The term “Verizon iPhone Upgrade Program” usually refers to a combination of Verizon’s Device Payment Program and their Early Upgrade feature. Unlike the official Apple iPhone Upgrade Program (which is run by Apple and Citizens Bank), Verizon provides a carrier-specific pathway for frequent device upgrades.
While Verizon does not formally call it an “Annual Upgrade” program, specific plans—most notably the Unlimited Ultimate plan—offer the ability to upgrade every year.
This comprehensive guide breaks down Verizon’s financing and upgrade options for iPhones.
Main Body: Verizon’s iPhone Upgrade Pathways
Verizon primarily offers two paths for purchasing and upgrading an iPhone: 36-month financing and annual upgrades tied to premium plans.
- Device Payment Program (The Standard Method)
Most Verizon devices, including iPhones, are financed over a 36-month Device Payment Agreement (DPA) at 0% APR.
| Feature | Details |
| Duration | 36 Months (Standard term for all devices). |
| Upgrade Eligibility | The device is eligible for a standard trade-in or upgrade only after the DPA is 100% paid off. |
| Promotions | Promotional discounts (e.g., “$1,000 off with trade-in”) are applied as monthly bill credits over the full 36-month period. |
| Cancellation Risk | If you cancel service or pay off the phone early, the remaining promotional bill credits stop, and the full remaining device balance becomes due. |
- Early Upgrade Program (50% Pay-Off Rule)
Verizon’s standard Early Upgrade feature allows customers to get a new device before the 36-month term is complete, provided they meet specific criteria:
- Requirement: You must have paid off at least 50% of the device’s original retail price (either through monthly payments, a lump sum payment, or a combination).
- Process: Once the 50% threshold is met, you must trade in the current device to Verizon in good working condition and begin a new DPA for the new iPhone.
- Timeline: On a standard 36-month DPA, the 50% pay-off mark is reached after 18 months (not 12). If you want a yearly upgrade, you must make a lump sum payment at the 12-month mark to reach the 50% paid-off milestone.
- Unlimited Ultimate Annual Upgrade
The premium Unlimited Ultimate mobile plan offers a distinct, accelerated upgrade cycle:
- Annual Upgrade: Customers on this top-tier plan are eligible to upgrade every 12 months (annually), even if the 50% pay-off mark has not been reached. This is Verizon’s true, if exclusive, “Annual Upgrade Program.”
Key Differences: Verizon vs. Apple Upgrade Program
While both programs allow annual upgrading, the differences in financing and flexibility are critical.
| Feature | Verizon DPA (w/ Early Upgrade) | Apple iPhone Upgrade Program (iUP) |
| Financing Partner | Verizon (or Verizon Visa Card) | Citizens Bank |
| Carrier Lock | Device is locked to Verizon for 60 days, then unlocked. | Device is unlocked from Day 1 and allows you to switch carriers anytime. |
| Upgrade Frequency | Standard is 18 months (50% paid). 12 months only on Unlimited Ultimate plan. | Eligible after 12 monthly payments (12 months). |
| Insurance | Insurance (Verizon Mobile Protect) is a separate, extra monthly charge. | AppleCare+ with Theft and Loss is included in the monthly payment. |
Frequently Asked Questions (FAQ)
Is there an upgrade fee when I switch to a new iPhone?
Yes. Verizon typically charges a one-time upgrade fee (historically around $35–$40) when any line switches to a new device. This fee applies even if you use the Early Upgrade feature.
Can I upgrade if my iPhone screen is cracked?
No. To qualify for the Early Upgrade Program (50% pay-off or Unlimited Ultimate annual upgrade), your returned device must be in good working condition, which explicitly means the screen cannot be cracked or broken, and the device must power on. You would need to pay for the repair cost before trading it in.
How do I check my upgrade eligibility status?
Log into the My Verizon app or website, navigate to the Devices section, and select the specific device. The page will display the device’s remaining payment balance and its upgrade eligibility status (“Upgrade Now”).
Conclusion
The Verizon iPhone Upgrade Program is not a single entity but a feature set, with the best deals and annual eligibility reserved for the Unlimited Ultimate plan. For most customers, upgrading early requires paying off 50% of the device balance. Consumers who value carrier flexibility and bundled insurance should consider purchasing the phone directly through the official Apple iPhone Upgrade Program, which is compatible with Verizon service.
