What Happens If I Pay Off My Verizon Phone Early? Options Available

Last Updated on September 12, 2022 by Ron D. Morgan

If you have plans to pay off your Verizon phone early and you want to know what happens next, this post is for you.

In a nutshell, if you pay off your Verizon phone early, you can request Verizon to unlock your phone and also opt for a phone upgrade. Also, paying your phone early affects your Verizon monthly bill.

Continue reading to understand the options available to you when you pay off your phone early.

Can I Pay Off My Verizon Phone Early?

Yes. Verizon gives you the option to pay off your remaining phone payment. You can opt for a one-time payment to clear your remaining phone bills.

Note that, if you opt to pay off your phone plan, you must pay the entire remaining balance. You can’t split the payoff in more than one installment.

How Can I Pay Off My Verizon Phone Early?

You have the option to pay off your Verizon phone on the My Verizon App, on the Verizon Site, and at any of Verizon’s stores near you. Check out this complete guide on how to pay off your Verizon phone early.

What Happens Why I Pay Off My Verizon Phone Early?

Paying off your Verizon phone early comes with multiple benefits. Here are some of the benefits and options available for you after you pay off your phone.

a. Unlock Phone

Most contract phones purchased from Verizon are unlocked. This means that you can’t use another carrier’s SIM card on the phone.

When you pay off your phone early, you can place a request for Verizon to unlock your phone.

The Federal Communication Commission (FCC) mandates carriers to oblige a request to unlock a customer’s phone once the customer has paid off the phone or ended the phone contract and paid the early termination fee.

Go ahead today and contact Verizon’s customer support today to unlock your phone. When you unlock your phone, you can easily sell the phone or switch to another carrier.

b. Upgrade Phone

Verizon has a phone upgrade plan that allows you to opt for a phone with better features than your current phone. To opt for the Verizon phone upgrade, you have to pay off your current plan.

Once you have paid off your current phone plan, you can contact Verizon to opt for any of their high-end smartphones.

Note that Verizon gives you the option to trade in your current phone for a higher phone, or keep your current phone and opt for a new phone.

c. Lower Monthly Bills

Another advantage you enjoy after paying off your phone bill is that your monthly bills will be lower. This is because; the additional cost for your phone plan will no longer be added to your monthly bill.

How Does Paying Off My Phone Affect My Verizon Bill?

You will continue to receive a monthly bill from Verizon even after you pay off your phone early. The bill will cover other services like data, call minutes, and text.

But your monthly phone bill will be quite lower after you pay off your phone. The reason is that the additional cost for your phone plan will be removed from your monthly bill.

Can I Sell My Verizon Phone Before It’s Paid Off?

You can sell your Verizon phone before it is paid off but it is not advisable to do so. If you sell off the phone before you pay off the remaining balance, you are required to continue paying the balance.

Verizon will blacklist the phone if you fail to keep up with your monthly payment after you sell the phone, and you will have issues with the new owner.

The best option is to make a one-time payment to pay off the remaining balance on your phone plan. Request for Verizon to unlock the phone, and then sell the phone. Selling an unlocked phone fetches you a higher sales price too.

Can I Switch To A New Carrier Before Paying Off My Verizon Phone?

Yes. You can switch to a new carrier even if you owe Verizon some money. Verizon is mandated to oblige your request to port your number to another carrier even if you owe some balance in your phone plan.

But during the porting process, Verizon will send you a final bill containing any outstanding balance you own. That includes any outstanding phone bill, monthly bill, and early termination fees if it applies. You are mandated to pay this final bill.

Conclusion

Paying off your Verizon phone early comes with several benefits. This post has explored the benefits you have in detail. Do you enjoy any other benefits after you paid off your Verizon phone early? Please include it in the comment section so that other readers can learn.