How Does the Verizon Phone Trade-In Program Work?

Are you a Verizon customer looking to sell an old phone? Whether you’re looking for credit toward a new smartphone purchase or you’re simply decluttering your home, Verizon’s official trade-in program is convenient. But how much can you get for your used phone with Verizon? And are there any strings attached?

Verizon’s phone trade-in program is well-respected, but that doesn’t mean it’s perfect. Let’s walk through its pros and cons and determine if it’s the right choice for selling your old devices. Is Verizon’s Trade-In Program the best place to sell phones?

Verizon’s trade-in program has certain devices valued as high as $500 via Verizon gift cards, which can be a great incentive - especially if you’re already planning to upgrade. However, there are a few important facts to know before you commit.

The entire trade-in process usually takes 4 to 6 weeks from start to finish, according to Verizon’s FAQ page. Once Verizon receives your device, they’ll issue a PayPal deposit or deliver a gift card within two weeks. Remember that promotional bill credits can take 1 to 2 billing periods to appear on your account, so don’t expect instant savings on your monthly bill.

There are also some known conditions attached. After starting your trade-in, you have to ship your device within 15 days, and Verizon has to receive it within 90 days of the promotion start date. For deals, the traded-in device has to have been active on your account for at least 60 days prior to the trade-in. Additionally, there’s a 10-line trade-in limit per order, which is worth knowing about if you’re trading in devices for a family plan.

So is Verizon’s trade-in program worth it? If you’re already a Verizon customer planning to upgrade and don’t mind waiting a few weeks for your payout, it gives you competitive value - especially when promotional deals are running. However, if you want fast cash in hand without carrier restrictions or waiting periods, alternatives like ecoATM kiosks may be a better fit and give you instant payment without the fine print.

Selling Your Old Device With Verizon’s Trade-In Program

With Verizon, you can trade in your old phones and other devices (like tablets, smart watches, and more) for credits or gift cards. While some competitors like T-Mobile have stricter trade-in programs that only offer store credit spread across 24 or 36 monthly billing cycles, Verizon’s program is considerably more flexible.

Verizon’s trade-in program is available for both existing customers and new ones. You won’t need to wait months or even years to get the full value of your trade-in either, as Verizon offers several redemption options including Instant Credit, gift cards, and PayPal deposits. Let’s dig into the details.

For starters, you can get up to $500 via Verizon gift cards for select devices, making it a worthwhile option if you’re sitting on a relatively recent smartphone or tablet. Once Verizon receives your device, both gift cards and PayPal deposits are typically delivered within two weeks. If you opt for promotional bill credits instead, expect those to take one to two billing periods to appear on your account.

The entire trade-in process generally takes 4 to 6 weeks from start to finish, according to Verizon’s FAQs. To keep things moving, you’ll need to ship your device within 15 days of initiating the trade-in, and Verizon must receive it within 90 days for it to qualify under the program requirements.

A few other things worth knowing before you get started:

• For certain promotional deals, the device being traded in must have been active on your account for at least 60 days prior to the trade-in.
• There is a 10-line trade-in limit per order, so if you’re trading in multiple devices at once, plan accordingly.
• Devices must meet Verizon’s condition requirements to receive the quoted trade-in value, so check for screen damage, functionality issues, and activation status before submitting.

Overall, Verizon’s trade-in program remains one of the more flexible options among major U.S. carriers, particularly for customers who want faster access to their trade-in value rather than waiting years for monthly credits to accumulate.

How Does Verizon Distribute Trade-In Credits?

This is the fulcrum of Verizon’s trade-in program, and it’s what makes it a better offer than most competing wireless carriers provide. Simply put, Verizon offers a wider variety of payment structures that should satisfy even the pickiest of customers.

PayPal Credits

What’s that? Does Verizon Wireless actually offer to pay you via PayPal when you use its trade-in program? It’s true!

While many other wireless carriers (like T-Mobile, for example) restrict these programs to store credit, Verizon will make a deposit in your PayPal account within two weeks of receiving your device. Even better? This offer is available for existing customers and new ones alike.

That said, ecoATM offers instant payment via PayPal, Venmo, or cash, so if you’re looking for a faster transaction, bring your old phone to your nearest kiosk today.

Instant Credit (for Existing Customers)

If you’re an existing Verizon customer in good standing with the company, you’re likely eligible to participate in Verizon’s Instant Credit program. While the word “Instant” is a bit out of place (you’ll need to wait up to two monthly billing cycles for the credits to hit your account), you’ll receive lump-sum store credit for the device you trade in. When many competitors stretch out the payouts over two or three years, it’s a welcome benefit to get your entire payout within one or two months.

Verizon Gift Cards (for New Customers)

Not a current Verizon customer? No worries! Even people who don’t currently have a Verizon account can use their trade-in program to exchange their used electronic devices for Verizon gift cards - worth up to $500 for select devices.

Verizon says it will deliver your gift card within two weeks of receiving your device. You can use a Verizon gift card toward phones, tablets, accessories, or your mobile plan (and, if you plan to buy a smartphone online using your gift card, they’ll throw in free overnight shipping). You can even pay your bill using these gift cards.

Promotional Credits

The exception comes into play if you use a special promotion to trade in your phone. In this scenario, Verizon will give you your credits in monthly distributions “over the number of months specified in the applicable promotion.”

