A:Answer They will pay you a small amount with a Best Buy gift card of approx $60 for your iphone 5S, so there is NO credit towards your new phone. You should backup all your data on your icloud account, so that when you do purchase a new phone, they will be able to transfer everything like Apps, Contacts, Calendar, Photos etc., quickly & accurately. The more you back-up, the more they can transfer for you. I just made this exact purchase & the in house Verizon Rep suggested I keep my old iphone 5S as a backup, just in case I lose or break my new iphone 7. You couldn't purchase one for the measly $60 they offer, so I would just keep it or give it to a family member. You can also still use it on wifi only.
The only difference in monthly price would be if they offer a monthly price reduction. You can lock in the lower price for the length of your carrier's contract, either 24 or 30 months. Other than that there is no way to reduce your monthly payments by trading in your old phone. Good-luck with your new phone & hope that helps!
