How Do I Calculate a Prepayment Penalty on a Mortgage?

definition of prepaid

However, it’s often easier, and sometimes required, to get a prepaid phone compatible with the network your plan operates on—for example, T-Mobile prepaid phones likely won’t work if you switch to a Verizon prepaid plan. The Unlimited GIGS plan, at $50/month, is one of our favorite Boost Mobile prepaid plans, with a Tidal music subscription and hotspot data included. And for a limited time, if you sign up for a 4-line family plan, you get a whopping 30GB mobile hotspot data to share plus an upgrade to HD video streaming. As part of the merger between T-Mobile and Sprint, T-Mobile promised to release a low-cost prepaid cell phone plan.

With the Uncarrier offering only unlimited data plans to its postpaid customers, a prepaid account is the only way to pay for less data with T-Mobile. The carrier typically has two prepaid plans, offering 4GB and 6GB of data, but currently, a limited-time promotion is offering 10GB of data for $5 less each month than the 6GB plan costs. This MVNO offers a free tier of service with strict monthly limits on talk, text and data.

Prepaid mobile phone

With a prepaid plan you know exactly what you pay and you are not stuck in a contract which means that you can switch carrier at any time. Ting is not technically a prepaid service, because you pay at the end of each month for the talk time texts, and data that you used. But the MVNO provides a calculator in which you select your allotments for talk, text and data. You can also set alerts and hard usage caps so that your phone use doesn’t exceed a preset limit.

Tello, which uses Sprint’s network for its wireless service, has bulked up the data amounts in its plans, making this carrier an appealing option for customers who need a lot of data. Free texting comes with every plan, and you can adjust the amount of talk time you need, from zero minutes to unlimited talk, to further fine-tune your monthly rate. (The cheaper of the two unlimited offerings slows your data speed if AT&T’s network is congested; it also limits video streams to 480p resolution.) Autopay enrollment takes $5 to $10 off your monthly plan, depending on the size of your data allotment.

Straight Talk, which uses towers operated by all four major carriers for its cellular service, has expanded its plans in the past year. Straight Talk now offers a plan for people who need only a little bit of data (2GB) as well as an unlimited data plan. But the carrier’s most compelling offering is a 10GB plan that includes unlimited mobile-to-mobile calls to Mexico, China, Canada and India. Mint doesn’t sell phones, just SIM cards that will work on GSM-based phones compatible with T-Mobile’s cellular network. It offers low introductory rates on its 2GB, 5GB and 10GB plans for the first three months, before monthly pricing increases, unless you commit to a full year of service.

SIM cards are the secret wizards inside your smartphone making it possible for your device to connect with your carrier’s network. SIM cards are transferable and can easily be swapped from device to device (as long as the devices are unlocked). That means you can insert a new SIM card into an old phone or insert an old SIM card into a new phone! Many international travellers buy SIM cards locally to use in their phones. US Mobile offers prepaid SIM cards to be used on phones and IoT devices.

The Terms and Conditions constitute a binding legal contract between you and Perpay, and are in addition to any other agreements between you and Perpay, including any borrower agreement, that govern your use of products, services, content, tools and information available on the Website. If there is any contradiction between these Terms and Conditions and another agreement you enter into with Perpay, the other agreement shall take precedence. The following Terms and Conditions of Use (the “Terms and Conditions”) govern your access to and use of this website, , including any subdomain thereof including the Perpay Marketplace (the “Website”).

Prepaid mobile phones do not require a contract and the consumer pays for minutes or time in advance. If a user fails to pay, they do not incur fees or service deductions and the phone becomes disconnected from service until another purchase is made. The term “prepaid” can also refer to non-contract service plans that include a monthly charge and additional services such as unlimited minutes or data. Now just a cellular service for Apple’s iPhones, Virgin has a single prepaid data plan.

6GB of high-speed data might not seem like much, but considering the average user consumes just 2-5GB per month, Verizon’s limited data prepaid plan is likely more than enough for most people. You can use as much of that 6GB data allotment as you want for mobile hotspot, and at $35/month with autopay, it’s a relatively cheap prepaid phone plan while still providing service on America’s most reliable network.

You shall use the Website solely for your own use and shall not allow others to use the Website under or through your account, except as otherwise set forth herein. A prepaid mobile phone provides most of the services offered by a mobile phone operator. The big difference is that with prepaid phones, payment for service is made before use. As calls and texts are made, and as data is used, deductions are made against the prepaid balance amount until no funds remain (at which time services stop functioning). A user may avoid interruptions in service by making payments to increase the remaining balance.


MetroPCS is owned by T-Mobile and benefits from that carrier’s LTE network. (The first caps video streaming at 480p, while the second lets you stream HD video and also includes 10GB of hotspot data.) Additional lines cost $30 each, regardless of which plan you subscribe to. While this carrier is aimed at seniors — AARP members get a 5 percent discount on monthly service — anyone can sign up for one of Consumer Cellular’s wireless plans.

