How Does Verizon Trade-in Work:The Pros and Cons

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When it comes to getting the most out of your phone, where you trade in your phone also determines the value you can get from it.

If you’re thinking of trading in your old phone to Verizon, you’ve come to the right place. Today, we’ll discuss how Verizon’s trade-in process works and outline its pros and cons to help you decide whether they’re the best place to trade in your device.

How Does Verizon Trade-in Work? 

In a nutshell, Verizon’s buyback or trade-in program allows you to donate or trade-in your old phone and receive store credit or a Verizon e gift card that can be used to offset the cost of a new device or service plan.

You can either bring your phone to a Verizon Wireless store or go to their website and select the device you want to trade in. Existing and new customers can trade in their devices, and there’s no limit to how many devices you can trade in.

Verizon Trade-in Requirements

Verizon accepts the following types of devices:

  • Smartphones
  • Laptops / Netbooks
  • Tablets
  • Smartwatches
  • Basic phones
  • Mobile hotspot devices
  • 3G prepaid phones active for at least six months
  • 4G prepaid phones that have been activated with at least one month’s payment

Below are the requirements your device will have to meet to be eligible for Verizon’s trade-in program:

-The device must power on and be functional

– The device has to be unlocked

-The device cannot have water damage that affects how it works

-The device must not be reported as lost or stolen

-The device must not be purchased with government funds or is government property

What to do if your device doesn’t meet Verizon’s requirements?

Suppose your device is not eligible for Verizon’s trade-in program. In that case, you can still donate it to their recycling program and have your phone disposed of the right way. Under this program, you can recycle any wireless device or accessory, regardless of the carrier, make, model or condition.

Verizon Buyback Main Payment Options

1. Account credit

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  • Available for Verizon customers
  • Credit to be applied within one or two billing cycles.

2.Verizon E Gift Card

  • Available for non-Verizon customers
  • Sent through email within two weeks after receipt of trade-in device by Verizon

3.Paypal Credit

verizon-paypal-credit-option
  • Available for select Verizon and non-Verizon customers who meet specific requirements
  • Delivered within two weeks of receiving your device

How does Verizon trade-in work for existing customers?

For existing customers who want to trade in their device, follow these steps:

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  1. Login to Your Verizon Account
  2. Select the device you want to trade-in from your account’s drop-down menu
  3. Answer a few questions about its condition, whether it’s good or damaged.
  4. Verizon will then give you an appraisal value for your device. Decide if it’s acceptable. (Note: Verizon’s quote for your device is non-negotiable)
  5. After accepting the terms, enter your shipping information and select how you want to be paid for your device trade-in
  6. Follow instructions before sending the device (i.e., how to wipe data)and wait for your prepaid shipping box
  7. Print out the shipping label and package your device
  8. Ship the device within 15 days to complete your trade-in

How does Verizon trade-in work for new customers?

  1. Go to Verizon’s trade-in page
  2. Enter your device’s model, color, carrier, and size
  3. Check appraisal value and choose whether to accept it or not.
  4. Enter your device ID which is labeled as either IMEI, MEID, or ESN (this can be found in Settings>General>About for Apple devices and Settings>System>About Phone for Android)
  5. Follow instructions before sending the device (i.e., how to wipe data)and wait for your prepaid shipping box
  6. Print out the shipping label and package your device.
  7. Ship the device within 15 days to complete your trade-in

For both existing and new customers, you can track the status of your device by entering your Submission ID in their Verizon Trade-In Resource Center.

verizon-trade-in-cracked-screen

Does Verizon trade-in cracked screens?

Yes, Verizon accepts devices with cracked screens, but you won’t get as much money for them as you would if it was in good condition. Sadly, it can slash up to half of the credit you will be getting.

Does my phone have to be paid off to trade in Verizon?

Yes. You cannot trade in a phone that isn’t paid off to Verizon. The phone must be fully paid off, and you must own it outright.

