Does Verizon Pay Off Your Phone When You Switch? (Facts)

One of the most common questions people have is: Does Verizon pay off your phone when you switch?

This is a valid concern especially if you’re still paying off your current device and don’t want to be stuck with a hefty bill. In this guide, we’ll cut through the confusion and give you the answers you need.

Let’s find out!

You can get Verizon to pay off your phone from another network, but the amount offered is subject to change based on a few factors.

Depending on your device, Verizon offers trade-in credit and a Mastercard virtual account that you can use to pay off your outstanding balance. 

Now that you have an idea of Verizon’s switch programs let’s figure out if it works with your current situation.

Does Verizon Pay You to Switch: What You Need to Consider

If you want to switch to Verizon, there are several factors that you need to consider, like early termination fees.

You also want to make sure that you don’t owe your current carrier for your phone. Fortunately, Verizon helps reduce some of these costs and offers better bargains. 

• Verizon offers rewards and deals to entice you to switch
• You can switch to Verizon, but you’ll need to pay off your previous carrier
• Make sure that your current carrier has early termination fees
• Potential cost savings are on the table by switching to Verizon
• Blazing fast 5G internet with the Verizon network

Before deciding, you’ll want to check the steps to transfer from your current carrier to Verizon.

Here is what you should expect when moving your phone and number to Verizon. 

We Answer Will Verizon Pay You to Switch: Everything You Need to Know

Switching to Verizon is a challenging decision. However, there are instances when it becomes necessary to leave your current network.

You may be moving to an area with a weak signal from your previous carrier or seeking better service and a favorable deal. Does Verizon pay you to switch?

Does Verizon Pay Off Your Phone When You Switch

Verizon does pay off phones to switch from another carrier, but not directly.

Instead, they offer rewards and incentives to encourage customers to switch to their service.

These can include a $200 monetary compensation and up to a $650 prepaid card to cover early termination fees and outstanding balances. 

Note: Don’t worry about your outstanding balance with your previous carrier. Verizon will negotiate for a cheaper credit for you. 

How Does Verizon’s Switch and Save Work

From the information we know so far, Verizon will happily pay off your phone when you move to their network.

However, they won’t pay the amount you owe to your carrier. Instead, they will grant you incentives through their Switch and Save program.

They can send you up to $650 for your device and offer trade-in credit and a prepaid Mastercard account.

You can also use it to pay off any early termination fees, so you don’t have to worry about them as long as you transfer to Verizon.

Here’s what you get when you switch to Verizon:

1. Verizon will give you up to $650 per line to help you with device payments.
2. You can use this to pay off early termination fees from your previous carrier.
3. You also get trade-in credit applied to your bill.
4. A prepaid Mastercard virtual account for the remaining amount.

How Do You Qualify for the Verizon Switch and Save Program

If you want Verizon to pay off your current device from a different carrier, check if your situation qualifies you to avail of the benefits.

A few factors need to be in place so you can transfer networks and not have to worry about your previous balance. After all, disregarding payments can have a negative impact on your credit score, and you don’t want that.

To qualify for the Switch and Save program, you need to commit to switching to Verizon by getting an unlimited plan or a smartphone.

So, you’re locked in. You need to activate your number and trade in your old phone from a different network to Verizon.

Here’s how you qualify to Switch and Save:

1. Verify with Verizon if your current plan and phone are eligible.
2. Confirm your device compatibility with the Verizon network.
3. Make sure to switch within the promotion timeframe to qualify for the offer.
4. Port your number and activate your Verizon plan to complete the process.
5. Send your final bill from your previous carrier to enjoy your rewards.

Note: Each Switch and Save offer can be different from others depending on the device and plan you’re getting with Verizon.

Can You Still Switch to Verizon Even if You Owe Your Previous Carrier

If you’ve been contemplating switching to Verizon for some time now and don’t want to pay the excess fees from your current contract, you can avail of this offer. 

You don’t have to worry since you can quickly transfer to Verizon even if you still owe your previous carrier.

You will still need to pay off your remaining balance and early termination fees, but Verizon can certainly help you in that regard.

Here’s what you need to know about switching with an outstanding balance:

1. You can switch to Verizon even if you owe on your phone and account.
2. You will need to pay off any outstanding balances and early termination fees.
3. See if your situation qualifies for Verizon’s Switch and Save program.
4. Complete the requirements and get Verizon to help you pay off your balance.

Note: It’s vital that you compare the costs and weigh the benefits since Verizon will be helping you with your financial obligations with your previous carrier.

Do You Still Have to Pay Your Previous Carrier

Even though you’re switching to Verizon, it doesn’t mean you can leave your financial obligations with your current carrier.

Doing that will certainly hurt your credit score and can give you a hard time in the future.

When you switch to Verizon, you will still be responsible for paying off your outstanding balances on your device. You’ll also need to settle any early termination fees your previous carrier will require when moving to Verizon.

Here’s what you need to do with your outstanding balance:

1. You will still need to pay off your remaining device payments.
2. If there’s an early termination fee, you’ll have to settle it with your carrier.
3. Verizon will not pay your previous carrier for you. Instead, they will reimburse you.
4. You will also get trade-in credit for your device.
5. After sending your final bill, a prepaid Mastercard virtual account will be sent to you.

Note: To get the go signal to switch networks and transfer your device payments to Verizon, you must first take care of the early termination fees.

How Do You Switch to Verizon and Pay Off Your Phone

To switch to Verizon and take advantage of their perks, you’ll need to follow a few simple steps.

Despite the assumption that paying off outstanding balances will make the process lengthy, it’s actually quite easy.

Here are the steps to switch to Verizon via their Switch and Save program:

1. Check how much you owe on device payments and early termination fees.
2. Trade in your old phone to Verizon and get a new one with an unlimited plan.
3. Activate your new Verizon line.
4. Send your final bill from your previous carrier to Verizon.
5. Receive your trade-in credit applied to your bill over 24 to 30 months.

Tip: When you send your final bill, you want to ensure that your device payment balance and other fees are shown so Verizon can send you an appropriate amount.

It’s not every day you will come across a carrier that will help you pay off your phone when you switch to them.

It surely is a great deal allowing you to enjoy their high-speed 5G network.

If you have more questions about their Switch and Save program, contact Verizon customer support for assistance.

Bottom Line:

Now that you know the answer to “Does Verizon pay off your phone when you switch,” you can make the necessary calculations and see if it makes sense for you to move. Switching to Verizon means that you get to enjoy reliable service and the fastest 5G network.

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