Verizon Wireless details its new one-year device payment plan

Verizon was rumored to be kicking off a new installment plan that would let customers get a new device every year. The carrier announced the details of this plan in a blog post today.

According to the post, customers can buy a full retail price smartphone or tablet that is priced over $349 and spread out the payments over a 12-month period. Each device will incur a $24 finance charge, which also will be spread out over the 12 months. The payments and the finance charge will be tacked onto a customer’s monthly cellular bill. Each customer is allowed to add two installments plans that  have a combined balance of $1000 or less. The ability to add an installment plan is subject to credit approval.

Verizon advises customers to contact a sales representative to see if they are eligible for one of these installment  plans.

[Via Verizon Wireless and Droid-Life]

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