Verizon Wireless is upping its phone upgrade fee from $20 to $30. Customers must pay that fee whenever they "purchase a new device at retail price or through Verizon's device payment program." In addition to changing the upgrade fee, the carrier has fully eliminated 2-year contracts.
It's no longer offering contract renewals and device subsidies to existing customers. Verizon previously stopped offering contracts to new customers.
Oddly, Verizon blamed the higher upgrade fee on a rise in the carrier's costs. Yet the latest financial data from the company appears to show a decline in wireless capital expenses.
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