Sprint will cut your bill in half if you switch from AT&T or Verizon

Sprint cut your bill in half
Though you need to buy a new phone

T-Mobile has so far done the best job incentivizing subscribers to ditch its competitors, but Sprint is giving the un-carrier a run for its money with a new ploy.

It's like this: Sprint has promised to cut your bill in half if you switch from Verizon or AT&T (though, notably, not T-Mobile).

The carrier will choose a plan that best matches your current deal on AT&T or Verizon, then offer it to you for half what you currently pay, while at the same time covering up to $350 of your cancellation fees for you.

You are, however, required to trade in your existing phone and buy a new one form Sprint, whether on a lease, in monthly installments using Sprint Easy Pay, or at full price up front.

You can sign up for a Sprint plan at half your current bill online or in stores starting December 5, and you'll keep that rate as long as your plan stays the same.

If there's a catch here, we can't find it.