Can I upgrade my phone and trade in my old one with Verizon?

Yes, you can upgrade your phone and trade in your old one with Verizon. When you do so, you will receive a credit that can be applied to your new device purchase. You will also have the option to receive the store credit as a gift card.

Can I use my trade-in as a down payment to Verizon?

Yes, you can use your trade-in as a down payment on a new device with Verizon. When you checkout, you will have the option to apply your credit towards purchasing your new device.

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Does Verizon give cash for trade-ins?

No, Verizon does not give cash for trade-ins. You can only receive store credit that can be used to offset the cost of a new device, accessories, or service plan.

How long does it take to process a Verizon trade-in?

The entire trade-in process takes 2-6 weeks. Guest customers will receive their Verizon Gift card after at least two weeks Verizon receives their device. My Verizon users can expect their credit within 1-3 bill cycles after the appraisal.

You should receive an email from them within that time frame with further instructions.

Pros and Cons of Verizon’s Trade-in Program

Now that we’ve answered the question: how does Verizon trade-in work? Here are the pros and cons of trading in your phone to Verizon:

Pros of Verizon Buyback

– Simple online trade-in process

-Convenient for existing Verizon customers who are looking to upgrade

-You can get up to $500 via Verizon gift cards for select devices, which can go towards the purchase of a new device

-Exciting promotional deals now and then

-Takes cracked screens, though at a significantly lower price

-Your device will still be disposed of properly even if it doesn’t meet trade-in requirements through their recycling program

Cons of Verizon Buyback

– Only gives you in-store / account credit, not actual cash

– Only two device condition options

-Non-negotiable appraisal quotes

-No return policy- you can’t get your device after shipping it.

– Lower appraisal value compared to other phone trade-in companies

-Lengthy turnaround time, “entire process generally takes 4 to 6 weeks,” according to their FAQs page.

 Many bad reviews and complaints from customers saying they haven’t received the credit they were promised for months

Is Verizon Trade-in Worth It?

Verizon buyback is a great way for existing customers to upgrade their devices and get a little money back in the process.

For people who are looking to switch to Verizon as their carrier, there’s also Verizon’s Bring Your Own Device program. Verizon’s BYOD program can get you up to $500 worth of credit when you bring your phone and activate a plan with Verizon.

However, if you’re not looking to switch carriers and want to get the most value for your device, then you might want to consider other trade-in companies.

Apple, Samsung, and even Amazon have their phone trade-in programs that may give you a better value for your device. Then again, just like Verizon, these trade-ins will only provide you with account credit, not actual cash.

The Trade-offs with Carrier Trade-ins

Verizon, Apple, Samsung, T-Mobile, and Sprint’s trade-in services are not designed to get you the highest value. They’re in it to get you the lowest offer since you’re already at their door trying to upgrade.

A carrier’s phone trade-in is a way for them to give you the least money possible for your device to get you to upgrade to the newest model and lock you into their service.

It’s a trade-off- you’re getting convenience and customer loyalty rewards by trading in with your carrier. But in return, you’re not getting the best deal for your device.

Verizon Trade-in Alternatives

When it comes to getting the most value for your device, independent phone trade-in services are the way to go. These companies are not trying to lock you into their service but want to give you a fair price for your device so you’ll tell all your friends about how great their service is.

It’s a much better model, and it’s how phone trade-ins should work.

Aside from popular trade-ins like Decluttr and Gazelle, GizmoGrind offers top dollar for your devices, regardless of carrier, storage capacity, or condition. We consider market data and offer rates 2x higher than what you can expect from mainstream services.

verizon-trade-in-alternatives-gizmogrind

What’s more, we provide free shipping and packaging, so you don’t have to worry about anything. And unlike Verizon, we have a no questions asked return policy- so you can always change your mind. 

So if you’re wondering how does Verizon trade-in work, now you know. But if you’re sick of store credit and want to get the most cash for your device, look no further than GizmoGrind!

Check how much your device is worth with us here

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