Sprint’s got a new promotion up its sleeve, this one aimed at existing AT&T and Verizon customers.

Sprint has announced its new Cut Your Bill in Half promo that will give AT&T and Verizon customers a plan comparable to the one that they’ve already got, but for half of the price. So if a Verizon customer has a plan that they’re paying $340 per month for, they’ll be able to get a similar Sprint plan for $170 per month.

Sprint also says that it’ll waive the activation fee for customers that take advantage of its deal, and that it’ll buy out old contracts for up to $350 as well.

There are a few details about Sprint’s new promo that are worth taking note of. The deal is only available to AT&T and Verizon customers, and Sprint will halve the service portion of their bills, which means the calling, texting and data. Consumers that take advantage of the deal will need to buy a device at full retail price or buy a unit using Sprint Lease or Sprint Easy Pay. You’ll then trade your old phone into Sprint.

Sprint says that folks that do sign up for the Cut Your Bill in Half promo can keep their discounted rate plan for as long as they’d like.

This sounds like a pretty great promotion for AT&T and Verizon customers that are willing to make the switch to Sprint. I could definitely see the promo being a pain for Sprint and its employees, though, as they could end up having all kinds of customers on all kinds of differently-priced plans.

Are you thinking about taking advantage of Sprint’s Cut Your Bill in Half Event? Compare Sprint Plans and take advantage of this great deal.