Verizon's version of the OnePlus 8 is specifically designed to take advantage of the wireless carrier's extremely fast 5G network, but it is also more expensive than versions of that phone you can buy elsewhere. Thanks to a new promotion at Big Red, you can save big on the OnePlus 8 5G UW and even enjoy some great perks going on.

The OnePlus 8 5G UW, which is sold exclusively through Verizon, normally costs $799, which is $100 more than the unlocked version of the phone you can buy from T-Mobile. However, if you have an older phone that you trade in, Verizon will give you up to $550 off a new OnePlus device.

There are a few caveats to this OnePlus 8 deal besides the trade-in requirement: the OnePlus 8 must be purchased in installments, and the trade-in credit is applied to your bill over 24 months. Also, to get the maximum rebate, you must have one of Verizon's specific unlimited data plans (either the current "Do More," "Play More," or "Get More" plans, or the grandfathered "Above Unlimited" or "Beyond Unlimited" plans (see below). All other unlimited plans are subject to a $350 rebate. (Do More, Play More, or Get More plans will allow you to use 5G communications at no additional charge.)

The good news here is that Verizon has a really broad idea of what qualifies as a trade-in device: an iPhone 6, Galaxy S6, Galaxy Note 4, the original Pixel, or a number of Motorola, OnePlus, LG devices as old as the first Pixel, or Motorola, OnePlus, LG, and many others, count as eligible handsets.

If you switch to Verizon or open a new line, you can get more money back in the form of a Verizon gift card: after purchasing the OnePlus 8, go to Verizon's website and enter the promo code "VZONEPLUS. Verizon promises that you will get a $150 gift card within eight weeks.

Customers who add the OnePlus 8 with a new smartphone line while porting over their existing phone number to Verizon will get a free Echo Dot and Amazon Smart Plug. (Two weeks after purchasing the phone, you will receive an email with a link to redeem that offer.)

Verizon's 5G network is built primarily on mmWave technology, which provides much faster speeds than rival 5G networks, although coverage is not as extensive. Verizon plans to launch this high-speed 5G coverage in 34 cities, reaching 60 cities by the end of 2020.