Verizon Wireless is offering $300 off on the purchase of a new smartphone worth $400 or above.

Customers who want to avail the offer will have to use promo code "FORYOU300" at checkout. However, there is a catch. Customers will have to enter into a new device payment plan with the carrier rather than buying a smartphone upfront.

Even then, many customers will be happy enough to take a device payment plan and reduce the cost of their mobile phone. For instance, the Samsung Galaxy S7 edge, which is packed with top-end features, is available from Verizon at a price tag of $792. However, customers can get it for $492 after $300 discount.

Customers will have to pay monthly installment of $20.50 for 24 months. Without the discount, smartphone enthusiasts have to pay $33 per month.

HTC launched its latest flagship smartphone the HTC 10 in April this year. The handset comes with a 5.2-inch screen with a display resolution of 2,560 x 1,440 pixels. The screen of the HTC offering is protected by Gorilla Glass 4. It runs on Qualcomm Snapdragon 820 processor and 4 GB of RAM.

The HTC 10 is available from Verizon for $648 outright or on a 0 percent 24-month finance plan where customers have to pay $27. With the latest promo code, Verizon customers can grab the HTC 10 for as low as $348.

Another flagship device, the LG G5 launched in April this year, can also be purchased at a discount of $300. The actual price of the mobile phone is $624 but with the FORYOU300 promo code, customers can purchase it for $324.

Reports suggest that the latest Verizon offer is only available to customers who apply for a new line with the carrier. Unfortunately, existing Verizon customers who want to upgrade will not be able to take advantage of the latest promo.

Verizon has a slew of smartphones on offer from companies such as Apple, Samsung, LG, Motorola and more. The latest $300 discount will be ideal for customers who want to purchase a new device that is over $400.

It is also worth noting that Verizon is also running a number of other offers to attract smartphone customers. Verizon customers who buy a new iPhone 6s can get another one for free. Galaxy S7 and Galaxy S7 edge customers who purchase two handsets can get a 50-inch TV for free.

At the end of 2015, Verizon has over 140 million subscribers in the U.S., making it the largest wireless telecommunications company in the U.S. However, competition from rivals such as AT&T and T-Mobile is intensifying, and Verizon will try its best to attract and retain customers to maintain its leading position in the U.S.

Photo: Mike Mozart | Flickr

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