FALSE Rumor - WWWhat - Free Cingular Service with iPhone???

TheStreet.com's Jim Cramer is reporting that Cingular will offer 1.5 years of free Cingular service (whatever that means) for those people who buy an iPhone.
Cramer said AT&T (T - news - Cramer's Take) is one of the most interesting stories coming out of the tech period. In its call, the company made it very clear that it's going to use Apple's (AAPL - news - Cramer's Take) iPhone to get customers from Verizon Wireless (VZ - news - Cramer's Take) by giving away its service for a year and a half to those customers who buy the phone.
It sounds too good to be true. Spend $500-$600 to get an iPhone and free service for 18 months? Assuming you get the 8GB version, 600/18 = $33.33 a month, which is less than I pay for my Verizon and Data service. What kind of contract do you have to lock into? How many minutes? Data plan included? If true and depending on some of the answers and details, there should be a huge line out the door to get an iPhone.
Labels: applications, iphone
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