T-Mobile Will Now Let You Upgrade Your Phone Whenever You Want

T-Mobile is mixing up its payment plans again.

This time, it has a new program called Jump that will let you upgrade your phone whenever you want as long as you agree to pay a monthly fee.

With Jump, you pay $10 per month for the right to trade in your current smartphone for a new one. You can upgrade up to twice a year.

That fee also gives you protection against malfunctions, theft, and damage to your phone. You'll still have to pay a deductible for damange ranging between $20 and $170.

New and existing T-Mobile customers will be able to enroll in Jump starting this Sunday, July 14.

When you first enroll you have to wait six months before you can use Jump for the first time. After six months you can jump one month and do it again the next month. But keep in mind, you can only use the program twice per year.

America's fourth largest carrier held an event in New York City today to announce the Jump plan along with some other news items.

Here's the breakdown:

• Expansion of its 4G LTE network. T-Mobile says its network now reaches 157 million people across the U.S. in 116 metro areas. By the end of the year, T-Mobile hopes to reach 200 million people in more than 200 metropolitan markets.
• New family plans let customers pay $100 per month. They'll get unlimited talk, text, and data. Users will also get up to 500 MB of high-speed data for each phone. Anyone can sign up for this plan because there's no credit check or annual service contract.
• Lastly, T-Mobile is increasing its 4G device lineup with new phones like the Sony Xperia Z and Nokia Lumia 925.

Earlier this year, T-Mobile launched the iPhone 5 and a new carrier plan that basically eliminated contracts.

"Our 'un-carrier' concept is viral and a revolution," Legere said.