Would you let T-Mobile pay $350 for you to leave AT&T, Sprint, or Verizon?

Apparently, the new idea from T-Mobile is to let the mobile phone company  pay your early termination fee if you agree to switch. Starting January 9, T-Mobile will pay you up to $350 per line to cover early termination fees and release you from a contract with AT&T, Sprint, or Verizon. Would you go for this? I can hear a few people already thinking about.

However, there is a catch: you’ll also need to trade in your existing phone, buy a new T-Mobile phone, sign up for a new T-Mobile plan, and even port your existing phone number to T-Mobile — in case you weren’t going to do that anyway.

Also, if it wasn’t clear, the money won’t go in your pocket but rather to your existing carrier to cover the cost of canceling the contract. Aka, it could be much less than $350 depending on what you have left on your plan. You’ll need to send proof to T-Mobile directly at this website or mail it to the company, and presumably wait for your money. You do, however, get an instant credit for trading in your existing smartphone at the time of the deal, with T-Mobile paying up to an additional $300 depending on the phone you trade in, and you won’t have to pay right away for your new smartphone since T-Mobile is making almost all of them $0 down on contract.

This is very similar to what AT&T announced last week which is the they would pay $200 for every line that T-Mobile customers switched over to its own network, an offer that also requires those customers to buy a new AT&T phone.

How many people would go for this?