Earlier this week Verizon announced that a few changes would be made to their contracts — not one of which is beneficial to customers.

The company’s current 20-month waiting period for device upgrades has been extended to 24-months; Verizon claims that this “aligns the upgrade date with the contract end date and is consistent with how the majority of customers purchase new phones today.”

Contracts that expire in January 2014 or later will be affected by this change.

Verizon has also implemented a 3-day-notice that all ‘New Every Two Program’ credits will expire – anyone wishing to make use of their credits must do so before April 15. Verizon have confirmed that ‘Upgrade Sharing’ will remain as a contract option, however upgrades can no longer be mixed between devices.

If you’re a Verizon customer wishing to buy a new phone – whilst locked into a contract – you have the option of purchasing a phone at full price at any point before your contract expires, beginning April 21.

Verizon published the full press release on the news section of their website – to make life easier for you – the full press release can be read below.

As the wireless business has evolved, Verizon Wireless has continued to expand its device portfolio, providing customers with more options than ever before. It is not uncommon for customers to have multiple devices such as a smartphone, tablet and Jetpack. In that context, Verizon Wireless is making the following changes to its upgrade practices:

• In alignment with the terms of the contract, customers on a two-year agreement will be eligible for an upgrade at 24 months vs. today’s early upgrade eligibility at 20 months. This change aligns the upgrade date with the contract end date and is consistent with how the majority of customers purchase new phones today. The first customers impacted by this change are customers whose contracts expire in January 2014. As always, customers may purchase a new phone at the full retail price at any time.
• Customers also have the option of purchasing a phone at full price at any point before their contract expires and beginning April 21, some devices will be available for purchase through the Verizon Wireless Device Payment Plan.

• The New Every Two program ended in January of 2011. Verizon Wireless has continued to allow customers to utilize these expired credits. However, as of April 15, these credits will no longer be available.
• Customers may continue to share an upgrade with another person on an account if that customer is upgrading to a device within the same equipment category. Customers can utilize a phone upgrade to purchase a new phone; however, the option to transfer upgrades from non-phone devices (such as a Jetpack or tablet) will no longer be available.

Verizon’s change in contract terms and conditions comes only a few weeks after T-Mobile’s no-contract plans. It certainly looks like Verizon isn’t worried about longer and more restricted contracts pushing potential customers to other carriers.

• SourceVerizon