Much like the plans from the other two carriers, Verizon Edge is intended to give customers a way to upgrade their hardware more often than once every two years. First, it implements monthly payments to spread the cost of the equipment over the course of 24 months. But after six months, if 50% or more of the phone’s cost has been paid off, customers can upgrade their device to a newer one if they so desire. If that isn’t the case, customers are still free to pay off whatever difference remains to cover 50% of the cost of the phone, thereby making them eligible to pick out a new phone and start over again.
Verizon explicitly stated in its announcement that there are no additional service contracts, finance charges, or upgrade fees associated with the Edge plan. So long as customers pay off 50% of their current phone’s cost in some capacity after six months, they’re free to upgrade to a new phone. The Edge plan will be available to all customers on Verizon’s Share Everything plans beginning August 25.