T-Mobile plots new plan to steal more Verizon customers. Here's how

  • T-Mobile says it will pay off the balance of your Verizon Wireless phone if you switch.
  • You'll need to sign up for a T-Mobile One unlimited plan and buy device protection.

T-Mobile announced a new promotion on Wednesday targeting Verizon Wireless customers to move to its network.

T-Mobile is offering to pay the full balance of Verizon customers' phone lease — up to $1,000 — if they switch from Verizon.

The move is an effort by T-Mobile to continue its subscriber growth. The carrier added a higher-than-expected 914,000 subscribers during the first quarter, thanks to similar offerings that have lured customers.

Verizon's wireless revenues were down 5.1 percent during the first quarter, when it said it lost 307,000 subscribers.

T-Mobile said its new offer applies to customers who are signing up for a new T-Mobile One service line with device protection. T-Mobile One, the company's unlimited service, starts at $70 for one line. Device protection costs an additional $15 per month.

T-Mobile says customers who make the switch will receive a prepaid MasterCard within 15 days, and that customers will be able to keep their same phone number.

The promotion starts on May 31.