Verizon Eliminating 1-Year Contract Option on 4/17/2011

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Monday, 11 April 2011

Verizon Eliminating 1-Year Contract Option on 4/17/2011

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While most carriers require a 2-year contract for cell phone or mobile broadband service, Verizon has long been the only one of the major US providers to also offer a 1-year option. Customers choosing the 1-year option had to pay more for the device they were purchasing for the privilege, but they were free of their contract obligations after 12 months instead of 24.

This option will soon be gone - according to a Verizon report, the 1-year contract option will no longer be available as of April 17th, 2011. A Verizon representative explained that the “greater majority of customers sign up for a two-year contract,” so they do not anticipate the option to be missed.

While it may seem like a bad move for Verizon to remove an option that set them apart from other carriers, it is worth noting that the cost of a 1-year contract was not often worth the extra expense - since Verizon's early termination fee is pro-rated for every month of the contract completed, depending on the cost of the equipment, it often works out to cost LESS to sign up for the 2-year contract, get the equipment for the lower cost, and pay the ETF to cancel after one year!

Once the 1-year contract option is gone, Verizon customers will be able to choose between a 2-year contract (where the equipment is heavily discounted) or the month-to-month option (where the customer must purchase the equipment outright).

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Last Updated ( Monday, 11 April 2011 )
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