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Starting next week, the company is ending its long-standing "new every two" deal that gives existing customers credits of $30 to $100 off the already-discounted price of a new phone after they have completed at least 20 months of a two-year contract.

The change comes just days after Verizon unveiled its long-awaited iPhone, which it will begin selling next month.

Like every other major carrier, Verizon Wireless subsidizes the smartphones it sells. A 16 GB iPhone 4 costs $200 if a customer signs a new two-year Verizon contract, but it sells for $599 without the contract. Other hot devices carry similar subsidies. For example, the Motorola Droid X costs $200 after a mail-in rebate with a two-year contract. Without the contract, the Droid X costs $570.

Both brand-new customers and existing customers who have completed their contracts are eligible for that subsidized pricing. But Verizon's "new every two" deal offered customers an additional credit, knocking a few more dollars off the discounted price of a new phone.

Current Verizon customers who are eligible for "new every two" credits will still be able to use them toward the iPhone, shaving a few more dollars off the $200 price tag. But starting Jan. 16, Verizon will no longer offer the credit on new contracts and renewals, company officials told SmartMoney.