T-Mobile will reimburse you up to $5,000 if you switch from AT&T or Verizon

The Uncarrier is becoming more aggressive in luring customers away from competitors.

What you need to know

• T-Mobile will pay off what you owe on your smartphone if you switch from a rival carrier.
• The Uncarrier will cover up to $1,000 per line through a virtual prepaid MasterCard card.
• T-Mobile also boasts better 5G coverage as part of the promotion.

T-Mobile has another sweet offer if you're considering replacing your current carrier. The Uncarrier will pay off your smartphone up to $1,000 per line if you make the switch from its rivals, including Verizon and AT&T.

The new promotion is part of its Keep & Switch program, and you can start using it today by bringing in your current phone along with a photo of your most recent bill. You will then receive up to $1,000 per line via virtual prepaid MasterCard to settle your previous carrier's balance. If you want to bring your entire family over to Magenta, the promotion covers "up to $1,000 for each of up to five devices," as well as improved 5G coverage.

Making the switch is a simple process. First, you must confirm that your phone is eligible, and then you must show your current device payment plan balance. Your rebates will be emailed to you within 15 days.

However, the offer is only valid for a limited number of devices. Many of the best Android phones are eligible, including the Samsung Galaxy S20 series all the way down to the Galaxy S8 lineup and the Galaxy Note 10 series all the way down to the Galaxy Note 8 devices. The promotion is also compatible with the Google Pixel 2 series up to the Pixel 4 phones, as well as Apple's iPhones. A complete list of eligible handsets can be found here.

T-Mobile will accept qualifying devices from carriers other than AT&T and Verizon, including Spectrum, Xfinity, US Cellular, Claro, and Boost. If you want to change carriers but don't want to pay off your current phone, Magenta's offer isn't a bad option.