Hot on the heels of T-Mobile and AT&T, Verizon Thursday announced Verizon Edge, a new plan that lets you switch your smartphone or tablet as quickly as every six months.
The new plan is similar to T-Mobile's Jump plan announced on July 10, followed by the AT&T Next plan announced on Tuesday. Like its predecessors, Edge doesn't require a service contract and only asks that you commit to making monthly payments based on the full price of the phone.
Verizon Edge basics
Verizon's program is very similar to T-Mobile's Jump plan, although it is slightly more complex.
Just like the T-Mobile offer, device payments are spread out across 24 months. (AT&T Next bases its payments on a 20-month schedule.) Verizon Edge will then let you switch your smartphone or tablet every six months, which works out to twice a year like T-Mobile's plan. With Verizon, 50 percent of your device has to be paid off before you can make the switch.
T-Mobile requires you to wait six months before making your first device change, but then lets you switch twice a year on any schedule you'd like. AT&T Next, on the other hand, will only let you get a new handset every twelve months.
Just as with Jump and Next, with the new Verizon plan, you hand in your old phone to refresh your device. You then start the process again.
Even though the plans are very similar, the details of each plan may appeal to different people. Let's take a quick comparison of each plan's monthly cost using the Samsung Galaxy S4, available on all three, as a baseline device.
Since the focus with each device is the monthly option with the ability to switch, we won't compare total costs of the phone if you extend through the full 20 or 24 months.
T-Mobile Jump: With T-Mobile's plan, the Galaxy S4 will set you back $20 a month over 24 months plus an upfront cost of $150 for the phone plus $10 for the SIM card.
For service, we'll choose the lowest monthly plan that still offers adequate data (minimum 1GB), text, and talk minutes. We'll also assume we signed up at the beginning of each carrier's billing cycle.
The best-priced service plan on T-Mobile costs $60 a month for unlimited talk and text plus a 2GB monthly data allowance.
On top of all that, we have to add another $10 for the Jump program.
First month total on T-Mobile: $220
Continuing monthly payments: $90 ($60 for service, $20 for phone, $10 for Jump)
Total cost after six months: $670
Ability to make a switch: twice a year (initial six-month waiting period)
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