Cutting ties with your current cell phone contract usually means one thing: early termination fees. Fees vary from company to company, and that exact cost may be hard to find in the contract’s fine print.
Last week, MyRatePlan.com launched its Early Termination Fee Calculator tool. Simply enter your cell phone carrier, indicate the duration of your contract, and select the expiration date of the contract. The calculator then estimates your fee for termination, and also shows other information pertaining to the specific contract.
Most carriers now prorate the fee depending on time left on the specific contract, rather the old system of charging one fee for all terminations.
This, along with news in November that Verizon Wireless was doubling termination fees to $350 for certain ‘advanced devices’ (Verizon is currently defending this to the FCC), led to MyRatePlan.com’s idea for a calculator.
The tool, combining information from all the main carriers, isn’t found anywhere else online. MyRatePlan.com President Allan Keiter said it’s useful for those who are thinking of terminating the contract. It offers an easier alternative to searching through dense contract lingo, or spending time on-hold with the carrier itself as they try to sweet talk you into staying.
Keiter says the tool is gaining popularity on the website. Calculate your cost of cell phone termination at MyRatePlan.com
Atlanta-based MyRatePlan.com, delivers online software to help consumers research and select service-providers to fit their needs. The site compares rates between competing Internet, wireless, satellite TV, and credit card and insurance companies to help consumers easily decide which services work best for them.