I thought Verizon was doing a $1K credit like AT&T was for any trade in.
From my understanding, the $1K is a credit spread out over 36 months? You don't actually get a check for $1K. They just take $1K off the price of the phone, then charge you for the difference over 36 months. IOW, say retail on the phone is $1300. Instead of charging you $36.11 every month for 36 months (which is about $1300), they only charge you $8.33 a month for 36 months (which is about $300) to cover the cost of the phone. The $1K is built into your monthly bill as a credit as in the end you are only paying $300 for the phone instead of $1300.
In any case, I guess I'll be the AT&T guinea pig on this deal, as I've decided to pull the trigger on an S24 Ultra with the 512Gb storage. I'll post updates of my experience.