Verizon Changes Upgrade Period From 20 Months to 24 Months; Also Stops Accepting Credits From 'New Every Two'

Verizon Wireless announced a new plan Friday concerning its phone update policy, according to AppleInsider.com.

The mobile network service announced the new terms on its website:

"In alignment with the terms of the contract, customers on a two-year agreement will be eligible for an upgrade at 24 months vs. today's early upgrade eligibility at 20 months. This change aligns the upgrade date with the contract end date and is consistent with how the majority of customers purchase new phones today. The first customers impacted by this change are customers whose contracts expire in January 2014. As always, customers may purchase a new phone at the full retail price at any time."

The company said will no longer honor any credits from its New Every Two program as of April 15. The New Every Two program used to offer customers anywhere from $30 to $100 towards a new phone upgrade, according to The Wall Street Journal. While the program ended in January 2011, Verizon Wireless continued to allow customers to use any leftover credits toward a new phone.

The announcement also said upgrading sharing will still be allowed. Consumers on the same account may share upgrades as long as they are upgrading to a similar device. However, customer looking for "the option to transfer upgrades from non-phone devices (such as a Jetpack or tablet) will no longer [find that option] available."

Verizon sold over six million iPhones in the 2012 fourth quarter and added about five million new subscribers in 2012. However it also saw a $1.48 per share loss in the fourth quarter after pension liabilities and expenditures from Hurricane Sandy.

Currently AT&T and Sprint will keep the 20-month model for upgrading. Verizon has not released a decision for the change in policy.