Now’s the time of year when it pays to be extra wary of pranks and promotions that seem too good to be true. But starting tomorrow, yes, on April 1, Verizon has some big discounts on phones and trade-ins for broken devices that are totally legit.
Verizon said new customers can get up to $1,000 off of a new 5G phone, depending on the device you’re trading in, which is enough to make all but the most expensive flagship devices basically free. Discounts for existing Verizon customers upgrading to a new unlimited plan (Do More, Play More, or Get More Unlimited) or adding a new line aren’t quite as extravagant—they’re limited to a total of $440 in discounts.
But the unusual part of the deal is that Verizon is offering $100 for older phones like the iPhone 6S or a Galaxy S7, even if they have a cracked screen or have suffered from water damage, while newer devices like an iPhone 8 or later and a Galaxy S8 or later can garner up to $440 in credit even if they don’t function (though what you end up receiving will obviously depend on how broken your old phone is).
If the newer device you’re trading in actually does work and is in good condition, it could be worth up to $700 in trade-in credit.
The important details to know if you want to take advantage of this free stuff is that you’ll need to port your number over from your previous carrier, trade in a device to get up to $700 in statement credit, and then sign up for one of Verizon’s premium unlimited plans, which will earn you another $300 e-gift card (which Verizon says should arrive within eight weeks of sign-up).
So while there are a few hoops and restrictions to jump through, if you play your cards and trade-ins right, $700 plus $300 should net you a cool $1,000 toward a shiny new 5G flagship phone.
Another critical thing to remember is that the statement credits for trade-in devices are scheduled to pay out over the course of 24 months, so if you decide to switch to another carrier or downgrade your plan early, you’ll need to pay off the remaining balance on your 5G device yourself.
Unfortunately, because Verizon’s deal doesn’t officially go live until tomorrow, it’s not entirely clear how much you’ll get for less popular or older devices like an original Pixel or something like an LG V30. But if you’re tempted, Verizon should have more granular info for both trade-ins and new potential phone purchases detailed on its website tomorrow.