Verizon changed its phone upgrade policy

U.S. phone service company Verizon changed its phone update policy that increases customer waiting time between upgrades. Until now, customers with a two-year agreement could get updates at 20 months.

Now, customers will be able to get updates at 24 months after the expiry of the contract. The first customers under the impact of that change are those, whose contracts expire in January 2014.

"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."

AT&T, the main competitor of Verizon, allows customers to get updates after 20 months, as well as early updates, which depends on the amount of the initial payment. Sprint offers updates after 20 months.

T-Mobile recently began distribution of new plans, allowing customers to purchase an iPhone 5 for 100 dollars plus 24 monthly payments of 20 dollars. Customers can purchase a new phone at any time, but they still will be responsible for monthly payment of the provisional phone purchase.