Amid intensifying price competition, Verizon Wireless (NYSE: VZ) said it will cut prices on most options for its More Everything shared data plans, including many by $10 per month. The carrier is also adding some higher-usage data buckets to its offerings. The price cuts are the clearest sign yet that while Verizon may be chugging along in terms of subscriber additions it is not immune to pressure from Sprint (NYSE: S), T-Mobile US (NYSE:TMUS) and AT&T Mobility (NYSE: T).
All of Verizon's More Everything plans come with unlimited voice and messaging, and data that can be shared with up to 10 devices. Under the new plans, which go into effect Thursday, new and existing customers can get 500 MB of data for $20 per month.
Verizon's 1 GB plan drops to $30 per month (from $40), 2 GB drops to $40 (from $50), 3 GB goes down to $50 (from $60), the 4 GB plan drops to $60 (from $70) and the 6 GB plan drops to $70 (from $80). The 8 GB plan will drop by $5 per month, to $85 from $90.
The carrier's 10 GB/$100 plan will remain the same, but Verizon is adding a 12 GB option ($110), 14 GB ($120) and 16 GB plan ($130). The company's 20 GB plan is dropping to $140 from $150.
Under the More Everything plans, if a customers buys a subsidized smartphone with a two-year contract each smartphone has a $40 per month "access" charge the customer must pay.
However, under the new plans, for a limited time customers who choose a More Everything plan of 6 GB or higher can add a smartphone via Verizon's Edge equipment installment plan for only $15 per month after a $25 access discount per line. Verizon said Edge discounts for More Everything plans with data allowances of 4 GB and below are $15 per line. Under Edge, customers pay off the cost of their phones in monthly installments and can upgrade earlier.
Additionally, Verizon said for a limited time, new customers who port in their wireless number from another carrier and activate their new Verizon smartphone on Edge will receive an additional one-time $100 bill credit per qualified line.
Taken together, Verizon's moves show that it is trying to remain competitive with its chief rivals. Sprint has extended its "cut your bill in half" promotion for the rest of 2015; under that promotion Sprint cuts the rate plan of Verizon and AT&T customers in half if they switch to Sprint and buy or lease a new Sprint phone.
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