Do you currently have a Verizon phone and have been wondering what happens if I pay off my Verizon phone early? Are you looking for information on the next steps you can take?
If so, don’t stop reading yet because I’ve been looking into this topic and have a full guide on what to expect after paying off your Verizon phone early so continue reading!
What Happens If I Pay Off My Verizon Phone Early In 2024?
If you pay off your Verizon phone early then you become eligible for a new device upgrade through Verizon in 2024. However, you will still be paying your monthly Verizon bill such as for text, data, and talk, but you won’t have your device payment charges to deal with unless you upgrade to a new device.
Do you have other questions about what happens if you pay off your Verizon phone early, such as if you can get a new phone right away? Well, read on to find out that and so much more!
How Can I Pay Off My Verizon Phone Early?
There are several different ways that you can pay off your Verizon phone early including the following methods that we’ll discuss below.
Through the My Verizon app
It’s easy to pay off your Verizon phone early through the My Verizon app, and just follow the steps below to make your last device payment using the My Verizon app:
- Open the My Verizon app
- Click on “Account”
- Enter your Face ID, fingerprint, or password
- Select “Manage All Devices”
- Find the mobile number for the phone you want to pay off
- Select “Pay Off” next to that number
- Review the information on the screen
- Select “Continue”
- Make sure your payment information is correct
- Select “Continue”
- Validate your verification code for your credit or debit card, known as the CVC
- Select “Continue”
- Review the information on the screen
- Select “Complete Payoff”
- Click “Got It” on the device has been paid off window that pops up
On the My Verizon Website
You can go to the Pay Off Device page on the My Verizon website and then find the mobile phone number of the device you want to pay off.
From there just select “Pay Off Device” and go through the prompts to complete paying off your device in full.
At a Local Verizon Store
You can go to your local Verizon store and pay off your Verizon phone early, although you’ll need to have your account number and other billing information with you.
Additionally, you can pay at your local Verizon store with cash, credit cards, debit cards, a Verizon gift card, and other payment methods which could vary by store.
Dialing #PMT From Your Verizon Phone
If you want to pay off your Verizon device early, you can do so by dialing #PMT from your mobile device, which uses the automated voice system to process your payment.
Do I Still Get Promotional Credits If I Pay Off My Verizon Phone Early?
Any promotional credits you were getting on your monthly Verizon bill for that device will stop once you’ve paid off your phone.
Therefore, it’s a good idea to ask Verizon about which credits are ending after you’ve paid off your phone so you know what your phone bill will be.
Can I Upgrade My Phone Right After Paying Off My Verizon Phone Early?
You do not need to wait to upgrade to a new device if you’ve paid off your Verizon phone early, and the phone can be traded into Verizon to pay your bill or purchase accessories.
However, you can also choose to keep your old phone and just go into Verizon to get a new phone if that’s what you prefer since you’ve paid off the phone and it’s yours.
Will My Verizon Bill Go Down After I Pay Off My Phone?
Your Verizon bill will go down once you’ve paid off your phone, whether you pay it off early or on schedule, and it removes the device payments from the bill.
However, the amount of money that your Verizon bill goes down every month will depend on several factors such as what your Verizon plan is and if you have add-ons such as Disney Plus.
The new monthly bill will also depend on how many lines are on your account, whether you go over data and several other factors that are specific to your situation and account.
To learn more, you can also read our posts on what is Verizon Mobile Secure, does Verizon accepts PayPal, and Verizon pay stub.
Conclusion
If you pay off your Verizon phone early, you will no longer have your device payment charges on your account, but you will lose any promotional credits assigned to that particular device. Additionally, you’ll still have to pay your monthly Verizon bill for your text, talk, and data.
However, when you pay off your device early, you have the option to upgrade your device and you can trade in your phone to put towards your Verizon bill or to purchase accessories.
