What Does It Cost to Switch iPhone Carrier to Verizon?

Verizon store stocking up on iPhone 6s
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Not long ago, all the major cellular service providers subsidized the cost of iPhones in exchange for a two-year contract. As those subsidies and two-year contacts ended and customers began to pay the actual cost of the phone—$650 and up—they started looking for cellular providers who made the new phones affordable again. Most carriers came up with a combination trade-in and upgrade plan.

Verizon's trade-in plan makes it relatively easy for iPhone users currently with other carriers to move to Verizon and receive a new iPhone for a low price.

As of October 2016, Verizon's plan offers a new 32 GB iPhone 7 for $99 to new customers with an iPhone 6s or 6s Plus trade-in. Participation in a 24-month trade-in plan during which customers pay $27.08 per month toward the full purchase price of the phone is required. The actual monthly fee varies based on the iPhone model used as a trade-in and on the iPhone 7 size and is in addition to the monthly service plan you choose from Verizon.

The cost of switching carriers to Verizon is determined by several factors:

Your Trade-In iPhone

You need a late-model iPhone to use as a trade-inVerizon's plan is made possible by credits for late-model iPhones in good working and cosmetic condition. Verizon issues promotional values as follows:

  • $550 promotional value for iPhone 6s and iPhone 6s Plus 
  • $450 promotional value for iPhone 6 and iPhone 6 Plus
  • $300 promotional value for iPhone 5, iPhone 5s, iPhone 5c and iPhone SE

    The promotional value is subtracted from the full purchase price of the iPhone 7 and then paid over 24 months until the entire purchase price has been recouped. Verizon charges zero percent interest.

    Ownership

    If you bought your phone from another cellular carrier or at a large retailer and are making monthly payments on it, you must pay off any remaining balance on your phone before you can trade it in at Verizon.

    Early Termination Clause

    If you have a contract that has an early termination clause with another cellular provider, you'll have to pay that fee. Usually, the fee is on a sliding scale that reduces the longer you stay with the contract.

    Activation Fee

    Verizon charges a one-time $20 activation fee.

    The Cost to Switch

    So, as of October 2016, the cost to switch to Verizon and receive a new iPhone 7 is: $99 plus your iPhone trade-in plus a monthly fee for 24 months in addition to your service plan plus an early termination fee, if applicable, plus a $20 activation fee.

    If you participate in Verizon's upgrade plan, you can upgrade to a new eligible device every year after half of the cost of the iPhone is paid off.

    For Android Switchers

    Verizon offers a similar deal to new customers who want to switch to the iPhone with an Android phone trade-in. Eligible phones receive a $300 trade-in value, and the trade-in credit is applied to the account over 24 months. The eligible phones include Galaxy Note5, Galaxy S6, Galaxy S6 edge, Galaxy S6 edge+, HTC M9, MG G4 and LG V10. The trade-ins must be in good working and cosmetic condition. 

    Related: Switching From Android to iPhone