Credits typically take 1–3 billing cycles to appear, often starting with a "catch-up" credit for the initial months. The Mandatory Strings

Verizon 's "Buy One, Get One Free" (BOGO) iPhone deals are a staple of carrier marketing, designed to lure new subscribers and lock them into long-term service agreements. While the promise of a "free" iPhone is mathematically sound—your monthly bill will indeed show a credit that cancels out the cost of the second device—the fine print reveals that the "gift" is actually a three-year financial commitment. The Mechanics of "Free"

If you cancel your service or try to pay off the phone early, the remaining credits are forfeited, and you immediately owe the full remaining balance of the "free" device.

To qualify for a BOGO deal, you almost always meet these high-friction requirements:

You pay for both phones via a 36-month installment plan.

Verizon applies a monthly "promo credit" to your bill that matches the installment cost of the second (equal or lesser value) device.