Verizon is eager to increase the number of users of its 5G network and, taking a cue from rival T-Mobile, is offering a free 5G phone when customers trade in their current device. Only Verizon will allow customers to trade in their iPhone 12 mini or Galaxy S21.

Specifically, according to Verizon, any phone, even a damaged handset, can be exchanged for a new 5G handset. You must subscribe to one of Verizon's unlimited data plans, which include ultra-wideband coverage.

If this sounds familiar, that's because T-Mobile launched a similar deal in April; trade in your T-Mobile device and you'll get a Galaxy A32 5G for use on T-Mobile's 5G network.

Verizon is offering more impressive giveaways in the form of the iPhone 12 mini and Galaxy S21, but the Big Red promotion has a few more caveats. Verizon will accept any phone, but you need a somewhat newer model to get the full credit, $700 for the iPhone 12 mini and $800 for the Galaxy S21. A Verizon spokesperson said that the iPhone 8 or later, Galaxy S8 or Note 9 or later, and Pixel 3 or later are eligible for the full discount.

Do you have an older phone? iPhone 12 mini or Galaxy S21 will still get some discount. For example, with the Pixel 2, the trade-in value is $350, which can be applied to a new phone. Likewise, if you prefer the more expensive 5G iPhone 12 or Galaxy S21 models, you can apply your trade-in credit to them.

The trade-in value will appear on your bill as 24 monthly credits. In other words, Verizon will give you a new phone in exchange for two years of wireless service, just like any other carrier.

Verizon's qualifying plans may be on the expensive side of the best unlimited data plans, but they are certainly packed with benefits. For example, Verizon's $80/month Play More plan includes a subscription to the Disney Plus bundle (which includes Hulu and ESPN Plus in addition to Disney Plus) and a one-year trial of Discovery Plus. Also available are Apple Music and a 6-month trial of Apple Arcade or Google Play Pass.

The Play More plan includes access to both the nationwide Verizon 5G, which serves about 230 million people, and the high-speed ultra-wideband network, along with the Do More and Get More options for the same price and $90 per month. The service is currently available in over 70 cities and features the fastest 5G speeds we have tested.

Verizon's willingness to bear the cost of giving up its high-end phones and getting customers to switch to its service shows how much the wireless carrier wants to lock in subscribers to its 5G service over the next few years. Verizon hopes to bring its C-band spectrum online by the end of the year to increase nationwide speeds, and when considering upgrading to a 5G phone, one should keep in mind the willingness of cellular carriers to make such a deal.