Verizon announced its new Edge device payment plan, with no contract where the smartphone full price is divided into 24 months and the first upgrade with trade-in can be made in six months as long as the 50% of the phone has been paid for.
Verizon reported:
"The full retail price of the phone will be divided over 24 months and you’ll pay the first month at the time of purchase. If you want to upgrade after 6 months, just pay off 50% of the full retail price of the phone and you can choose a new phone and start all over again."
The original phone must be traded-in at the time of the upgrade. Buyers can upgrade every six months as long a 50% of price of the phone has been paid. The first payment of 1/24th of the price is due at the beginning of the contract. There are no finance charges or upgrade fees with Verizon Edge.
Verizon Edge will be available on Share Everything plans starting August 25. Those with grandfathered unlimited data plans are not eligible and must pay in full for the new device or make payments.
Only those with usage-based data plans or Share Everything plans can use the Edge Program.