The deal works by giving you a trade-in amount for your current phone, which goes towards the termination fee associated with that line or phone. It the trade-in doesn’t fully cover the cost, Big Red will cover the difference.
To get started, purchase a smartphone with a device payment plan. This means that you will pay the full retail price for the phone over 24 monthly installments. You will also need to trade in your current phone and provide the number associated with it. Verizon will appraise it and give you the fair market value. Your old number will get ported over to your new phone.
After about five days, you will receive a box to be used to send your old phone to Verizon. Once you receive confirmation, you can begin the process of getting reimbursed for whatever you owe your old carrier.
Special Offer: Get $100 when you switch and trade in your phone at Verizon
Verizon will pay up to $350 for an ETF fee or up to $650 towards the balance of your device payment plan. You will need to submit your outstanding bill from the old carrier, and it must match the number that was ported over to Verizon. You will receive a Visa gift card for the amount less the trade-in value of your phone.
For example, if you owe an ETF of $350 and your trade-in value was $150, you will receive a Visa gift card for $200. If you were on a device payment plan instead, Verizon will give you a Visa gift card in the amount owed less the trade-in value. So if you owed $650, and your trade-in was $250, you would receive a Visa gift card for $400.
Keep in mind this deal works for each individual phone that you switch over. If you have a family of four, you can switch everyone over for up to $2600 ($650 x 4) to cover any termination costs.
Other carriers have offered similar promotions in the past, but this is the first time for Verizon Wireless. It’s not a bad deal if you want to make the switch now rather than wait until your contract or device payment plan is up.
