With details of T-Mobile Jump! and AT&T Next now available, its Verizon's turn it introduce their own upgrade plan titled Edge. Verizon Edge is said to launch on August 25th and much like AT&T customers will be required to pay the full retail price of the device in addition to the monthly service charge.Fortunately Edge customers will not be locked into a contract but would be on a monthly payment plan instead. Meanwhile the retail cost of the device will be divided into 24 payments. If users have paid at least 50% of the full price of the device within 6 months, they will be eligible for an upgrade. Users can choose from Verizon's lineup of smartphones and feature phones to be on Edge which is quite welcome.
The Samsung Galaxy S4 for example which retails at $650 will require a monthly payment of $54.17 if you wish you upgrade your device in six months. If you are happy with upgrading after a year, your monthly cost would only be $27.08. However keep in mind that you have to remain on Verizon's network in order to maintain the payment plan. Stopping the service will require you to pay the full cost of the device. There will no finance charges or upgrade charges with Edge.
Along with the cost of the equipment, you will have to pay $110 per month for service, which includes unlimited voice, unlimited text and 4GB of data. This is slightly lower than AT&T which charges $115 for a similar plan. Meanwhile a plan on T-Mobile costs $70 for unlimited calls, text and data.
So much like AT&T Next, Verizon Edge charges customers twice for a device they do not get to keep. It seems a better option would be to select a contract plan and use your early termination option (ETO) which lets you keep your device if you want to upgrade.
source - Verizon | PhoneArena