Verizon’s phone contracts are now all three years

If you’re looking to buy a new phone from Verizon, you now have only two options: buy the device right away or pay monthly installments for three years. As reported by droid life (through android police), Verizon appears to have lost its 24 and 30-month contracts for all devices — including phones, hotspots, and smartwatches — and has instead extended it to 36 months.

Verizon’s payment program FAQ page explains that there is no interest associated with the 36-month plan and you can choose to pay off the phone in full whenever you want. However, what you can’t do is pay more than your set monthly installment – so unless you can pay off the entire device, you’re stuck with the three-year plan. If you agreed to a 24 or 30 month subscription before February 3, 2022, Verizon says you won’t be affected by this change.

As phones get more expensive, with more than a few crossing the $1,000 mark, it’s no longer uncommon for us to want to hold onto our smartphones for several years. In addition, a number of phone manufacturers are still rolling out updates several years after a phone is released, eliminating the urge to upgrade our devices (at least for some of us). In a nutshell: Samsung phones get four years of extra security updates, Apple offers five to seven years of updates on devices, and Google offers five years of updates on the Pixel 6 and 6 Pro. But not all phone companies are so generous (looking for you, Motorola), so you may want to check your phone’s software update policy before committing to a three-year contract.

That said, it’s unclear exactly when Verizon switched to longer contracts, but it seems like it’s a little late for the game. AT&T has already gotten on board with the idea, as the company started offering just three-year contracts last year. And while T-Mobile started experimenting with the idea of ​​36-month plans in 2018, it has since gone back to offering 24 or 30-month plans.

Frank Broholm had acquired considerable experience in writing and editing publications before recruited by The Media Today Chronicle News portal as Editorial Manager. His key task is to conduct effective business reviews based on the most recent business…