For the first two months that it was on sale, you were lucky if you could even find an iPhone X in stock, let alone a deal on one. But earlier this month, T-Mobile broke down and offered the first deal on the iPhone X: Buy one, get $700 off the second. It’s a killer deal for T-Mobile subscribers, and clearly, Verizon wasn’t going to take this lying down.

Starting Monday, Verizon will offer a shockingly similar deal. Buy a new iPhone X, iPhone 8, or iPhone 8 Plus, and you’ll get $699 off a second device. There are a few strings attached — Verizon’s rebate comes as bill credits, whereas T-Mobile offers a prepaid MasterCard — but if you’re a Verizon customer in need of a new phone, it’s hard to complain about this offer.

Verizon’s specific offer is that if you buy an iPhone 8, iPhone 8+, or iPhone X, you’ll get $699 off the purchase of a second iPhone 8, 8+, or X. You can mix and match, so you could buy an iPhone 8 and get a second iPhone 8 for free, buy two iPhone X devices and get $700 off the total, or buy one iPhone X and get a free iPhone 8. The reimbursement is via bill credits, spread out over 24 months, so this essentially locks you into Verizon for the next two years. You also have to activate a new line of Verizon unlimited, which is standard for this kind of deal.

The one kicker is that you also have to trade in an old device to qualify for the deal. You’ll get the trade-in value in addition to the bill credits, so you’re not really losing value — it’s just an extra hoop to jump through. Qualifying devices are basically any flagship device from the last three years:

Apple: iPhone 8/8+, 7/7+, 6S/6S+, 6/6+, 5S, SE
Samsung: GS 8/8+, GS7/7Edge/Active, GS6,/EDGE/EDGE+ Active, GS5, GS4, Note 8, Note 5, Note 4, Note edge
Google: Pixel, Pixel XL, Pixel 2, Pixel 2 XL
LG: G4, G5, G6, V30, V20, V10
Motorola: Z2 Force, Z2 Play, Z Droid, Z Force, Z Play, Turbo 2
HTC: 10, M9, M9+
With the exception of the trade-in requirement, Verizon’s deal is nearly identical to T-Mobile’s. The only big difference is that Verizon’s deal ties you into a two-year commitment (or else you lose those bill credits), whereas you could cut and run from T-Mobile after getting the prepaid card if you so wish.
If you’re not after a new iPhone, Verizon also has a similar deal running on all the top Android phones, including the Pixel 2 and Pixel 2 XL.