Verizon Wireless confirmed some plans this past Friday. At the time the carrier announced they would soon be upping the upgrade cycle to 24-months. This, for those not familiar, is being upped from 20 months. This will be going into effect with contracts that expire after January 2014. Basically, if your contract is set to expire anytime in 2014, you will need to wait the full two-years before you can get a new phone.
There is however one exception to that rule. You could always choose to get a new device without the subsidy. In other words, by paying the full retail pricing. The catch with that is obvious -- that means paying quite a bit more than you normally would. Well, in an update to that renewal timeframe news, Verizon Wireless has since confirmed they will be offering a device payment plan.
So far Verizon has said that "some devices will be available for purchase through the Verizon Wireless Device Payment Plan." This plan will be available from April 21. As you can see, Verizon Wireless has yet to reveal all the specifics for the payment plan just yet. Stepping out from the official side for a moment and we look towards a previous leak, which did touch on some of the specifics.
To begin with, the payment plan will give you 12-months to pay. We are not entirely sure how many Verizon users will take them up on this offer for regular upgrades, but it should help for those times when you break or lose your phone -- and don't have any insurance to help get a replacement. At least this way you can pay for the device over 12 months as opposed to all up front.
[via Verizon Wireless]