T-Mobile Will Pay off Your iPhone When You ‘Ditch Verizon’

T-Mobile is taking another shot at Verizon. On Wednesday, the Uncarrier announced a new offer enticing customers to “ditch Verizon,” switch to T-Mobile and keep their phone in the process.

In its new “Get Out Of The Red” promotion, T-Mobile is offering to pay off a Verizon customer’s phone when they bring their device to the Uncarrier — regardless of whether their remaining monthly payments amount to $10 or $1,000. The remaining balance will be provided by way of a digital prepaid card 15 to 30 days after the switch, the company added. T-Mobile CEO John Legere called the promotion “a lifeline to millions of Verizon customers,” claiming that the competing network is being clogged and slowed down after its unlimited plan launch. The offer is for a limited time only, and starts on May 31.

There are a couple of catches with the promotion, however. Verizon customers who switch over will have to sign up for the $15-a-month Premium Device Protection Plus insurance program — and the deal only applies to Verizon customers who have held their contracts for at least 60 days. Additionally, since the devices aren’t purchased new from the T-Mobile, that insurance plan won’t include the typical manufacturer perks like AppleCare+ or Google’s Device Protect Plan. Also worth noting is that the offer only applies to the following eligible smartphones:

Eligible Smartphones

• iPhone SE
• iPhone 6s and iPhone 6s Plus
• iPhone 7 and iPhone 7 Plus
• Google Pixel and Google Pixel XL

For customers with AT&T and Sprint, the Uncarrier still offers its Carrier Freedom program — and alongside Get Out Of The Red, T-Mobile is nixing the normal trade-in requirement. AT&T and Sprint devices must be unlocked before they switch over, and won’t work right away on the Uncarrier’s network, the company noted.