Verizon's 5G mobile service is available in just a handful of cities, but the carrier is charging premium prices to the few people who live in range of the network.

Verizon yesterday announced its first 5G hotspot, namely the Inseego MiFi M1000 that Verizon is selling for $650. On top of the device cost, the monthly fees for 5G service will be higher than 4G even though Verizon's 5G network barely exists.

Verizon said hotspot-only plans "start at $85 a month (plus taxes and fees)." Verizon describes the $85-per-month hotspot plan as "unlimited" when you go through the online checkout process. But the fine print states that customers get 50GB of high-speed 5G data, and 5G speeds are reduced to 3Mbps after that. The plan treats 5G and 4G data separately; it provides 15GB of high-speed 4G data and slows users down to 600kbps after that. Verizon allows 4K video streaming on 5G, while limiting video on the 4G network to 720p.