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Sprint launches deal to cut bills of Verizon, AT&T customers in half

Sprint says it will cut in half the monthly rate plan for Verizon and AT&T customers who switch to the network

Black Friday and Cyber Monday may be over, but Sprint is rolling out one of its biggest price cuts ever.

The nation's No. 3 wireless carrier, which has rapidly been losing market share, announced Tuesday that it will cut in half the monthly rate plan for Verizon and AT&T customers who switch to the network.

The "Cut Your Bill in Half" event begins Friday. Sprint says it will provide unlimited talk and text to anywhere in the country while on the Sprint network -- regardless of a customer's current plan -- and match his or her data allowance for half the cost they are currently paying.

Marcelo Claure, Sprint's chief executive, said the promotion "clearly demonstrates that Sprint delivers the best value in wireless." The deal, he noted in a statement, is "not just a promotion. This will be the customer's ongoing price."

Customers can take advantage of the deal online and in stores.

Overland Park, Kan.-based Sprint has lagged far behind its two biggest industry rivals, and No. 4 carrier T-Mobile is fast gaining momentum with a slew of aggressive pricing offers and deals. Last month Sprint announced that it would cut 2,000 jobs, or roughly 5% of its workforce, as part of a plan to slash $1.5 billion in annual spending.

The half-off rate will be based on the monthly voice, text and data rate plan charge for all lines on the customer's Verizon or AT&T bill, the company said. So, for example, a Verizon customer paying $140 a month for four lines of service to share can get four lines from Sprint for $70 a month. 

Sprint also said that Verizon and AT&T customers on a contract were eligible to save more money: The company will pay up to $350 per line via a Visa Prepaid Card for the early termination fee or installment bill balance when those customers switch to Sprint.

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