If you have a contract with another service provider, T-Mobile will pay off the remainder of what you owe on your smartphone if you ditch your old carrier. Conditions, of course, do apply, so let’s examine the deal in more detail.

Features of the T-Mobile Deal

T-Mobile has offered to pay up to $1000 off the smartphones of new customers switching from another carrier. Why? The company claims that rival service providers aren’t living up to their promises regarding 5G coverage and is hoping to scoop up a mass of defectors.

If you still owe money on your smartphone with another carrier, switching to T-Mobile’s Essentials plan can get you the new deal. The service costs $60 per month, with discounts applied when you add additional lines. Also, you don’t need to sign an annual contract.

Realistically, the deal will entice new customers beyond those simply unhappy with their current service—because $1000 for seemingly little effort has wide appeal. Free money, however, rarely comes without a catch, so you should study the fine print before making a decision.

T-Mobile Deal Fine Print: Terms and Conditions

Whenever a good deal comes along, you should always scratch beneath the surface and examine what’s really on offer. To make things easy, here are the main points from T-Mobile’s terms and conditions:

Only qualifying unlocked devices with certain carriers are eligible. The standard cost for the Essentials plan is $60 per month for one line. New customers must have been with their carrier and had their device for over 90 days to be eligible for the deal. T-Mobile will provide the funds to pay off your smartphone—up to $1000—on a virtual prepaid Mastercard. The Mastercard takes around 15 days to activate and expires in six months.

While the T-Mobile deal seems generous, you should always read the fine print for yourself to make sure the deal is right for you.

Always Examine the Details Before Taking a Deal

T-Mobile’s bid is bold and likely has rival carriers nervous. The idea of having your smartphone paid off for switching service providers is appealing, but you should always read the fine print and make an informed decision before taking any deal.

With this announcement, T-Mobile has declared war on its rivals, and seeing how others respond will be interesting.