In a move that will make other carrier companies cringe, T-Mobile channeled Monopoly and announced today that it will offer new customers a "get out of jail free" card. That means, starting tomorrow, T-Mobile will pay you up to $350 to compensate for early termination fees if you switch from AT&T, Sprint, or Verizon.

"Carriers have counted on staggered contract end dates and hefty early termination fees to keep people bound to them forever," said T-Mobile President and CEO John Legere. "But now families can switch to T-Mobile without paying a single red cent to leave them behind."

The catch is that you have to trade in your old phone (and get up to $300 credit for a new T-Mobile phone) and switch to T-Mobile's no-contract Simple Choice Plan, where you can start with one line at $50 per month for unlimited talk, text, and web with up to 500 MB of 4G data.

In case you were wondering, these are the fees for the three other major mobile companies:

  • Verizon: For smartphone users: $350 minus $10 for each month of contract that you have completed. For non-smartphone users: $175 minus $5 for each month of contract that you have completed.
  • AT&T: For smartphone users: $325 minus $10 for each month of contract that you have completed. For non-smartphone users: $150 minus $5 for each month of contract that you have completed.
  • Sprint: Up to $300 for smartphone users. Up to $200 for non-smartphone users.

If you need more reasons to use the "get out of jail free" card and switch to T-Mobile, the carrier claims to have the fastest service in the country, offers contract-free plans, and gives you two phone upgrades every year.

Source: T-Mobile