If you managed to purchase a new handset through Big Red on Sunday, you would have probably realized that there was no mention about the program during the purchase process. Granted that existing customers who are enrolled in the program can still redeem their credit on a new handset, you'll have only 6 months to use it once you've fulfilled 20 months of your contract. Once that's done with, just know that you will no longer take any happiness in knowing that you'll be treated to some kind of credit/discount; in addition to the usual one you get when your upgrade eligibility comes around.
Come to think about it more, it was a nice gesture on Verizon's part to even offer it – especially when you don't see that kind of thing happening elsewhere.
source: Verizon via Android Central