This is in effect a $500 subsidy for signing a 2-year contract with Verizon. I realize the trade-in of an iPhone 6 to Verizon nets $650 over 2 years, considering you can still go sell your iPhone 6 for well more than $150, isn't the $500 cash subsidy a hotter deal?
I have not confirmed this yet with a Target rep or store, but if true, and you were planning to be with Verizon 2 years anyway, I would suggest looking into this as the better deal for an iPhone 7 for 2 years with Verizon.
If anyone else can confirm, please do so, as I will likely return/rebuy my iPhone on a Verizon plan at Target instead of taking it to Cricket. A $500 subsidy gives me an extra $20 a month to work with towards a monthly service bill and could be the cheapest way to get an iPhone on one of the Big 4 carriers at least currently.