With the $600 stimulus checks coming, I was considering paying off my iPhone 11 128GB with it. My question is, when I have my iPhone 11 paid off, can I upgrade/trade in for a Samsung S20 FE? If so, how much can I expect to get for it? I haven't had it for very long.
Good morning, YOOPER24. We are happy to answer all your Verizon Wireless questions. Once you have your iPhone paid off, you can upgrade to any phone of your choice, including the Samsung S20 (https://www.verizon.com/smartphones/samsung-galaxy-s20-fe-5g-uw/https://www.verizon.com/smartphones/...). Your iPhone 11 will be eligible for a promotional trade-in credit of $400 if it is in good working condition and free of any physical or water damage. The credit will be applied to your account over 24 months. Please note that our promotion can change at any time without notice.
You can pay off your current device as per number 5 under "Device payments and making installment payments" at this link (https://www.verizon.com/support/device-payment-faqs/).
Thanks for the information. What exactly does "The credit will be applied to your account over 24 months." mean? How does that work? Is this assuming that I'll be using a payment plan? Can I just do the trade in and pay the new phone outright? If I did get the payment plan, would I be able to pay off the new phone at anytime and if so, how does the trade in amount factor in?
over 24 mos means they'll give you a credit of 33.33 per month for 24 mos. If you stop service early with Verizon, you lose out on the "promised credit"... I'm pretty sure you can pay your phone down to a balance of $400 so that there's enough to offset your $400 in credits... you might be able to pay it down lower than a $400 balance, and then use the credit against your other fees/bill, but you may as well just leave the $400 balance...
The promotional amount is broken up into monthly credits. The monthly credits are deducted from your Device Payment (your payment plan). Does this help clarify?
Yooper24, we understand that the monthly installments are not the right option for everyone. As you do not wish to have the monthly installment, once you trade in the device for your trade in value, you may then use that value toward the purchase of your new phone and then simply pay the remaining balance. Does this help to clarify? LorenB_VZW If my response answered your question please click the _Correct Answer_ button under my response. This ensures others can benefit from our conversation. Thanks in advance for your help with this!!