To go along with its new contract-free wireless plans, T-Mobile is offering trade-in credit for iPhone owners.
If you bring in an iPhone 4 or iPhone 4S by June 16, T-Mobile will waive the $100 down payment on a new iPhone 5, and will also provide a $120 credit toward monthly payments, accessories or other phones. (Normally, the iPhone 5 on T-Mobile costs $100 down and $20 per month for two years, plus the cost of wireless service.)
That brings the total savings to $220 with the trade-in credit, which is comparable to what you’d get by trading an iPhone 4S to a buyback service like Gazelle or Nextworth. There’s no reason not to trade directly to T-Mobile if that’s where you plan to subscribe anyway. Just keep in mind that you’d still be on the hook for any outstanding contract with your existing carrier, which would mean paying an early termination fee if you decide to leave.
The iPhone 5 launches on T-Mobile this Friday, April 12. To figure out if T-Mobile’s new plans are a good deal for you, check out our guide to doing the math.