Verizon to Raise Rates on New 5G and LTE Home Internet Bundled Plans 'Later This Summer'
If you want to lock in Verizon's current bundled 5G or 4G LTE home broadband pricing, you'll want to act quickly.
Verizon is gearing up to raise the prices of its 5G and 4G LTE home internet offerings. The carrier is planning a $10 price hike for new customers to the broadband services, in news first reported by Bloomberg on Monday and confirmed to CNET by Verizon.
According to the outlet, the hike would take a 5G Home internet plan that is bundled with one of Verizon's pricier wireless phone plans from $25 per month to $35 per month. Without bundling wireless phone service with home broadband, that home internet plan currently runs $50 per month if paying with automatic payments and paper-free billing, or $60 per month without.
The carrier's 4G LTE home internet options similarly start at $25 per month when bundled with wireless service (and electing for paper-free billing and auto pay) or $60 per month without bundling in wireless service.
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Verizon confirmed to CNET on Monday night that non-bundled, standalone pricing for its home internet pricing won't change. The only rates going up will be for new customers who decide to bundle wireless home broadband with their traditional wireless cellphone service.
In a statement provided to CNET, the carrier confirmed that the $10 price hikes for introductory offers for Mobile and Home were coming at the end of summer and said that it was "committed to providing customers with the most value on a superior network they can rely on."
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"Verizon Mobile customers have limited time left to take advantage of our introductory promotional pricing of $25 for home internet on our 5G Home and LTE Home plans," the statement continued. "The discount will change later this summer when we launch new 5G Home and LTE Home internet plans with enhanced features and discounts."
The carrier also confirmed that the rates "for current customers on existing plans will not be increased."
Bloomberg says that the price hike is designed to boost profit margins for the carrier. Verizon will report its second-quarter earnings on Tuesday morning.
In recent months Verizon has touted price guarantees for its 5G Home and LTE Home internet and Fios wired home broadband offerings, most recently promising no price changes for two years to those on its base 5G Home and LTE Home plans and no price changes for three years for those on its pricier Home Plus options. For some of its priciest Fios plans, it offers price guarantees of up to four years.
Last year, the carrier dangled a promotion promising no price increases for 10 years, though with this latest move it's clear that it has changed its mind with regard to new plans going forward.