Verizon just announced a three-year price lock plan, but there are caveats

Verizon just revealed a new price lock policy that guarantees certain plans won’t go up in cost for three years. This is for both new and existing customers. It was announced the day after President Trump decided to tariff the entire world, which put markets into a tailspin. Verizon didn’t specifically mention this policy, but did say that the move was intended to give “predictability” to its customer base.

However, there are some caveats. Customers have to be enrolled in one of the company’s newer myPlan subscriptions to be eligible. Also, the guarantee only covers the base charge for the rate plan. It doesn’t do anything regarding those mysterious little fees that carriers use to raise prices on the down low. 

There’s also nothing in the fine print regarding autopay discounts, so those aren’t locked in. This could force a rate hike if Verizon decides alter the discount. Of course, the company will likely try to persuade consumers to increase the monthly bill of their own accord. This carrot usually takes the shape of a “free” phone.

To that end, Verizon announced it will be giving free phones to new and existing customers. This requires a suitable trade-in device and enrollment in a myPlan subscription. The three-year price lock also covers the company’s myHome 5G internet plans. Current myPlan members don’t have to do anything to start this price lock process. The enrollment is automatic.

This is just the latest promotion to lure customers to its myPlan subscriptions. The company recently started offering cheaper subscriptions for Netflix and Max to members. It did something similar for Google One AI Premium subscriptions. Verizon owns a minority stake in Engadget’s parent company, but this didn’t impact our coverage. 

This article originally appeared on Engadget at https://www.engadget.com/mobile/smartphones/verizon-just-announced-a-three-year-price-lock-plan-but-there-are-caveats-182320983.html?src=rss