T-Mobile’s ‘Get Out of Jail Free Card’ Sounds Familiar

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T-Mobile US’ (NYSE:TMUS) chief executive John Legere announced at the Consumer Electronics Show on Wednesday that T-Mobile’s latest plan to shake up the wireless industry involves T-Mobile offering to pay the early contract termination fees for customers switching from AT&T (NYSE:T), Sprint (NYSE:S), or Verizon Wireless (NYSE:VZ), according to a report from the Verge.

Customers who switch are eligible to receive up to $650 in credits per line. T-Mobile will pay up to $350 to release you from your contract, then it will provide another credit of up to $300 for trading in your current smartphone and switching to one of theirs. In order to take advantage of the deal, T-Mobile is requiring that customers trade in their old phone, buy a T-Mobile phone, and have their phone number ported to T-Mobile.

“We’re giving families a ‘Get Out of Jail Free Card,’” said Legere said in the company’s press release. “Carriers have counted on staggered contract end dates and hefty early termination fees to keep people bound to them forever. But now families can switch to T-Mobile without paying a single red cent to leave them behind.”