'LG Velvet' Becomes Free Phone After 7 Months

LGU+ Raises Official Subsidy Up to 780,000 KRW

[Asia Economy Reporter Han Jinju] The official subsidy for the LG Velvet has been increased up to 780,000 KRW, making it a 'free phone.'

On the 21st, LG Uplus adjusted the official subsidy for the LG Velvet to a maximum of 783,000 KRW as of the 18th. Although the retail price is 899,800 KRW, the highest official subsidy applies from the 80,000 KRW tier plan, and with an additional subsidy (117,450 KRW), the actual purchase price is 0 KRW.

The official subsidies by plan are ▲5G Lite 508,000 KRW ▲5G Standard 691,000 KRW ▲5G Smart, 5G Premier Plus, 5G Signature 783,000 KRW. Choosing the official subsidy is more advantageous than the selection discount.

The LG Velvet is a mass premium smartphone released last May. As new products like the iPhone 12 were released one after another, LG Uplus appears to have significantly increased the official subsidy exclusively to clear inventory. Previously, SK Telecom adjusted the official subsidy for the LG Velvet up to 500,000 KRW as of September, and KT up to 600,000 KRW.

At distribution stores known as 'holy sites,' which sell with illegal subsidies, the LG Velvet is being sold with additional cash incentives. On online communities, posts state that when purchasing the Velvet through number portability, up to 350,000 KRW is given as a cash incentive (cashback).