Well, the rumors were true. T-Mobile USA on Wednesday officially announced its new "JUMP!" upgrade plan. How does it work? Well, instead of having to upgrade every two years, as is the case when you're on a subsidized contract plan, you can upgrade whenever you want. of course, this is always the case if you're not on a contract, on any carrier, though that requires you to pay the full cost of the phone.

JUMP! works differently. Starting on July 14, T-Mobile customers can opt to upgrade phones twice every 12 months, but you have to have been in the JUMP! program for a minimum of six months. JUMP! itself costs $10 per month, but T-Mobile says that's just $2 more than its $8 monthly insurance plan. When you feel like upgrading, simply walk into a store, trade in your own phone, then pay the cost than any other Simple Choice Plan customer would pay. No, i's not free, you're paying the down payment cost each time instead of the full cost of a smartphone.

It's a nice option if you like to swap phones out all the time, though if you're pleased with a device it may not be the best choice. After all, you're paying your monthly plan, the down payment of every new phone, the promised monthly equipment installment plan and the JUMP! $10 monthly fee.

These things add up — a down payment on a phone might cost $99, plus $20 for 24 months plus your monthly plan rate (maybe $70 or so), plus JUMP!. That right there is $100 per month, and it doesn't sound so "Simple" any more does it?