Verizon Device Payment Vs Contract

Verizon Device Payment vs Contract: Everything You Need to Know

For years, signing a two-year contract with a mobile carrier was the only way to get a new smartphone at a lower price. However, with the introduction of device payment plans, like the ones offered by Verizon, consumers now have more options to choose from. But what are the main differences between these two options, and which one is the best for you? Let`s take a closer look.

What is Verizon Device Payment?

Device Payment is Verizon`s flexible financing option, which allows you to pay for your new device over time. You will typically pay a certain amount upfront, and then make monthly installment payments over a period of 24 months. With this option, you do not have to sign a contract with Verizon, and you have the freedom to switch to a different carrier if you choose to do so.

One of the main benefits of Verizon Device Payment is that it gives you the freedom to upgrade your device more frequently. With the average smartphone lifespan being around two years, you can upgrade to the latest model every time your device payment plan ends. Additionally, the cost of the device is spread out over time, making it easier to budget for.

What is a Verizon Contract?

A Verizon contract, on the other hand, is a long-term agreement between you and Verizon that locks you into their service for a period of up to two years. When you sign a contract, you typically get a new smartphone at a discounted price or for free, but you may be required to pay an activation fee and other charges. In exchange for this initial discount, you agree to pay a fixed monthly fee for the duration of your contract.

One of the main benefits of signing a Verizon contract is that you get a new smartphone at a discounted price. However, this savings is typically offset by the higher monthly bill that you`ll be required to pay. Additionally, if you want to switch to a different carrier during your contract term, you may be charged an early termination fee.

Which Option is Best for You?

Choosing between Verizon Device Payment and a contract will depend on your individual needs and preferences. Here are a few things to consider:

– If you want to upgrade your phone more frequently, Verizon Device Payment may be the best option for you.

– If you want to have more control over your monthly bill, Verizon Device Payment may also be the best option, as you can choose to pay off your device sooner.

– If you want to get a new smartphone at a discounted price, a contract may be the way to go.

– If you`re unsure about committing to a long-term agreement, or if you want the flexibility to switch carriers at any time, Verizon Device Payment is the best option.


Overall, Verizon Device Payment and contracts each have their own advantages and disadvantages. Understanding these differences can help you make an informed decision about which option is right for you. Whether you choose Verizon Device Payment or a contract, it`s important to weigh the costs and benefits of each and choose the option that best suits your budget and lifestyle.