T-Mobile USA is set to launch the iPhone 5 this Friday, and in anticipation of the long-awaited event, it's offering current iPhone owners a free iPhone 5 if they switch from another carrier. Here's how it works: you bring in your iPhone 4 or iPhone 4S between April 12 and June 16, and you get a T-Mobile iPhone 5 at no cost up front, and a $120 credit that you can choose to apply towards your bill, extra accessories, or even an outstanding bill. The iPhone 5 would typically cost $100 up front, and an additional $20 per month over 2 years, so you are basically getting it with no up-front cost, and then a six month break on the monthly fee.
Of course, if you are mid-contract elsewhere, you have your early termination fee to worry about, which might put the kibosh on this one for you. However, if you have a spare iPhone 4 laying around, this could be an easy way to try T-Mobile's new smartphone plans out.
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