Good news for current Verizon customers: the latest U.S. iPhone carrier has posted its FAQ on the iPhone 4, and it turns out that a $200 credit will be given towards an iPhone upgrade. However, not everyone will qualify for this credit.

If you purchased a new smartphone from Verizon Wireless between November 26, 2010 and January 10, 2011, you should be eligible for a $200 credit towards an iPhone 4 upgrade. This credit should be available as long as your purchase the iPhone on Verizon before February 28.

Verizon’s FAQ has some interesting answers for current (and potential) customers who might want to use their available upgrade on the iPhone 4…

From the Verizon FAQ:

“Q: Do I need to sign up for a 2 year agreement?

A: When purchasing iPhone at the 2 year promotional price a new agreement is required. However, you will also have the option to purchase iPhone at full retail price, which will not require you to sign a long-term agreement.

Q: If I’m an existing Verizon Wireless customer and not currently eligible for an upgrade, will Verizon Wireless offer any special programs to allow upgrades to iPhone at a reduced price?

A: If you are not eligible to upgrade, you cannot upgrade at promotional pricing but you can pay full retail price and upgrade your device. In addition, you may be able to take advantage of the Verizon Wireless Trade-In Program, which allows you to get the value of your used device. Using the trade-in website, in a few simple steps, you can determine the value of your used device and receive a Verizon Wireless Gift Card.

Q: If I’m an existing Verizon Wireless customer and I’m eligible for an annual upgrade, will I have to pay the standard $20 early upgrade fee to purchase iPhone 4?

A: No, if you are currently eligible for an annual upgrade, the standard $20 early upgrade fee will be waived for customers purchasing iPhone 4 until the end of March.

Q: I just purchased a new smartphone during the holiday season, but if I knew that iPhone 4 was going to be available soon I would have waited. What are my options now?

A: Current Verizon customers who purchased and activated new smartphones, feature phones or certified pre-owned phones between 11/26/2010, and 01/10/2011, are eligible to receive up to a $200 Visa debit card when they purchase an iPhone 4 at full retail price by 02/28/2011 and return their existing phone. Note: This offer is only available on consumer accounts with five lines or less, who are purchasing iPhone 4 through Verizon Wireless retail stores, telesales, or through”

It’s pretty cool that Verizon is able to offer such a promotion for the launch of the iPhone on its network. AT&T hasn’t really had any luck with offering promotions or bundle deals since they introduced the iPhone on their network almost five years ago.

Verizon is probably taking the financial hit for such a promotion. I highly doubt Apple would ever give any similar type of offer to a carrier. But with all the traffic that the iPhone will bring to Verizon in the U.S., it’s not hard to see why the network would want to try and muster spirit around the product’s launch as much as it can.

A couple other interesting facts from the FAQ:

“Q: Can I go to an Apple store to purchase and activate the phone?

A: Yes, beginning on February 10th, you can visit an Apple Retail store to purchase and activate. However, prior to visiting, please make sure to check your upgrade eligibility if you are an existing Verizon Wireless customer.

Q: I am an existing customer that upgraded my device between 11/26/10 and 1/10/11. I would like to exchange my upgrade for an iPhone but my return/exchange deadline is prior to the iPhone launch. What can I do?

A: You would need to return the device that you purchased in accordance with our standard return policies and reactivate your original device. A restocking fee of $35 ($70 for netbooks and tablets) would apply. You will then be eligible to upgrade to the iPhone when it becomes available for purchase.”

Verizon also has a helpful checklist of items you may want to consider when moving to the iPhone on Verizon.

What do you think about the possibility of a $200 iPhone credit for already-existing Verizon customers? If you are already on Verizon, does that make you want to go ahead and upgrade?

[Verizon Wireless]

  • Jason masters

    You know it’s weird I don’t know who’s following who but there’s another iPhone blog out there and almost every day the articles are exactly the same?

  • Yes, we’re aware of that Jason. A few sites are actually like that. All I can say is that iDB does not copy content without giving a reference. We’re brainstorming on how to solve all the copy-cat blogging of our content that’s going on.

  • Jason

    I think it’s BS that I have been a loyal Verizon customer for the past 10 years, but they will not give me the same $199 offer as a new customer coming in off the street, simply because I am not considered “eligible” for the upgrade for another month and a half. What’s the difference as long as I am signing a new 2yr agreement? That’s poor customer service.

  • Nicole

    I completely agree with Jason…I have also been with Verizon for 10 years, and when I got a droid 1 year ago, I specifically asked the sales rep if I would be able to upgrade to the iPhone if it came out before my contract expired and they said YES. If I had known I would have to pay 3x the price of the new subscribers, I would have never gotten the droid in the first place (which has not worked properly from day one). It would actually be cheaper to cancel my contract and purchase the iPhone with a new contract then to “upgrade” at full price. Very poor treatment for loyal customers!

  • candace

    Agreed all around. I’m 13 years with Verizon, and bought a Droid last year, with the assurance that when/if the iPhone became available, I would be eligible to upgrade at the discount. Now I’m stuck waiting until March 2012, paying full retail, or paying heavy early termination fees and going to AT&T.

  • Nicole

    I just called Verizon and explained to them what the sales rep told me when I got the droid, and they said I could get the iPhone at the promotional price starting Feb 10th with only a $20 early upgrade fee, and extending my contract through 2013 (not a problem!). So loyal Verizon customers, try calling them and state your case!!

  • Nicole

    Ok me again- sorry for so many posts, but just wanted to update everyone. So after verifying multiple times over the past week with the Verizon rep that I could upgrade to the iPhone at promotional price and only pay an early upgrade fee of $20, I was told today that I cannot upgrade at the promotional price. So I’m back at square one: either pay the full price of $650 or wait for my contract to expire in January 2012. So not only was I lied to multiple times, but I’m still getting the shaft as a loyal Verizon customer. Thanks VZW!