How Does Verizon Monthly Phone Payment Work?

Verizon’s Device Payment Plan

Verizon’s monthly installment plan is pretty straightforward: they give you 24 months to pay off your device, and once you’ve paid your phone down by 50%, you have the option to upgrade early.

Here are some important details: Depending on your credit, a down payment might be required.

How does Verizon monthly device payment work?

Verizon device payment gives you the flexibility to upgrade early and pay for your device over 24 months rather than paying for it all up front. You’ll make affordable monthly payments until your phone’s full retail price is paid off completely.

Will my Verizon bill go down when my phone is paid off?

IF you are on the Verizon Plan, your monthly bill would drop by the monthly phone payment you no longer have to make. You will lose this discount once you pay off your phone, so while your monthly phone payment will no longer be on your bill, the monthly discount will no longer be there either.

How does paying monthly for a phone work?

Monthly installment plans are payment plans to help you pay for a new cell phone, usually over the course of 24 months. It’s basically a finance agreement, like paying for a car—instead of paying out the full price right at the start, you can spread the cost over a longer period of time.

Does Verizon have payment plans?

You can schedule one, free of charge, 24 hours/7 days a week with the My Fios app, by signing in to My Verizon, or using our Automated Phone Service. A $7 Agent Assistance Fee will be charged for any payment arrangement made with a Customer Service Representative over the phone.