Verizon increasing cost of unlimited data plan by $20 per month

Been hanging on to that super low, unlimited data plan with Verizon? The company is finally forcing you to let go… 

Unlimited data will cost $20 more per month

Verizon announced it’s raising the price of unlimited data plans by $20 per month — jumping from $29.99 to $49.99, according to CNNMoney.

And just to clarify, Verizon stopped offering unlimited data plans a few years ago. The price increase applies to customers who were grandfathered in to their unlimited plan at the time when the plans went away. If customers already had the plan and wanted to keep it, they had to continue on a month-to-month basis and also pay full price for a new device.

Read more: Want a better deal on your cell phone plan? Check out Clark’s Cell Phone Guide

How the new data rate will affect your total bill

So for customers who still have an unlimited data plan, how much will the total bill now cost? Remember, unlimited data is only part of a cell phone bill — talking and texting cost extra.

Read more: 2 companies to consider for family cell phone plans

So for customers on Verizon’s 450 plan, which is $59.99 per month for talk and text, who want to keep unlimited data, it’ll cost an extra $49.99 — bringing the total monthly bill to almost $110 (plus fees, of course). Customers can expect the new unlimited data rate to increase starting on November 15.

Verizon says less than 1% of customers fall into the category of users who still have the old unlimited data plan and aren’t currently under contract. Customers who are under contract won’t see the price increase until it’s time to renew.

Read more: Cut your wireless bill by 60% to 70%!

Why carriers hate giving you unlimited data

Major wireless carriers have been trying to get away from unlimited data plans for a while, because the more data people use, the harder it is for the company to manage the network’s bandwidth. And without an unlimited data plan, users typically use less data — to avoid the extremely expensive overage fees.

A Verizon spokesman told CNNMoney that the company will use the extra revenue to strengthen its cell phone network: ‘You’re getting access to the Verizon network, and that’s where the real value lies.’