Earlier this week, Sprint announced its new Cut Your Bill in Half Event that’ll halve the bills of AT&T and Verizon customers that switch to Sprint. The promo sounds pretty awesome at first, but today a Sprint executive downplayed the deal a bit.

Sprint CFO Joe Euteneuer spoke today at a Merrill Lynch conference and said that customers that take advantage of the Cut Your Bill in Half promo are “probably getting a 20 percent sort of net discount” on their old plan. That’s because when you sign up for the Cut Your Bill in Half Event, you need to lease a new phone, pay the full price in installments or pay for it outright. Additionally, Sprint’s offer only covers the calling, texting and data parts of a bill, meaning that your taxes won’t be slashed in half.

Euteneuer went on to say that many people find that Sprint’s regular plans are cheaper than the halved AT&T and Verizon bills.

While Sprint’s Cut Your Bill in Half promo may not end up being quite as awesome as it initially sounds, the offer is still getting Sprint in the news and getting the idea of switching to Sprint in the heads of AT&T and Verizon customers. Ultimately, that’s a good deal for Marcelo Claure and Co.