Buzz
Prepaid phone plans are appealing mainly because they let you avoid being locked into long-term contracts. If a better deal comes along with a competitor, you’re free to leave without any penalties. However, Verizon's latest prepaid plans aim to keep you around longer by offering rewards for loyalty.
Verizon’s new prepaid plans are available to both new and current customers. After three months, you’ll get a $5 monthly discount. After nine months, that discount increases to $10. Signing up for autopay adds another $5 off your bill, giving you a total savings of up to $15 per month.
There are three prepaid plans available, with the most expensive starting at $65 per month for unlimited talk, text, and data, before any discounts. After nine months and using autopay, you’ll pay only $50 per month. The least expensive plan offers 5GB of data for $40 per month before discounts, dropping to $25 after discounts.
Taxes and fees will still apply to all plans, as expected.
While the plans and their discounts are appealing, they’re not groundbreaking.
AT&T offers its Unlimited Plus prepaid plan for $75 per month but provides a $25 discount with autopay, lowering the cost to $50 right away. T-Mobile, on the other hand, offers unlimited talk, text, and data for $50 per month.
If you're in the market for an unlimited prepaid plan, there's a strong likelihood you can find one for about $50 a month from one of the major or alternative carriers.
Another consideration is whether you actually need unlimited mobile service. If you have home internet, you’re probably doing most of your browsing and communication over wifi—particularly now, while you're working from home and missing your usual commute podcast sessions.
If you're frequently on wifi, a plan with 15GB, 10GB, or even just 5GB of data could be more than enough. Opting for a lower data allowance can significantly reduce your costs, with various providers offering plans between $25 and $50 per month before discounts.
Depending on your data needs, you could lower your monthly prepaid bill to as low as $10 by choosing an alternative carrier, often known as an MVNO. These carriers lease antenna space from the major networks, unless they are owned by a larger company.
Before switching to Verizon’s new prepaid plan—or any prepaid plan—it's a good idea to review your recent statements to see how much data you're actually using.
The allure of “Unlimited” is obvious, as it means you don’t have to monitor your usage and can enjoy streaming and browsing freely. However, relying on unlimited options may prevent you from finding better ways to save.
