Verizon is preparing to raise prices for its 5G and 4G LTE home internet offerings. The carrier plans to increase prices by $10 for new customers of its broadband services, first in the news Reported by Bloomberg on Monday and confirmed to CNET by Verizon.
According to the outlet, it would take a 5G Home Internet plan bundled with one of Verizon’s higher-priced cordless phone plans to go from $25 per month to $35 per month. Without bundling wireless phone service with home broadband, this home internet plan currently runs $50 a month if you pay with automatic payments and paperless billing, or $60 a month without.
Presumably, those prices will then go to $60 per month and $70 per month, respectively, when the price hike takes effect, though it wasn’t immediately clear if that was the case.
Similarly, the carrier’s 4G LTE home internet options start at $25 per month when bundled with the wireless service (and a choice of paperless billing and auto-pay) or $60 per month without bundled with the wireless service.
The carrier confirmed, in a statement provided to CNET, that $10 price increases for introductory mobile and home offerings were coming at the end of summer, and said it was “committed to providing customers with the highest value on a superior network they can count on.”
“Verizon Mobile customers only have a limited time left to take advantage of our $25 introductory promotional pricing for home internet on our 5G Home and LTE Home plans,” the statement continued. “The discount will change later this summer when we launch our 5G Home and LTE Home internet plans with enhanced features and discounts.”
The carrier also confirmed that rates “for existing customers on existing plans will not be increased.”
Bloomberg says the price hike is intended to boost the carrier’s profit margins. Verizon will report its second-quarter earnings on Tuesday morning.
In recent months, Verizon has touted price guarantees for its 5G Home, LTE Home, and wired home broadband offerings from Fios, and most recently promised no price changes for two years on those on its 5G Home and LTE Home plans and no price changes for three years for those using the pricier Home Plus options. For some of the more expensive Fios plans, they offer price guarantees of up to four years.
Last year the carrier attached a Promotion that promises not to increase prices for 10 yearsdespite this latest move, it’s clear she’s changed her mind regarding new plans moving forward.
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