Inflation has been dominating headlines – and dinner table conversations – lately. It’s a big problem facing millions of American families, as prices all around them are going up for everyday essentials. The latest official figures show inflation topped a 40-year high in February, hitting 7.9%, and the average family is now estimated to pay $433 more per month (that’s $5200 this year!) for basics like groceries, gas, and housing costs.
Naturally, investors, customers, and employees have all been asking: when will T-Mobile raise rates? Our answer is Price Lock. Even as the price of everything else is going up, the Un-carrier is making a commitment to customers joining T-Mobile that we won’t raise the price of their wireless rate plans. We launched a new campaign centered around this commitment, and just yesterday, we announced that Price Lock is now included with our broadband plans, as a part of our Internet Freedom Un-carrier Move.
It's what we do at the Un-carrier. Back in 2015 we pioneered no price hikes with the Un-contract for all current customers, even before consumers were living in a high inflation climate like they are right now. And we’re at it again with Price Lock, a promise for ALL new postpaid and broadband customers on eligible rate plans that the price of your current talk, text and data will stay the same unless YOU change it. This notches another industry first with the first-ever consumer price guarantee on an unlimited 5G plan – including Essentials, Magenta, Magenta MAX, postpaid segment plans (55+, military, first responder), and 5G Home Internet.
The timing couldn’t be more important. The pandemic underscored how vital connectivity is, and now we’re facing another period of uncertainty and challenge. We at T-Mobile understand the important role we play in customers’ lives. While AT&T saw this as an opportunity to increase prices on their existing and new customers (see: AT&T Boss Sees Room to Raise Prices, Cut Costs After Media Exit), leaving both individuals and families with higher bills, Verizon is now reportedly mulling the same, leaving their customers wondering about their future bills. Meanwhile, we’re doing the opposite – bringing customers peace of mind during a period of uncertainty. We want them to rest assured that while prices all around them are going up, the price of their T-Mobile plan won’t be one of them. And we’re making it easy … as in, they don’t have to lift a finger to get it. Moving forward, Price Lock is automatically included for all eligible postpaid wireless and broadband customers joining the Un-carrier.
This is just the latest example of T-Mobile delivering our customers value and network – without them having to make a choice between them. Families on Essentials plans save 20% over AT&T and Verizon- comparable plans, and right now a family with four lines on Magenta MAX can save up to $900 a year in broadband costs by switching to T-Mobile, compared to the FCC broadband rate benchmark of $105 a month. Plus, you get all of this while tapping into America’s leading nationwide 5G network – the nation’s largest and fastest. If inflation is adversely impacting your budget for other categories, it seems like now is a great time to consider making the switch. We’re offering American families an incredible opportunity to save during a time where saving is on their mind more than any time in history.
At the end of the day, this what the Un-carrier is really all about – chasing down customer pain points and obliterating them. Right now, there is no bigger pain point than inflation for millions of consumers across this country and T-Mobile is all in on delivering tangible ways to help them tackle it.