This is a big change from the current policy that only covers tablets costing at least $349.99 and the Samsung Galaxy Camera. After the changes take effect, customers will be able to buy up to two gadgets, and whenever they pay off one of them they’d be able to immediately purchase a new one to fill the two device limitation.
"The first installment and finance charge is due at the time of purchase," the company said. "Subsequent installments and finance charges will appear on your monthly Verizon Wireless bill and will be listed separately from your other charges. Qualifying devices must be $349.99 or more per device, after all discounts and promotions and before taxes are applied."
T-Mobile’s Un-carrier initiative brings a radical change to the 2-year upgrade model used by US carriers and this obviously comes as a reaction to it.
source: Verizon Wireless via Tom’s Hardware