Trade-in credit policy
warpiglet
Enthusiast - Level 1

I wanted to share my recent experience with Verizon's trade-in program in the hope that it might save others from unexpected surprises.

When I decided to trade in my old device, I was led to believe by Verizon's stated policy that the appraised value of my device would be immediately applied as a credit toward my new phone purchase. Their policy reads: "Bring in your old device... and Verizon will appraise the value of your device and give you a credit on your account (or virtual gift card) good toward a new device or other products and services available through Verizon."

However, instead of receiving an immediate discount on my new phone purchase, I learned that the trade-in credit would be fragmented and applied to my account over a span of three years. This means I'd have to stay with Verizon for three full years to benefit from the entire trade-in value. This practice diminishes the actual value of the credit due to factors like inflation. This condition was not made clear until after my phone had been sent back during the trade-in process.

For those considering trading in your devices: Please be aware of how the credit will be applied and ask for specifics before finalizing any transactions.

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3 Replies
boynty77
Newbie

I just found out that if you go to upgrade your phone before the 3-year payback period, they keep your money.  I want to upgrade to an iPhone 15 but if I do, I lose $580, so rediculous!!

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boynty77
Newbie

There has to be a way to keep the credit and get a new phone!

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vzw_customer_support
Customer Service Rep

Hello! We are here to help with your questions and concerns about upgrades. To better assist you, I'll be sending you a Private Note, please reply to it, so we can get started.

~Maria

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