How Does the Verizon Phone Trade-In Program Work?

Are you a Verizon customer looking to sell an old phone? Whether you’re seeking credit toward a new smartphone purchase or you’re simply decluttering your home, Verizon’s official trade-in program is rather 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?

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 much 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. In addition, you won’t need to wait months or even years to get the full value of your trade-in, as Verizon has an Instant Credit program, along with gift cards and even PayPal credits. Let’s dig into the details.

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? The fact that 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.

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.

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.

We took a look at Verizon’s current offers to provide an example. (Keep in mind that these offers change frequently, so it’s likely that this specific deal will have expired by the time you read this.) As of this writing, Verizon was offering a $1,199.99 promo credit spread out over 36 months for a new iPhone 16 Pro Max with Apple Intelligence, which covers the entire cost of the 256 GB version of this device. They even offer free next-day shipping, excluding holidays and weekends.

When you get into the fine print, you’ll find some additional qualifications. First, you’ll need to add a new smartphone line on an Unlimited Ultimate plan, which starts at $90 per month, plus taxes and fees. 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. In other words, this deal excludes prepaid devices.

While this specific deal doesn’t have any additional requirements, some Verizon promotions do. For instance, we found several other deals that require you to buy a new line, and some of them include the language “trade-in req’d” as well. 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.

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 better in this regard than some of its direct competitors, it still can’t hold a candle to the payment options of ecoATM. We offer cash, PayPal, or Venmo - Verizon offers PayPal, Verizon gift cards, or Verizon credits.
• Payout Speeds: Verizon says that it takes up to two monthly billing cycles to process your trade-in and apply your credits. With ecoATM, you can receive instant cash on the spot for your used phone.
• Logistics: With Verizon, you can trade in a phone at one of the 2,300+ Verizon corporate stores across the United States, or you can mail in your device (which Verizon says takes around two weeks). ecoATM has over 6,000 kiosks from coast to coast, nearly three times as many locations as Verizon has. Plus, 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!