Reuters inform: “AT&T Inc. said on Friday that people who buy Apple Inc.’s much-hyped iPhone but do not meet its credit requirements will still be able to keep the phone without having to commit to a two-year contract.”

“AT&T, the exclusive U.S. service provider for iPhone until 2009, had said in the months leading up to the phone’s launch that customers would be required to sign up to a two-year contract in order to buy the device, which costs up to $600.”

“The companies did not widely publicize that customers who do not pass its credit test have the option to pay for their service on a month-by-month basis, escaping what some consider a restrictive two-year plan.”

“Postpay customers pay a hefty fee to leave contracts before they expire. In order to avoid such costly cancellations, mobile service providers often pay huge subsidies for customers’ phones as a way to entice them into contracts. AT&T, however, is not subsidizing the iPhone’s retail price tag.”

“While several reviewers gave glowing endorsements to the iPhone this week, many criticized the phone’s Web browsing speeds as it does not run on AT&T’s fastest data links.”