Sprint really wants your business. First it tried throwing free data (that you’ll never use and which can be painfully slow) at new customers, but now it’s targeting your wallet, offering to slash the monthly rates of AT&T and Verizon Wireless customers willing to jump ship.

The company says that, starting Friday, Dec. 5, AT&T and Verizon subscribers can either upload copies of their latest phone bill at halfprice.sprint.com or take the bill to their local Sprint store (bills in Spanish must be taken to a retail location). Then you’ll supposedly get the same data allotment on a Sprint plan (with unlimited talk and text, regardless of your current plan) at half the monthly rate.

The company claims that you will continue to pay that halved rate so long as you remain on the plan. However, we haven’t mined the fine print for all the caveats so take this apparent generosity with a grain of salt.

The main catch appears to be that you can’t simply use your current phone when you switch to Sprint. You must buy a new phone either through Sprint Lease, Sprint Easy Pay (where you pay full price but in monthly installments), or just buy a new device outright. Customers who do not turn in their old phones after activating a new device will be hit with a $200 charge.

Sprint says it will extend its offer of paying up to $350 in early termination fees for customers who are still in contract with AT&T or Verizon. This will be paid in the form of a refund via prepaid Visa gift card, or as credit on your bill.

Customers who are looking for a new phone and to switch providers may want to consider checking out this offer. However, be forewarned that Sprint’s LTE network recently tested very poorly compared to AT&T, T-Mobile, and Verizon, and the company’s customer service ranked last in the latest wireless customer satisfaction survey from our colleagues at Consumer Reports.

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