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They are used for 4G/LTE (and global) but you can't just swap them like the OP poster seems to be asking. It's not like a GSM SIM in that regard. Still have to call/go online and switch the phone through Verizon's system, just changing the SIM won't work. All it does on Verizon is pull in the 4G, it stores no information that is 'switchable'.
(That's how I understand it anyway)
So what is the update on this. I am looking to get another phone. The one I have the battery is no good and has to be plugged in or it will go dead in a matter of minutes. It is a Droid Razr. Can't even really use it to bring with me as a phone. I was thinking about getting a new phone. Buying it out right. Using the new phone when I go out(the whole reason to have a cell phone is to have a phone when you go out) and using the old at home for my hot spot(the reason the battery has pooped the bed to begin with). Is this possible with Verizon. Can't I just switch the sim card out to what ever phone I want to use at the time. I read above that Verizon puts a limit on how many times you can switch. Which is wrong if they do. I mean we pay for the plan not the phone that we use on the plan. Does anybody have any recent info on this?