T-Mobile offering $650, but what's the catch?

This latest war between cell phone carriers began a few weeks ago when AT&T offered $350 to T-Mobile customers willing to switch to AT&T.

But that was nothing compared to this latest volley.

T-Mobile is fighting back by offering customers considering switching carrier seven more money.

The provider is also extending the offer to customers of Verizon and Sprint, as well as AT&T customers.

It will pay you as much as $650 make the jump to T-Mobile.

How it Works

If you agree to switch carriers....

    -T-Mobile will pay your termination fee for every phone in your plan.
    
    -T-Mobile will also give you up to $300 per phone trade-in, depending on which phone you currently have.
 
      -The total you can receive is $650.

There is a catch: You will have to buy a new phone from T-Mobile.  

You cannot keep your existing iPhone or Galaxy, though you will be able to transfer over your phone number.

What You Will Pay

That new phone you must buy from T-Mobile will be sold at full retail price, which means you can expect to pay between $200 and $600 for a new smartphone.    

T-Mobile does not subsidize phones, so you cannot get a new iPhone for $199 as on other carriers.

But given what they are paying you to switch, the cost may be negligible.

In addition T-Mobile will not require you to sign a 2-year contract, and its monthly data and voice rates are lower than AT&T or Verizon.

So it may be a good deal, depending on what they offer for your old phone.  That way you don't waste your money.

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