Free trials are widely used to attract new customers, yet it is unclear whether consumers are consistently motivated by “free.” When trial participation requires meaningful non-monetary costs such as time and effort, the effectiveness of free trials becomes questionable. This study investigates whether token-price trials—minimal, negligible payments—generate stronger consumer responses than free trials. A 2 × 2 between-subjects experiment manipulating trial promotion type (token-price vs. free) and non-monetary cost level (high vs. low) was conducted with 200 participants. Results show a significant interaction: participation intention and perceived value decrease under high non-monetary costs in free trials but increase under high non-monetary costs in token-price trials. Across all conditions, token-price trials produced higher perceived value and participation intention than free trials, demonstrating a clear token promotional pricing effect. Regression results confirmed that perceived value strongly predicts participation intention. PROCESS macro model 8 further revealed a significant moderated mediating effect: the indirect effect of trial type on participation intention via perceived value was stronger under high non-monetary cost conditions. These findings identify when token-price trials outperform free trials and provide actionable implications for designing more effective experiential marketing strategies.