Verizon iPhone hotspot $20/mo and paying $212 for iPhone 4 trades

Verizon will allow customers a $212 credit for a 16 GB iPhone 4 if AT&T customers are so inclined to trade their phones in via Verizon's online trade-in system.

The 32 GB iPhone 4 will bring in $285 and an iPhone 3GS 16 GB will bring $116.

Even a now very old iPhone 3G will get you $36 for an 8 GB model. So in many cases, AT&T customers can get their new iPhone covered if they're willing to switch and sign a new contract with Verizon. Of course, that's before any early termination fees you might have to pay.

Verizon also announced that its prices for the new hotspot feature for iPhone 4, delivering wireless internet for up to 5 devices. It will be $20 per month on top of your $30 unlimited data bill. And the hotspot will have a limit of 2 GB per month. Go over and you pay $20 for another gig. One caveat, the 2 GB data is separate for your unlimited data for activities directly on the phone.

Verizon is expected to change its plans to tiered plans, similar to AT&T in the near future. No word is the company will grandfather existing unlimited users when that happens, as AT&T did.