Why Verizon's new '3-year price lock' is a bit of a misnomer

Tired of ever-increasing phone bills? Don’t feel like shopping for a new carrier when your payment increases — again? Verizon has an answer.

The wireless carrier said today that it’s introducing an “industry-leading guarantee: a 3-year price lock.” Under this promotion, myPlan and myHome network plan customers, both current and new, will have their rates locked in for the next three years. About half of the company’s customers are on myPlan, meaning this change will affect many people.

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This announcement comes a few weeks after Verizon offered free satellite texting to some customers.

Here’s the important part: This guarantee “ensures your core monthly plan price for calling, data, and texting will not change,” Verizon said, “excluding taxes, fees, and perks.” In short, your actual plan price won’t increase, but any additional taxes and fees aren’t guaranteed to remain the same. Of course, your price could change, too, if you upgrade your plan or add lines. 

Customers don’t have to take any action. All myPlan and myHome network plan subscribers are automatically enrolled. If you change your myPlan, the price lock will reset for an additional three years. 

Sowmyanarayan Sampath, Verizon Consumer CEO, said the company’s goal is to provide more value and “peace of mind.” 

In addition, Verizon said it’s offering a free phone when a user on one of those plans trades in any phone in any condition (from Apple, Google, or Samsung).  

Also: Verizon is giving these Android phones a free connectivity upgrade – here’s how it works

Rising prices are nothing new for mobile carriers – T-Mobile announced just a few weeks ago that some of its most loyal customers would be seeing a price hike. Verizon’s offer here isn’t a bad thing, and likely means your phone bill won’t increase much. Just don’t expect your bill to not change at all.

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