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Sprint has fired its latest salvo against AT&T and Verizon Wireless. It is offering to chop the bill prices for customers of both carriers by half in a new promotion that begins on Friday, December 5.

On that day, current AT&T and Verizon customers can go to Sprint's website to upload a copy of their current bill. Then they have to go to their nearest Sprint store with a copy of that bill and all of the phones on their account, where a store representative will then give them a plan with unlimited talk and text and a data plan that matches what they currently get for half the price.

What's the catch? You have to turn in your old phones and pay either the full no-contract price for a new Sprint device or get the phone via the company's Easy Pay installment plan. Sprint will also give AT&T and Verizon customers a Visa Prepaid card for up to $350 per line to help pay for any early termination fees or installment bill balance.

Source: Sprint

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