The new Samsung 4G LTE Mobile Hotspot for Verizon.

If you have been having a good time with the Verizon Wireless MiFi 2200 Intelligent Mobile Hotspot and now want a similar device that offers much faster 4G speeds, the answer is here.

Verizon Wireless teamed up with Samsung to announce today the availability of the Samsung 4G LTE Mobile Hotspot.

This is a mobile, supercompact Wi-Fi hot spot that offers an Internet connection similar to that of the LG VL600 LTE USB Modem, up to 12Mbps. This type of bandwidth is typically found in high-end broadband connections such as cable.

According to the companies, the Samsung 4G LTE Mobile Hotspot has a design similar to the MiFi 2200--about the size of a few credit cards stacked up together--and also supports a maximum of five Wi-Fi devices at a time. The device is backward-compatible with Verizon's 3G network, which comes in handy in areas where Verizon's 4G coverage is not available.

Similar to the case of the VL600 modem, the Samsung 4G LTE Mobile Hotspot comes with data plans that start at $50 per month with a cap of 5GB. Note that with 4G speeds, you could use up this monthly allowance within literally half an hour. The second data plan is 10GB for $80 per month. Unfortunately it seems there's no unlimited data plan currently available for the new hot spot.

The Samsung 4G LTE Mobile Hotspot is available now and costs $100 with a two-year contract.