Verizon, the 3rd largest mobile phone company, is joining the competition and switching to no-contract cell phone plans starting today, Thursday, August 13th, but it may come at a price too high for some.
Current Verizon customers will have the option of sticking with their current annual plan until it expires or switching to one of the 4 new plans available.
The 4 new plans, all of which have unlimited calls and texts, are as follows: $30 a month for 1GB of data, $45 for 3G, $60 for 6GB, $80 a month for 12G.
Data can be shared with these plans between a maximum 10 devices, but customers need to pay a flat monthly fee for each phone/device connected to the plan.
Smartphones will run you $20 a month, tablets and Jetpack mobile hotspots will be $10, and connected devices like smart watches will cost $5 monthly.
This means in addition to no more contracts, customers will also see cheaper bills, but it does come at a price.
Without an annual contract, the option of paying less than full price for the latest iPhone or other smartphone disappears.
Now, shoppers will have to sign-up for the company’s payment plan (subject to credit approval) if they can’t afford the phone.
They can then make monthly payments and pay the phone off at full price within 2-years.
So instead of paying $200 for a new iPhone you will pay the full $649 retail price.
That means even if you no longer want Verizon you’ll still be stuck in a contract of sorts with them until the payments are done.
Depending on your budget, that could factor into whether or not these plans will work for you.
What do you think of Verizon’s decision to switch to no-contract plans?
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