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'Verizon Wireless Device Payment Plan' for smartphones starts April 21

In an update to a recent announcement of longer upgrade times, Verizon is giving customers who want to upgrade more frequently another option: extending the Device Installment Program to smartphones. Previously only available for tablets costing over $349.99 and the Samsung Galaxy Camera, this plan breaks up the full-price cost of a device into 12 monthly payments (along with a $2.50/month finance charge).

Be careful not to confuse this new move with 'unCarrier' plans. Unlike T-Mobile's new plan model, there is no option for a cheaper monthly plan to go along with Verizon's Device Payment Plan. That means if you're making use of the new installment plan, but have an upgrade you haven't used yet, you're basically making two phone payments for one phone.

If you like having multiple phones to switch between, or you lose or damage your uninsured phone, this plan could be for you. Many people will likely stick to their traditional -- now once every two years -- upgrades. Is this something you can see yourself using? Hit the comments and let us know.

Source: Verizon