Verizon Prepaid has introduced customer loyalty discounts that are being marketed around the tagline "stay with us, save with us." The longer a customer stays with Verizon Prepaid, the more money can be saved. A maximum customer loyalty discount of $10/month per line is offered. The loyalty discounts will take the place of multi-line family plan discounts.
Verizon Prepaid has also updated its website to better highlight all available discounts. In addition to the new loyalty discount program, Verizon Prepaid's unlimited data plan now has a hotspot add-on option available for $5/month. Switchers continue to receive a $60 account credit.
Verizon Prepaid "Stay With Us, Save With Us" Program Details
The way the discount program works is pretty straight forward and simple. Customers that stay with Verizon Prepaid for at least 3 months will save $5/month on their phone plan starting with their 4th month of service. Customers who stay for 9 months will save $10/month starting with their 10th month of service. The discounts are only available to plans priced $40 or higher and will remain intact as long as the lines receiving them do not get disconnected.
Verizon Prepaid's Loyalty Discount Eligible Plans And Pricing
|Data Allotment||Price First 3 Months||Price After 3 Months||Price After 9 Months|
All plans shown include unlimited talk, text, and data with the specified amount of data at high-speeds before throttling to 2G data speeds. The 5GB and 15GB plans include mobile hotspot. Mobile hotspot can now be added to the unlimited plan for an additional $5/month. The unlimited plan hotspot add-on includes 10GB of hotspot data at high-speed each month before throttling to data speeds of up to 600Kbps for the remainder of a billing cycle. An additional $5/month autopay discount is also available with all plans after the customer's first month of service. Family plan discounts are no longer available for new customers. Current customers that switch to a new plan will lose their multi-line discounts and will be converted to the new loyalty discount program.
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Each plan does differ a bit from the others in terms of available features. The unlimited plan includes free roaming in Mexico, Canada, Puerto Rico, and the US Virgin Islands. International data usage on the plan gets reduced to 2G data speeds after 0.5GB gets consumed within a day. Customers that use more than 50% of their talk, text, or data usage in any of the aforementioned locations may have their use of services in either location either removed or limited. The 5GB and 15GB plans do not include usage in those locations but customers can call and text those destinations at no extra charge. On all plans, DVD streaming is limited to a resolution of 480p and during times of heavy network congestion, data speeds may be temporarily slowed. All plans also include unlimited international texting to over 200 countries.
The idea of customer loyalty discounts is something that is not new to the industry. Boost Mobile offered shrinking payment plans as far back as 2010. The idea behind them is to try and increase customer retention and reduce churn. Verizon's Prepaid division has been suffering losses for quite some time having lost subscribers for 10 straight quarters, so perhaps the new program can help to reverse the trend. The loyalty discounts may also present as an alternative to multi-month discount plans that require subscribers to pay for several months of service in advance in exchange for a big discount on their phone plan. Instead of customers having to fork over a large sum of money upfront, they'll simply save by staying on as a customer over the long term.