To help you make the transition, Sprint will pay up to $350 to buy out your existing contract. It will also match the previous data allowance, so your transition over can feel as familiar as possible. But without the ability to match network speeds and coverage, there's only so much it can do.

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Once Friday comes along, head over to sprint.com/halfprice and upload a copy of your current bill to get started. You can also bring a copy along with your current phones into a Sprint store, where a representative will select the service plan that most closely matches what you currently have. You will then have to pay for a new phone either upfront or through a leasing plan. Yup, Sprint's not covering that part. There goes your savings.

Sprint’s Offer: Cut Your Wireless Bill in Half Event

Offer to Verizon and AT&T customers – bring your wireless bill to Sprint and we’ll cut your rate plan in half

Plus – Sprint will buy out your contract up to $350 per line

OVERLAND PARK, Kan. (BUSINESS WIRE), December 02, 2014 - In an unprecedented move, Sprint (NYSE: S) today announced it will cut in half the monthly rate plan for Verizon and AT&T customers who switch to Sprint beginning Friday, Dec. 5. With the Cut Your Bill in Half Event, Sprint will provide unlimited talk and text to anywhere in the U.S. while on the Sprint network – regardless of a customer’s current plan – and match the customer’s data allowance for half the cost they are currently paying for their monthly rate plan.

“The Cut Your Bill in Half Event clearly demonstrates that Sprint delivers the best value in wireless,” said Marcelo Claure, CEO, Sprint. “It’s as simple as this: Bring Sprint your Verizon or AT&T bill along with your phone and we’ll cut your rate plan in half. That’s a 50 percent savings on your rate plan every month. And this great deal is not just a promotion. This will be the customer’s ongoing price.”

Beginning Friday, Dec. 5, Verizon and AT&T customers switching to Sprint need to follow these simple steps to take advantage of this limited-time offer:

Customers also may take advantage of the Cut Your Bill in Half Event via Sprint.com. For more information visit www.sprint.com/halfprice.

Additionally through this offer, Verizon and AT&T customers on a contract are eligible to save even more. Sprint will pay up to $350 per line via a Visa® Prepaid Card for their early termination fee or installment bill balance when they switch. Once a customer has received the final bill from the other carrier, he or she may simply register for the Visa Prepaid Card at sprint.com/jointoday.

The half-off rate from Sprint 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. For example, Verizon customers paying $140/month for four lines of service to share can get four lines of service from Sprint for $70/month. Customers are entitled to the half-off rate as long as they remain on the plan.

The Sprint 4G LTE network serves more than 540 cities, making it easy for customers to enjoy data on their devices.