Verizon did kill wireless contracts, but only for new customers

Verizon Wireless' announcement three weeks ago that it's no longer offering contracts and device subsidies was missing one caveat: customers who are still on contracts can continue to renew them and get new phones under the traditional subsidy model.

"Yes, Verizon customers can keep and renew their two-year contract, and take advantage of any subsidized devices we offer as part of that contract," Verizon said in a clarification it issued Wednesday. "A good example: you’ve been waiting to buy a soon-to-be-launched smartphone on Verizon’s network. Yes, you can renew your current contract once that cool new handset launches—and take advantage of subsidized contract pricing."

Contract customers can also keep their current monthly price and buy a new device on an installment plan that spreads the cost over 24 months, interest free. The installment plan is the standard option for new customers.