You may recall our earlier story about T-Mobile’s upcoming Equipment Installment Plan, which is set to begin on November 16, well we have a little more information about this interesting option which you might be interested in.  First off, let me just let you know what this is not: it isn’t really an offer of credit and is not going to have any interest or APR involved, so there is almost no reason to not be all for this offer.  How much you can spread out (up to $500) does depend on your credit class and history though, so don’t expect to be able to walk out with a top of the line device (or two, or a bundle of accessories….) if you’ve had credit problems in the past.

Which brings us into what else the equipment installment plan can be used for, not only is it for phones but also for accessories!  You can put all accessories, devices and handsets on an installment plan – as long as it’s over $19.99.  You will not be able to include any fees (including upgrading and restocking), airtime payments or e-pins and hard card prepaid refills.  So now there are no excuses for walking out of the store with those hands free kits and an extra battery or two!  Or, you can always just grab a couple of phones for the family instead.

OK, that’s cool and all – but what about upgraders?  Have you recently upgraded your device(s) and are now a little upset because you didn’t know about the G1, the Behold or the Zine (and why didn’t you?  Aren’t you following along)?  T-Mobile haven’t forgotten about you either, upgraders can take advantage of the EIP as well!

If you do decide to opt for the installment plan (and I would imagine that quite a large number of people to take advantage of it) then the day that you decide to take that brand new phone (and accessories!) home, you’ll be out the first payment plus any taxes and fees as well.  After that, the next three payments will be added to your monthly bill.

So I’m really excited about the equipment installment plan, and I hope that you are as well!