New cell phones can be cost-prohibitive, but Verizon offers several ways to get a phone at no upfront cost. Many Verizon deals include bill incentive credits, a promotional discount that you can qualify for.
For example, if you buy a new phone through a Verizon promotion, you’ll receive a certain amount off your bill each month for the duration of the term, which can make the phone effectively free over time.
These credits are tied to keeping the line active, and there’s fine print that can significantly affect what you actually pay. We’ll walk through how these deals work and the most common ways to qualify, so you can decide whether this offer is a smart move for you.
The most common ways to qualify for a free phone
(Image credit: Getty Images)
With Verizon, you can qualify for phone promotions through trade-in offers, bring-your-own-device credits, buy-one-get-one deals and similar programs. Each works a little differently and usually requires keeping an eligible plan for a set period of time.
Trade-in offers
You may be able to trade in your old phone for credit toward a new device. Verizon accepts numerous brands, including Apple, Samsung, LG and Motorola. Use Verizon’s online guide to determine if your phone is eligible and its estimated trade-in value. You can also potentially trade in a tablet or smartwatch for credit toward your new phone.
The age and condition of your phone will affect its eligibility and trade-in value, and if you’re new to Verizon, you will need to add a line to complete the trade-in process. Older phones may still qualify for a trade-in during promos, so watch out for offers that might offer you more value for your older phone.
However, it’s also worth checking what your phone could sell for on the resale market, since selling it yourself may bring in more cash than a carrier trade-in and won’t lock you into a specific plan.
Bring-your-own-device (BYOD) credits
If you choose to bring your own device to Verizon, you can get a credit on your plan that can offset the costs of a new phone over time. Verizon allows you to bring a smartphone, tablet or smartwatch, as long as the device is unlocked. You will also need to check to make sure your device is compatible with Verizon’s technology.
When you bring your own device, you can get a discounted plan, including a $10 per month account promo credit, plus a $10 per month bring-your-own-device credit.
Other major carriers like T-Mobile and AT&T also allow customers to bring unlocked devices and may offer their own incentives, so it’s worth comparing plans and coverage in your area to see which provider gives you the most value for your phone credits.
Verizon also sells certified pre-owned phones, which can be a lower-cost way to upgrade. These devices are inspected to confirm they’re fully functional, with checks on power, connectivity, display, ports, audio, keyboards and software.
Certified pre-owned phones come with a 90-day limited warranty and typically cost less upfront than brand-new models. You can also choose to spread the purchase price over 36 months, which can make the monthly cost easier to manage.
Buy-one-get-one offers
Verizon’s buy-one-get-one (BOGO) offers can make sense for some households, but they usually come with specific requirements. In most cases, you’ll need to add a new line and enroll in certain unlimited plans to qualify. The discount is typically applied as monthly bill credits, which can make the second phone effectively free over time.
How much you actually save depends on how long both lines stay active and whether the required plans fit your needs. These deals tend to make the most sense when two people in the same household both need new devices, you expect to stay with Verizon for several years, and you would have chosen the qualifying plans even without the promotion.
The plan requirements that affect your total cost
Getting a free cell phone can sound like a great deal, but it’s important to consider the plan requirements that can affect what you’ll actually pay. Many deals require you to choose premium unlimited plans.
There are benefits to those plans, like unlimited hotspot data and unlimited international data, talk and text when you’re traveling internationally, but consider how often you’ll actually use those features to decide if the plan really makes sense for you.
Take some time to compare the plan’s cost and what you’ll actually save on the phone’s purchase price. If you’re required to keep the plan for 36 months, higher plan fees could actually exceed the phone’s value, meaning you’re not really saving any money with the deal.
What happens if you cancel or switch carriers early
“Free” can quickly become expensive if you cancel your plan or switch carriers early. If you cancel your plan, the remaining balance on your phone becomes due, and your credits immediately stop.
Think carefully about how long you plan to stay with Verizon, because switching earlier could be very expensive and leave you paying a large amount of your phone’s remaining balance.
When Verizon’s free phone deals make sense
Verizon’s free phone deals tend to make the most sense in specific situations. If you already plan to choose one of the qualifying unlimited plans, the added phone credits could reduce your overall costs. These offers are also better suited for people who expect to stay with Verizon for the full 36-month term.
A free phone promotion can also be worthwhile if you’re trading in an older device with limited resale value. In that case, the carrier credits may help you get more value from your old phone than you would by selling it on your own.
How to compare deals before you commit
(Image credit: Getty Images)
Before you commit to any phone deal, it’s worth doing a little homework to make sure the offer actually makes financial sense for your situation:
- Calculate the plan cost: Calculate the total plan cost over the required period, generally 36 months. Determine just how much you’ll pay and consider whether you would have chosen a lower tier plan if it weren’t for this deal.
- Compare value: Compare your phone’s estimated trade-in value through Verizon with its private resale value. You might be able to get more for your phone by selling it on your own, and you won’t be tied to a specific phone plan.
- Review penalties: Read the fine print and review any early exit penalties that come with the deal. If the unexpected happens and you have to leave Verizon, consider how you would pay for these fees, including the remaining balance on your phone.
- Evaluate the premium plan: Verizon’s premium plans do come with extra perks, but they tend to make the most sense for people who use a lot of data or travel internationally. Consider whether you’re likely to use those features enough to justify the higher monthly cost.
Be strategic as you shop for a new phone, and remember that promotions change often. If you don’t see a deal that fits your needs right now, it may be worth waiting and comparing offers from different carriers that support your device.
