Verizon has free phones – even the iPhone 17 Pro – and I’ve tried them all, here’s what to buy and what to skip

Verizon separates your phone’s payment plan from your monthly cellular plan. The full discount for your new phone is split over a period of three years (36 months) as a monthly promotional credit. Every month, Verizon gives you an equal portion of that total discount toward your device payment.

For instance, in 2024 I got an iPhone 15 Pro Max for its retail price of $1,200, dividing the cost into 36 monthly payments of $33.34. I then got a $27.78 promo credit each month, meaning I only paid $5.56 per month for the phone. After the full 36-month term, I will have paid only $200 for the device.

The essential catch is that you must remain a Verizon customer for the entire term. If you leave Verizon before the 36-month agreement is complete, the monthly promotional credits immediately stop, and you are required to pay the full, remaining balance of the device in one lump sum. If you leave after 18 months, for example, you still owe half of the original price of the phone.

Also, you have to choose a qualifying monthly plan, and those plans start around $65 per month. It’s a good deal if you use a lot of data – especially if you use your phone as a personal hotspot. If you’re looking for a cheap plan, though, you won’t qualify for the best device discounts.