Verizon will take your damaged iPhone off your hands for $1,000

It may be rolling out on April Fool’s Day, but Verizon claims its new promotion isn’t a joke: starting today, Verizon will give you up to $1,000 for your “cracked or water damaged phone.” We tested it out and it seems to be a very good deal, so if you’re tempted to dig out your busted iPhone from the bottom of your cable drawer, there are a few things you should know.

Like most carrier deals, Verizon isn’t going to handing everyone checks for $1,000. The trade-in is actually $700, with the remainder coming in the form of a $300 Verizon gift card. If you qualify for the full amount, the remaining $700 trade-in value divided among 24 equal bill credits. Existing subscribers are eligible for $440 in savings as long as they add a new line to their account.

You’ll also need to sign up for one of Verizon’s 5G ultra wideband unlimited plans which start at $80 a month (plus taxes and fees) for a single line and drop to as low as $40 a month for five lines or more. Other caveats are you’ll need to buy a phone that costs at least $849.

For safety reasons, Verizon won’t accept phones with swollen batteries, but otherwise, there are surprisingly few restrictions to what can be traded in. Basically anything goes. I checked several iPhones that were cracked and wouldn’t power on and I got the full amount every time, up to the iPhone 8 and including the iPhone SE. It dipped from $700 to $350 for the iPhone 7 and 6, which is still very good.

Verizon says the offer is only available for a limited time, so if you’ve been looking to switch carriers, this might be a reason to jump. Click on the Verizon link below to start the process.