April 11, 2013, 2:49 PM — Just a couple of days ahead of the iPhone's official launch on its network, cellular provider T-Mobile has announced two new financial incentives aimed at luring customers away from rivals AT&T and Verizon. By offering them up to $220 in discounts and trade-in rewards, T-Mobile sure hopes to convince some smartphone users to jump ship.
According to a statement released on Wednesday, T-Mobile customers will be able to choose a no-money-down option that lets them walk away with a brand new iPhone 5 in their pocket for princely sum of zero dollars when they trade in their old iPhone 4 or iPhone 4S. That's an improvement over the $100 downpayment that T-Mobile is asking for those purchasing a new iPhone 5.
To further sweeten the deal, customers who take advantage of this offer may also receive a further discount of up to $120, depending on the trade-in value of their old device; that money can be put towards buying accessories, or even used to reduce their two years' worth of monthly payments on their new iPhone. According to a company spokesperson, giving up your old iPhone 4S will bring down your monthly device payments on an iPhone 5 down from $20 to $15, while an iPhone 4 will only reduce it to $19.
T-Mobile previously announced that it would add Apple's handset to its device lineup beginning April 12. The carrier's innovative plans start at $50, do not require customers to commit to a specific contract term, and include generous data allowances.