T-Mobile Will Pay Off Your Phone if You Switch From Verizon

Thinking about ditching Verizon? T-Mobile has a new promotion, dubbed #GetOutoftheRed, that makes it easy for Verizon customers to switch and keep their current phone.

"For a limited time, millions of Verizon customers can switch, keep their phone and we'll even pay it off," T-Mobile says. The offer will be available starting May 31 for Verizon customers with an iPhone 6s or newer or Google Pixel.

As part of the deal, you'll need to pay T-Mobile $15 a month to insure your current handset. But the carrier will otherwise pay off "whatever they owe Verizon," T-Mobile says.

In a Wednesday video blog (below), T-Mobile's outspoken CEO John Legere said this is the "first of three" announcements the company has planned.

"Verizon has people convinced that a phone purchased from Verizon only works on Verizon," Legere said. "That's just more Verizon bulls**t. That newer iPhone and Pixel work on T-Mobile."

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He added that Verizon customers owe more than $300 on their device, on average. "Owe $100? Done," he said. "Owe $1,000, we got you." T-Mobile will reimburse you for the remainder of your balance with a "digital MasterCard" in around 15 days, Legere said.

T-Mobile on Wednesday also announced that customers with at least two T-Mobile One voice lines can get two additional lines for the price of one. That should amount to $240 in savings a year for a family of four, Legere said. The offer will be available starting tomorrow.