T-Mobile announces iPhone trade-in plan to woo current owners from competing carriers

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Ahead of debuting the iPhone 5 on its network later this week, T-Mobile on Tuesday announced the start of a trade-in program that offers current iPhone owners a chance to grab the latest Apple handset at no upfront cost and a $120 credit to put toward the "un-carrier's" monthly device fee.

The announcement comes less than a week after T-Mobile started accepting pre-orders for the iPhone 5 ahead of the device's official launch date this Friday.

As noted by The Wall Street Journal, outside of the special offer, T-Mobile will be selling the 16GB iPhone 5 for $100, with a $20-per month charge spread over the next two years covering the remaining device cost. As part of its "un-carrier" campaign, the carrier is doing away with device subsidies in exchange for lower monthly fees.

"Our message to iPhone 4S and iPhone 4 customers is simple: bring in your device and trade up to iPhone 5 on T-Mobile," said T-Mobile marketing chief Mike Sievert in a prepared statement. "We're making it incredibly attractive to buy an iPhone 5 by pairing an un-beatable upfront price and trade-in offer with Simple Choice, the most hassle-free and affordable rate plan in wireless."

The carrier will rollout the handset on April 12, while the trade-in program is will expire on June 16.