Cell service providers rush to lure customers with new iPhone 12

Apple announced four 5G-enabled versions of the new iPhone 12 ranging in price from almost $700 to roughly $1,100 on Tuesday, and it didn’t take long for cell service providers to start offering up the new devices in an apparent bid to lure customers.

Smartphone sales have been slowing for years as their technology has matured. That has meant fewer gotta-have-it innovations that can drive demand and, at least until recently, increasingly pricey phones.

Add to that a pandemic-related economic crisis, and consumers have tended to eke as much life as possible out of their existing phones.

Apple, however, is clearly betting that 5G speeds could push many users off the fence. At its virtual event on Tuesday, the company boasted about 5G capabilities and brought in Verizon CEO Hans Vestberg to champion the carrier's network.

Cellular service providers such as AT&T, T-Mobile and Verizon seem to agree with Apple’s sentiment and already have plans to use the new phone to attract new customers into their networks.

AT&T is offering its customers an opportunity to purchase the new iPhone 12 on the company’s 30-month installment plan as well as a subscription to an unlimited 5G plan for those who are able to trade in an iPhone 8 or later in working condition, according to a news release.

RELATED: Apple unveils iPhone 12 lineup featuring 5G capability

T-Mobile is offering a deal where customers can purchase two new iPhone 12s along with an unlimited 5G plan for about $100 a month, a news release stated.

All three service providers announced the deals the same day or a day after Apple released specs for the iPhone 12.

The Associated Press contributed to this report.