Verizon Free iPhone Deal: Get a New Phone and Lock In Your Rate

published 24 April 2025

Thinking about switching phone carriers or upgrading to the latest iPhone or another smartphone?

Verizon just rolled out a deal that might be too good to ignore. You can get a free phone on any myPlan and lock in your monthly base price for three years.

Sounds great, right? But you may be wondering if there's a catch and if it's really the best move for you. Let’s dive into all the details.

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Verizon’s free smartphone on any plan deal explained

Right now, Verizon is offering a free smartphone when you trade in any phone in any condition and sign up for one of their myPlan unlimited plans.

So yes, even if your old phone is cracked or barely turns on, you could still qualify. This deal is open to both new and existing Verizon customers, and it applies to big-name devices like Apple, Samsung and Google phones.

Verizon’s free smartphone deal allows you to get a smartphone with up to a $999.99 value when you trade in an eligible device and sign up for one of their myPlan Unlimited plans. This includes Unlimited Welcome, Unlimited Plus or Unlimited Ultimate.

The catch? You’ll need to commit to a 36-month device agreement and keep your plan active the whole time.

Here’s how it works:

You can get up to $999.99 in promo credit spread out over 36 months, which essentially covers the full cost of a new phone.
The promo credit is applied monthly, meaning you won’t pay for the phone upfront, but you’ll see a discount on your bill each month.
If you cancel your plan early or no longer meet the promo requirements, the credits stop and you’ll owe the remaining balance.

A few fine print notes to keep in mind:

The offer is available for both new lines and upgrades. But if you're upgrading, the phone you're trading in must have been active on your account for at least 60 days.
Your trade-in must be from a major brand (Apple, Google or Samsung).
You’ll need to be on a postpaid Unlimited plan with a minimum monthly cost of $65 with Auto Pay (before taxes and fees). But this depends on the type of phone you choose. For phones like the iPhone 16 or Galaxy S25, you’ll pay a minimum of $80 per month, while the iPhone 16 Pro, Galaxy S25 Plus or Pixel 9 Pro require paying a minimum of $90 per month with an Ultimate Unlimited Plan.
The phone financing is at 0% APR, so you’re not paying interest. But again, the full savings are only applied if you stick with the plan for all 36 months.

What’s the deal with the 3-year price lock?

Verizon is also offering a three-year price guarantee on the base monthly rate of its myPlan unlimited plans, aiming to provide customers with greater predictability amid economic uncertainties.

This offer is available to both new and existing customers who subscribe to one of Verizon's myPlan options.

However, it's important to note that this price lock applies only to the base plan rate. It does not cover additional charges such as taxes, fees or optional add-ons like hotspot data or entertainment perks, which means your overall monthly bill could still increase through these avenues.

Still, by choosing one of their myPlan options, your monthly base service price stays the same for three years. That’s a big plus when other carriers are increasing rates more frequently.

Is this a good deal for iPhone users?

If you’ve been waiting to upgrade to the newest iPhone, like the iPhone 16 Pro, this is definitely a deal worth looking into.

Considering the high cost of new iPhones (easily over $1,000), getting one for “free” via trade-in and monthly credits is a huge win. And since Verizon isn’t being picky about the phone you trade in, the barrier to entry is low.

This could be a smart time to buy, especially if upcoming tariffs or inflation drive up electronics prices in the months ahead.

However, keep in mind that even though you'd be getting a deal, you’re still committing to a monthly payment for the phone plus your service plan.

Make sure the total fits comfortably within your budget and carefully weigh the offer against your current phone plan, financial goals and long-term plans first.

How to upgrade or switch with Verizon

Already with Verizon? You can check your trade-in eligibility on their official site and upgrade right from your account.
Switching from another carrier? You’ll go through the same process but may also qualify for extra perks like discounted Apple Watches or credits to cover switching fees.
Pick your myPlan. Each plan comes with different perks and pricing, so choose one that fits your lifestyle and budget.

Choncé is a personal finance freelance writer who enjoys writing about eCommerce, savings, banking, credit cards, and insurance. Having a background in journalism, she decided to dive deep into the world of content writing in 2013 after noticing many publications transitioning to digital formats. She has more than 10 years of experience writing content and graduated from Northern Illinois University.