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Verizon (VZ) Puts an End to Contracts

Phone subsides disappear with contracts

Verizon (VZ) announced on Friday that it won’t be offering contracts to customers after August 13.

verizon-contracts-vzVerizon said that it will replace these contracts with four new data plans that don’t offer customers subsidies for their smartphones. Instead, they will have to pay for it the device all at once or in monthly payments. However, they will also have the option to freely move between plans every month, reports Cnet.

The new data plans being offered by Verizon all included unlimited text and talk. The plans start at 1GB for $30 a month and move up to 3GB for $45 a month, 6GB for $60 a month and 12GB for $80 a month. The wireless carrier has ended its 500MB a month plan in an effort to avoid confusion between GB and MB, Cnet notes.

Verizon customers will still have to watch out for data overages with these new plans. The wireless carrier charges $15 a GB when its customers go over their limit. However, being able to change data plans every month may help some users avoid these fees, reports Recode.

VZ shares were down slightly as of Friday afternoon.

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