Eligible to upgrade device: what does that mean?

[ykt28403]

What does it mean that I'm eligible to upgrade my device? I've had a Galaxy S5 for more than two years. Am I eligible for a discounted rate on some of the older devices, ex. Galaxy S6?

[Acrillix · Accepted solution]

Upgrading your device is every two years. You are eligible to upgrade to a new device, and can purchase a Galaxy S6 if you want to.

There are a few options for upgrading, and I will explain each below.

Two Year Contract: The 2 Year Contract means you sign a contract between yourself and Verizon Wireless saying that you will retain service with that Line of Service for a minimum of 2 years (24 months). If you disconnect the Line of Service before the two years, you are subject to an Early Termination Fee which decreases over time ($10/month) and starts at $350. If you wish to upgrade, you would need to wait the full two years. This means insurance is critical in the event that you lose, get stolen, or damage your device.

Device Payment Plan (DPP): The Device Payment Plan is the newest part of the upgrade process. It used to be called "The Edge Program" but that has been retired and renamed "Device Payment Plan". It is different from the 2 year contract because you sign an agreement that you will pay the entire retail price of the device over 24 months in monthly installments. There are a few perks of this VS the 2 Year Contract. One perk is if you purchase a new device (usually within the first month) you can get a 50% agreement. This means you still have a 24 month agreement, but you only have to pay 50% of it (12 months). You then trade in your phone and can get a new one. This is similar to Apple's Loyalty Program (upgrade to a new iPhone every year). If you buy a new device (within first two months) you can get a 75% agreement where you pay off 18 months of the agreement. You then trade in your phone and upgrade to a new device. The other perk is if you want to upgrade early (and have a 100% agreement) you can buyout the device (pay off the remaining balance) and get a new phone.

Retail Price: Upgrading and purchasing a device at retail is only beneficial if you just ran into a lot of extra money. Since most devices are upwards of $700+ this is not usually the most viable option, but is there if you want to do that.

[Ann154]

Correction on the ETF cost. Customer Agreement | Verizon Wireless

What happens if my Postpay Service is canceled before the end of my contract term?

If you're signing up for Postpay Service, you're agreeing to subscribe to a line of Service either on a month–to–month basis or for a minimum contract term, as shown on your receipt or order confirmation. (If your Service is suspended without billing, or at a reduced billing rate, that time doesn't count toward completing your contract term.) Once you've completed your contract term, you'll automatically become a customer on a month–to–month basis for that line of Service. If you cancel a line of Service, or if we cancel it for good cause, during its contract term, you'll have to pay an early termination fee. If your contract term results from your purchase of an advanced device on or after November 14, 2014, your early termination fee will be $350, which will decline by $10 per month upon completion of months 7–17, by $20 per month upon completion of months 18–22, and by $60 upon completion of month 23 and will be $0 upon completion of your contract term. For other contract terms entered into on or after November 14, 2014, your early termination fee will be $175, which will decline by $5 per month upon completion of months 7–17, $10 per month upon completion of months 18–22, $30 upon completion of month 23 and will be $0 upon completion of your contract term. If your contract results from your purchase of an advanced device prior to November 14, 2014, your early termination fee will be $350 minus $10 for each full month of your contract term that you complete. For other contract terms entered into prior to November 14, 2014, your early termination fee will be $175 minus $5 for each full month of your contract term that you complete. Cancellations will become effective on the last day of that month's billing cycle, and you are responsible for all charges incurred until then. Also, if you bought your wireless device from an authorized agent or third–party vendor, you should check whether they charge a separate termination fee.

[Acrillix]

Thanks Ann154​

[ykt28403]

Thanks, Acrillix and Ann154. Since the benefits are so few, I doubt I'll upgrade.

[ykt28403]

Thanks, Ann154.

[MiiHere]

If you're month to month make sure to call or chat and have the month2month discount applied to your line access fee; $15 or $25 depending on the plan.

You could also buy a used device on CL or swappa etc. and still continue to get the above discount.