T-Mobile hopes its new "Get Out of the Red" deal will tempt Verizon customers to switch to T-Mobile. T-Mobile is offering to pay the remaining balance on Verizon subscribers' handsets and allow them to use those same handsets on T-Mobile's network. Lots of caveats apply. In order to qualify for the deal, Verizon customers must be in good standing with Big Red and come to T-Mobile with an Apple iPhone SE, 6s, 6s Plus, 7, 7 Plus, Google Pixel, or Pixel XL. These phones have the proper radios to support T-Mobile's LTE network. The company is working to add other devices to the list. Verizon customers will need to port their number to T-Mobile, sign up for a T-Mobile One plan, buy a new T-Mobile SIM card, and sign up for T-Mobile's Premium Device Protection Plus insurance plan for $15 per month. Once all these criteria are met, T-Mobile will pay the remaining balance on the Verizon iPhone or Pixel, whatever that may be. T-Mobile says customers will be reimbursed for their Verizon iPhone/Pixel balances within 15 to 30 days via prepaid MasterCard. T-Mobile is pitching the idea as an easier way to switch carriers as it doesn't require people to backup or transfer content from one phone to another. The offer works with Verizon handsets because by law Verizon's LTE phones must be unlocked. AT&T and Sprint customers cannot take advantage of this offer precisely because their phones are carrier locked. T-Mobile's Get Out of the Red promotion will be available starting May 31. T-Mobile is, however, throwing a bone to AT&T and Sprint customers. T-Mobile said it will pay off the remaining handset balance and/or early termination fee for AT&T/Sprint customers who port a number to T-Mobile and finance a new device on T-Mobile's equipment installment plan. Last, T-Mobile customers who already have two T-Mobile One plans will be able add two additional lines of service for the price of one. This promo requires autopay.


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