For just $40/month you get unlimited talk, text, data, and mobile hotspot. Visible’s one and only prepaid plan has quickly climbed up our rankings due to its affordability and dependability. This prepaid phone plan from Visible is simple to purchase and simply hard to beat. This plan is great because you get a generous amount of prepaid data to use each month, and if you don’t use it, your balance rolls over to the next month, so nothing is wasted! It’s also one of the cheapest unlimited data plans you’ll find in the prepaid space, and you can reconfigure your options anytime, or mix your plan with Tello’s Pay As You Go prepaid credit.

definition of prepaid
  • Prepaid mobile phones do not require a contract and the consumer pays for minutes or time in advance.

It makes sense that the nation’s best network offers one of the best prepaid phone plans on the market. Though their Unlimited High Speed Data plan isn’t the cheapest unlimited data plan for prepaid ($65/month with autopay), you’re paying for superb coverage and reliable speeds—both of which are crucial if you use a lot of data—and the added perk of unlimited calling to and from Canada and Mexico.

Pay As You Go Plans

(That rate requires you to sign up for autopay, and taxes aren’t included.) When you sign up for Virgin, you can get that same plan for $1 a month for the first six months of service, whether you bring your own iPhone or buy one from Virgin. With the Big Four carriers now focused on unlimited-data plans, prepaid carriers offer greater flexibility. If you don’t use a lot of data each month — and more importantly, don’t want to pay for it — you can opt for a tiered-data plan with a prepaid service, which will lower your monthly bill. Some prepaid services let you skip data altogether or even opt for allotted texts and and talk time for a monthly bill that truly reflects how you use your phone.

Any unauthorized use terminates the permission or license granted by Perpay. You may not use any Perpay logo or other proprietary graphic or trademark as part of the link without Perpay’s express written permission.

definition of prepaid

AT&T offers multiline discounts — $10 off the second and third lines, $20 off the fourth and fifth — making the carrier’s prepaid service a good choice for families. With prepaid plans, you pay in advance each month for your talk, text and data.

Because prepaid cell phones do not require a contract, there is no possibility of late payments or late fees. Minutes are used at the customer’s discretion and the phone will stop working when the minutes are gone or activation time has expired. As-needed minutes in prepaid systems provide a low-cost alternative for users who do not use their phones frequently or wish to cap their phones’ usage. However, prepaid plans can be costly when used excessively, because of higher per-minute costs. Some prepaid plans also require at least one minute purchase per month for continued service, and some place expiration dates on remaining minutes.

You pick how much talk time you need — 250 minutes or unlimited — and how much LTE data you want (tiers range from 250MB to 10GB). If your talk and data needs are light, you can really save on your monthly bill compared to service from bigger-name providers. Many prepaid carriers also offer the option to bring your own device over to their service—all you need to do is purchase a prepaid SIM card and pop it into your unlocked device.

(Limits vary, depending on what cellular network you use, but for GSM-based phones, for example, the free tier limits you to 200MB of data, 200 talk minutes and 500 texts.) You can also opt for three different data tiers — 2GB, 5GB and 10GB — with discounts if you pay for three, six or 12 months of service. FreedomPop also offers family plans in which users share from the same pool of data, though pricing is opaque at best.

What are Postpaid plans?

What do you mean prepaid?

A prepaid mobile device (also commonly referred to as pay-as-you-go (PAYG), pay-as-you-talk, pay and go, go-phone or prepay) is a mobile device such as a phone for which credit is purchased in advance of service use. If there is no credit, then access is denied by the cellular network/Intelligent Network.

Standard cellular plans at the Big Four carriers — known as postpaid plans — tally up your costs at the end of each billing cycle and charge you then. This distinction was more noteworthy back when the major carriers largely offered tiered-data plans and charged overage fees if you used up more than your allotted amount; with unlimited-data plans all the rage in today’s postpaid world, though, the biggest difference is when you pay for your service.

As part of their response to the pandemic, T-Mobile has released that plan earlier than originally scheduled. The T-Mobile Connect plan starts at just $15/month for unlimited talk, text, as well as a hard-capped 2GB of data. If you want more bells and whistles, the AT&T Prepaid Unlimited Plus is the best prepaid phone plan the carrier offers. At $55/month with autopay, It includes many of the features found in AT&T’s more-expensive postpaid unlimited plans and comes with high-end perks like 10GB of mobile hotspot and HD video streaming for less than Verizon’s similar unlimited prepaid plan. You may not use any metatags or any other “hidden text” utilizing Perpay’s name or trademarks without the express written consent of Perpay Marketplace.