Wireless carrier T-Mobile (TMUS) is vowing to buy its customers' loyalty, literally. The company plans to award millions of existing and new customers shares of its own stock, as well as other rewards -- including pizza and a movie.
The Bellevue, Washington-based company announced the unusual promotion Monday, saying that customers will get a full share of common stock, currently valued at about $43.50. Customers can earn up to 100 shares by referring new customers to T-Mobile; subscribers who have been with the company for more than five years can earn two shares per recommendation until 2017.
"The stock giveaway is one element of ... a wide-ranging customer appreciation program that also includes freebies such as pizza from Domino's, a Frosty dessert from Wendy's and an hour of free Wi-Fi access on planes through GoGo," wrote CNET's Roger Cheng.
According to the CNET report, T-Mobile won't issue new stock for the promotion but rather will buy stock in the open market and grant them to customers. The company says there's no costs to get the shares or to set up an account with its brokerage partner, nor fees to sell shares or to maintain the account, as long as the customer is an active user.
Subscribers can claim their shares from June 7 through June 21, using T-Mobile's "Tuesday" rewards app.