s Plus, who will then be able to turn in their devices when the iPhone 7 and iPhone 7 Plus come out next year.
AT&T also has a similar plan, which lets customers turn in their old phones to upgrade to a new one after having paid a certain amount of the cost of the phone.
