Verizon (NYSE:VZ) Ready to Drop Unlimited iPhone (AAPL) Plan

It's not surprising that Verizon (NYSE:VZ) has already hinted the unlimited plan for the Apple iPhone (NASDAQ:AAPL) will probably be terminated in the next several months, as it was obviously not sustainable over a long period of time.

At this time those switching to Verizon's iPhone plan are charged $30 a month for unlimited usage, with the exception of heavy users of the service.

Its only iPhone rival AT&T (NYSE:T) offers a $25 plan for 2Gb of data traffic a month.

Chief Financial Officer Fran Shammo said, "Why did we do the unlimited $30 plan on the iPhone? Well, the reason we did that was we didn't really want to put up a barrier to anybody who wanted to come over and experience the Verizon Wireless network. So we felt it was important to go out at the $30."

Verizon will eventually go to a tiered payment system when they make the change.

Verizon closed Wednesday at $36.34, up $0.32, or 0.89 percent.