T-Mobile is offering a $300 discount on the iPhone 8 and iPhone X - but there's a big catch

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iPhone X black Getty The iPhone X starting price is $999.

Moments after Apple announced the new iPhone 8 and iPhone X on Tuesday, T-Mobile CEO John Legere tweeted that the carrier would offer up to $300 off any new iPhone in exchange for an old iPhone trade-in.

But there's one big catch: the $300 credit will be broken up over the course of a 24-month payment installment plan.

So instead of getting a $300 credit up front for trading in an old iPhone for a new one, T-Mobile will award $12.50 in credit per month for two years.

The promotion applies to any iPhone 6 or newer in good working condition that's traded in for an iPhone 7 or newer, T-Mobile clarified Wednesday on Twitter .

Like all carriers and Apple itself , T-Mobile is trying to push customers to pay for their phones through monthly installments. But if you're looking for money up front, research what the going rate is for your old iPhone on websites like Gazelle before making the final call.

Preorders for the iPhone 8 begin September 15 and iPhone X preorders begin October 25.

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