Verizon Wireless is making the move to introduce some vital changes in its financing program called Verizon Edge. This will increase the price customers must pay off on the cost of their device before getting a chance to upgrade to a new one. The wireless major is also found to be introducing changes to its single-line plans. The changes are expected to be applicable from October 16th 2014.
In the new program, Verizon will be increasing the number of monthly payments that its customers must make from 20 months to 24 months. This will ultimately lead to a decrease in the amount customers pay per month in financing the device. However, customers are now supposed to pay off 75 percent of the balance on their current phone to upgrade to a new one as compared to the 60 percent they used to pay earlier. Customers who stick to their monthly payment schedule will be able to upgrade to a new phone after 18 months instead of 12 months as practiced in the previous system.
Customers on Verizon's More Everything plans with data ranging from 500 MB to 8 GB will receive a $15 per line discount when they use the Edge plan. This discount amount was previously limited to $10. For those using plans of 8 GB or more, the discount remains unchanged, that is, a $25 discount per line will be given when customers use Edge.
In a move to change some of its pricing plans, Verizon is cutting the price of its More Everything plan giving 500 MB for $10. The plan now offers 500 MB along with unlimited voice and texting for $20 instead of $30.
Verizon is also apparently increasing the cost of its 2 GB plan that comprises unlimited calling and texting. In August, Verizon put the plan at a $60 per month price. However, the carrier now plans to begin charging $75 per month for 2 GB of data and unlimited talking and texting. Verizon's 1 GB per month plan will now cost $60 per month.
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