In other words, if you sign up for a $500 bonus offer with a 36-month promotional period, you’ll receive roughly $14 in promo credit each month. You’ll continue receiving this $14 discount every month until the promo credit ends. Keep in mind that promo credits can take one to two billing periods to appear on your account after the trade-in is processed.

An Example of a Verizon Promotional Offer

What kind of promotions does Verizon offer? This all depends on when you use them. Verizon regularly updates its promotional offers throughout the year, and you’re likely to find new ones whenever Apple or Samsung releases a new flagship device, as well as during major retail holidays like Black Friday.

Because these offers change frequently, the best approach is to check Verizon’s website directly for the latest deals. That said, here’s a look at the kinds of promotions Verizon has been known to run, so you know what to expect.

Typically, Verizon’s biggest promotional offers involve a large promo credit - sometimes covering the full retail cost of a new flagship device - spread out over 36 monthly billing cycles. For example, Verizon has offered promo credits of $1,000 or more toward new iPhone or Samsung Galaxy models, effectively bringing the out-of-pocket cost down to $0 when paired with a qualifying trade-in and a new line on an Unlimited Ultimate plan.

When you get into the fine print, you’ll typically find some additional qualifications. First, you’ll usually need to add a new smartphone line on an eligible Unlimited plan. In addition, if you cancel your Verizon plan or switch to another wireless provider before your 36-month promotional period ends, you forfeit any remaining credits. It’s also worth noting that for some deals, the traded-in device must have been active on your account for at least 60 days prior to the trade-in, and trade-in smartphones must be received by Verizon within 90 days and meet all program requirements. Once you initiate a trade-in, you’ll need to ship the device within 15 days to complete the transaction. There is also a 10-line trade-in limit per order.

While some promotions don’t have additional requirements beyond the above, others do. For instance, some deals require you to trade in a qualifying smartphone, which usually means a newer model from the last year or two. And, of course, all of these deals are subject to inventory availability.

How Does Verizon Calculate Trade-In Value?

Verizon uses a handful of factors to determine how much you’ll get for your old phone.

• Phone Brand and Model: First and foremost, what kind of phone you have greatly affects your trade-in value. If you have a relatively new phone in the Apple iPhone or Samsung Galaxy product lines, chances are you’ll get a pretty high return.
• Storage Capacity: The higher the storage capacity, the higher your resale value is likely to be.
• Cosmetic and Functional Condition: Does your phone still look and function like a new device? Or does it have cosmetic or functional imperfections, like a cracked screen or short battery life? Obviously, phones in flawless condition will always get the best offers.
• Locked or Unlocked: If your phone is activation locked (still logged into your Apple ID, Samsung account, etc.) or carrier-locked (still under a financing plan with your wireless provider), Verizon may not accept your device at all. If it does, you should expect a lower payout because unlocked phones tend to have higher resale values.

Thankfully, there isn’t much (if any) guesswork involved, thanks to the pricing tool on Verizon’s website that allows you to get a quote for your phone before you commit to selling it. It’s actually quite similar to the online “Price Your Device” tool you’ll find here at ecoATM. Simply enter the brand, model, storage capacity, carrier status, and condition details into the online tool, and you’ll get a quick estimate.

It’s also worth knowing a few key details about how the process works once you’ve committed to a trade-in. Select devices can fetch up to $500 in Verizon gift cards, and both gift cards and PayPal deposits are typically delivered within two weeks of Verizon receiving your device. The full trade-in process generally takes 4 to 6 weeks from start to finish, and if you’re earning promotional credits, expect those to take an additional 1 to 2 billing periods to appear on your account. Keep in mind that you’ll need to ship your device within 15 days to complete the trade-in, and Verizon must receive it within 90 days. For certain deals, your traded-in device also needs to have been active on your account for at least 60 days prior to the trade-in. There is also a 10-line trade-in limit per order, so if you’re trading in multiple devices at once, plan accordingly.

Verizon Trade-In vs. ecoATM

How does Verizon’s official trade-in program compare to ecoATM? Both services will buy your old phone, but which one is a better value? Whether you’re eyeing a new smartphone purchase or just decluttering your junk drawer, let’s examine a few quick comparisons before we go.

• Payout Types: While Verizon does offer a few payment options, it still can’t hold a candle to the flexibility of ecoATM. We offer cash, PayPal, or Venmo - Verizon offers PayPal or Verizon gift cards (up to $500 for select devices), with promotional deals typically paid out as Verizon account credits.
• Payout Speeds: Verizon’s trade-in process can take anywhere from 4 to 6 weeks from start to finish. Once Verizon receives your device, you can expect a PayPal deposit or gift card delivery within two weeks - but promo credits can take 1 to 2 billing periods to appear on your account. On top of that, you’re required to ship your device within 15 days of initiating the trade-in. With ecoATM, there’s no waiting, no shipping, and no billing cycles - you receive instant cash on the spot.
• Logistics: With Verizon, you can trade in a phone at one of their corporate stores across the United States, or mail in your device. However, there are additional restrictions to keep in mind: some deals require the traded-in device to have been active on your account for at least 60 days prior, and there’s a 10-line trade-in limit per order. ecoATM has over 6,000 kiosks from coast to coast, and our kiosks are located in convenient retail stores like Walmart, Kroger, Dollar General, and more - there’s an excellent chance you already shop at a store with an ecoATM kiosk, with no eligibility requirements or waiting periods to worry about.