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Can I limit data use on one of the phones on my Verizon account?
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Only with Family Base add on feature
Like Android there should be a some kind of Data Management in your settings.. I found this not sure if it'll work or not but it doesn't to give it a Look and Try..
My Data Manager – Track your mobile data usage and save money on the App Store on iTunes
I know Virgin Mobile can, so its a matter of Verizon allowing data limits.
Only with Family Base add on feature