If you're tempted by the low price and powerful processor of Apple's iPhone SE 2020, T-Mobile is giving you a special incentive this Memorial Day weekend to buy one of the best budget phones we've seen this year. If you trade in a qualifying device at an uncarrier, you can get an iPhone SE for free.

T-Mobile's discount comes in the form of a billing credit and extends over 24 months. You will also be responsible for the taxes on the new iPhone.

To receive the full $400 credit, you will need to trade in a fairly recent phone; according to T-Mobile, the $400 discount is available on the iPhone 7 or later, Samsung Galaxy S9 or later, Samsung Galaxy Note 9 or later, Google Pixel 3 or later, OnePlus 7T or later, LG G8 ThinQ, etc.

However, T-Mobile is also offering $200 discounts on some older and budget phones: iPhone 6 or 6 Plus, iPhone 6s or 6s Plus, Pixel 3a or 3a XL, Galaxy S8 or Note 8, OnePlus 6T, OnePlus 7 or OnePlus 7 Pro, LG V50, V40 or G7 can be traded in for essentially half off a new iPhone SE.

T-Mobile's iPhone SE promotion will go live tomorrow (May 22) and is open to anyone with a T-Mobile or Sprint postpaid plan. (Sprint is now part of T-Mobile, in case you forgot.) If you switch to either carrier, you're also eligible to trade in and opt for a free iPhone SE. The same $200 to $400 discount will also apply to other phones, according to T-Mobile.

The iPhone SE certainly establishes itself as the phone to get if you prefer a compact device and are not willing to pay $400 or more for a smartphone. But there is more to the SE than simply a smaller screen and a lower price.

It is powered by the same A13 Bionic processor found in Apple's expensive iPhone 11 model, which means it is a budget smartphone that can outperform Android flagships that cost hundreds of dollars more. iPhone SE has only one rear camera. Although it doesn't have one, it is one of the best camera phones you can buy because it makes heavy use of the A13's neural engine to take great pictures.