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T-Mobile Will Cover Switching Fees To Steal More Customers From AT&T, Sprint, And Verizon

Jan 8 2014, 4:11pm CST | by , in News

T-Mobile Will Cover Switching Fees To Steal More Customers From AT&T, Sprint, And Verizon
Photo Credit: Forbes
 
 

T-Mobile, the self-proclaimed “UnCarrier,” has a lot to crow about after a banner 2013 that saw the wireless carrier add 4.4 million customers. On Wednesday afternoon from CES, T-Mobile announced plans to build on that success by stealing more customers from incumbents AT&T, Verizon, and Sprint with a new plan: cover early termination fees for switchers.

T-Mobile is hoping that covering the switching fees will release customers who want to leave their carrier but don’t want to trigger the additional expense. At CES, T-Mobile CEO John Legere said ”78% of customers said they would switch if someone paid their early termination fees.”

The total credit T-Mobile is offering can reach $650. Starting Thursday, customers from the three other national carriers who trade in their eligible device to T-Mobile and switch to a “Simple Choice Plan” receive credit based on the value of their phone, up to $300. Then, customers send a copy of their final bill from their old carrier showing early termination fees to T-Moible, and the company will credit them an additional amount, up to $350 per lines.

Meanwhile, T-Mobile announced preliminary fourth quarter results with a total net customer additions of 1.645 million, up from a loss of 32,000 a year ago. That included postpaid net customer additions of 869,000, compared to a loss of 515,000 a year ago. Postpaid churn declined to 1.7% from 2.5 in 2012.

As part of his speech, CEO Legere also had this to say about the wireless industry:

“This industry blows” – @JohnLegere

— T-Mobile (@TMobile) January 8, 2014

T-Mobile stock is up 101.6% since last May. Verizon and AT&T stock are both down over that same time span.

Follow Brian on Facebook and Twitter.

Source: Forbes

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