With inflation at its highest rate in decades, consumers are feeling a new kind of stress as they pay more for everything from gasoline to groceries.
Those feeling the burn are seeking any chance to save on costs, even if the changes are small ones.
Some are cutting off their streaming subscriptions to pare down what they spend on entertainment. Others are continuing to work from home or carpooling as the cost of travel continues to skyrocket.
With all these worries around finances, it doesn't feel like a great time to be planning a vacation, either.
Nearly 50% of people polled said they did not plan to celebrate Memorial Day to save on costs.
If you think that all this sounds a bit depressing, well, you'd be right. But that's why some are trying to figure out a way to make things just a tiny bit better for the consumer right now.
In light of both AT&T and Verizon (VZ) increasing their prices, T-Mobile (TMUS) has announced an interesting new approach for frustrated mobile customers.
The company will give you money to switch over to its services, but also has promised that it will not raise its prices.
T-Mobile
Calling Out The Other Major Players
In a press release, T-Mobile says its issuing a "Carrier Callout Throwdown," promising that customers who switch over to T-Mobile can get up to $1000 for doing so.
But it also pulls no punches in pointing a finger at other carriers' rising costs.
"AT&T is raising its rates, increasing customers’ bills by $6 to $12 per month," the release reads.
"At the same time, Verizon is raising prices with a new made-up fee — the Economic Adjustment Charge — adding $1.35 per line. That extra charge will generate $100 million more per month for Verizon, which is $1.2 BILLION in just one year.
"To put it into perspective, that’s more than 260 million gallons of inflation gas that The Carriers are swiping from customers over the next year," T-Mobile said.
"It’s downright disgusting!"
Getting that full $1,000 does mean switching five lines to T-Mobile's Magenta MAX plan, which is $85 for one person and starts at $135 for a family.
Each line switched will get you a $200 prepaid card.
T-Mobile also promises Price Lock, which is its name for its new guarantee — automatically included with all wireless and broadband plans — that states rates on any of its services will not change.
The fine print does clarify that this promise does not include taxes, fees, per-use charges, third-party services, or network management practices.
Not satisfied to simply offer what seems like a good deal, T-Mobile also openly challenged what it calls "The Carriers" in its press release.
"Verizon and AT&T, do your customers a favor and adopt a version of T-Mobile's Price Lock," it says.
"It’s as simple as it sounds. Just commit to not raising rate plan prices for existing customers while they remain on their current plan.
"But hey, if that’s not a promise you can make, we’ll make sure your customers know it," it said.
"Oh, and we’ll have fun along the way at your expense, so consider this challenge carefully. Otherwise, it’s game on."
