Whats the catch?
Not necessarily a "catch" but the deal requires you to sign up for Verizon’s top tier Unlimited Ultimate plan, trade in an unlocked phone, and stay with Verizon for three years (trade credits are spread over 36 months) to get the full credit. Fairly typical for these types of offers.
Nah, it doesn’t have to be unlocked. It doesn’t even have to be working.
The catch is pretty big though: $90+taxes per month for 36 months or $3,240. A bit lower if adding a line to family plan.
You can get the same quality of service from Visible+ $45 plan which is currently on promo for $35/mo (no int’l roaming perks though).
One of the general terms and conditions regarding device trade-ins at Verizon is that a phone be unlocked. Another is that it's not on a lost/stolen list.
Excludes phones with activation lock turned on, unidentifiable device model or on Lost/Stolen list.
It doesn't need to be SIM unlocked but they do require that there's no iCloud activation lock.
I was referring to other conditions under Verizon's "Device Trade-In Program Terms & Conditions", one of which states that a customer won't be eligible to receive trade-in credits if their device is not unlocked. Perhaps Verizon waives some of those other conditions for this promotion?