Report: Verizon Hiking Prices On Data Plans

(RTTNews) - Verizon Communications Inc. (VZ) is preparing to announce a broad overhaul of its data plans that will offer more data for higher prices, CNET has reported.

According to the CNET report, the overhaul of Verizon's plans will include a rollover data program called "Carryover Data" that will enable customers to save unused data to be used in the next month, a new way to avoid overage fees, and better access to neighboring countries like Canada and Mexico.

The moves are part of Verizon's attempt to better compete with smaller rivals like Sprint and T-Mobile that have been luring data-hungry customers away with aggressive offers.

According to the CNET report, the low-end "S" plan will now offer 2 gigabytes of data for $35 a month, up from $30 for 1GB earlier.

The medium "M" plan will reportedly go up by $5 to $50 a month, while its data will rise from 3 GB to 4 GB. The "L" plan will now offer 8 GB for $70, up from 6 GB for $60 previously.

The larger "XL" plan is set to increase by $10 to $90 a month, but will now offer 16 GB compared to 12 GB before. Lastly, the "XXL" plan will cost $10 more at $110 a month, but will offer 24 GB instead of 18 GB earlier.

Existing customers will reportedly have the option to change to the new plan and rates, but will not be forced to change into them.

CNET also reported that Verizon will introduce a new 'My Verizon' app that will enable a customer to turn on "Safety Mode," which is the company's way of preventing the user from paying overage fees.

In addition, Verizon will reportedly offer a throttling option for customers who hit their data limit. This feature will slow down data speeds for the remainder of the billing cycle once a user reaches his monthly data limit, instead of charging him extra.

Safety Mode is said to be available for free to customers with an XL or XXL plan. Customers on the smaller S, M and L plans will have to pay $5 a month to access the feature.

Meanwhile, Verizon said in a statement on Wednesday that it is transforming the wireless experience and will host an online news conference on Wednesday, July 6 at 1:00 p.m. Eastern Time to discuss how it is giving customers "complete control over their wireless plans."