Verizon announced the Edge upgrade program back in July and it looks like it has officially arrived. A quick visit to the Verizon Wireless website shows the handsets being listed with the additional pricing. Basically, those browsing will now see a two-year agreement price, full-retail price and the Edge pricing. Perhaps more important though, Verizon has also offered an FAQ answering quite a few questions.
The Verizon Edge upgrade plan is being touted as a "new plan that lets you get a new Verizon 4G LTE phone when you want it." Some of the highlights include no down payments, no upgrade fees and no long-term service contracts. The Edge plan also means you will be able to upgrade to a new phone in as little as 6-months. Edge splits the price of the device over 24 months and these payments will be in addition to your regular service plan.
While you can upgrade after 6-months, there is a slight catch with that. According to Verizon you can only upgrade if you have at least 50 percent of the device paid off. With that in mind, here is what Verizon has to say on that topic;
Can I pay more than my scheduled monthly Verizon Edge installment?
No, unless you are either seeking to Edge Up to a new device, which requires that you pay at least 50% of the device following the initial six months of the Verizon Edge Agreement, or you are seeking to pay off 100% of your Verizon Edge installment agreement, which you may do at any time.
Speaking of payments, while these will vary based on retail pricing of the device, many high-end devices are sitting at around $25 per month.
For example, the HTC One, DROID ULTRA, Galaxy S 4 and Galaxy Note II are all priced at $25.22 per month. The DROID MINI on the other hand -- is priced at just $18.97 per month. But again, the Edge pricing depends on the retail price of the device. Another point worth mentioning about upgrading -- you will need to trade-in your current phone. And on top of that, the device you are trading in will need to be in good condition.
Otherwise, some points pulled from the FAQ include how tablets and mobile hotspots are not eligible "at this time" and how Verizon will charge you an activation fee for those using the Edge program. Verizon also suggests you have insurance on the phone. Bottom line here, Verizon Edge is now available but we suggest you dive into the FAQ to make sure this will work to your advantage.
SOURCE: Verizon Wireless