T-Mobile, AT&T, Verizon, and Sprint are all offering the newly announced Apple iPhone 7 32GB model for FREE with Trade-In for a limited time. Most carriers are only accepting the iPhone 6/Plus or 6S/Plus as a trade-in, but Sprint will also accept the Galaxy S7. Trade-in phones must be in good condition, so no broken screens.

This is a very complicated offer with Big Caveats and I will try my best to explain. This is essentially a $650 credit, which is the cost of the iPhone 7 32GB model. You get this credit for your trade-in, which is a good deal, but it’s applied over the course of two years as a bill credit. If you plan to finance your phone purchase and most carriers will let you do it at 0% apr over 2 years if your credit is in good standing, your bill for the device should cancel out with the credit that is applied each month. Although, depending on the wireless carrier, these credits may take a billing cycle or two to kick in and your monthly bill will be higher to start. This also means that if you want the full benefits, you will be locked into using the iPhone 7 and your wireless carrier of choice for at least two years. If you leave your carrier, you are responsible for the remaining cost of the device (Sprint and T-Mobile will also allow you to turn in your device in place of paying the remaining balance), and you will also forfeit your remaining bill credits for your trade-in. And the last caveat, if you live in a state with sales tax, you will be responsible for the sales tax upfront.

So is this a good deal? Yes and No. Yes, if you plan to stick with using the iPhone 7 for two years and are happy to stay with your carrier for just as long. This is an especially good deal if you have  the base model iPhone 6, they are essentially giving you full price for a phone that is two years old. It is not a good deal if you don’t want to be tied down to a specific phone model and carrier for at least two years.