Sprint has announced another incentive to join the carrier, half price rates. For AT&T and Verizon Wireless customers, Sprint will drop the price of the current contract by half, if they switch.

The deal will match the same unlimited text and phone, alongside the amount of data per month, for half of the price. Sprint has opened the floodgates to more competitive change in the carrier world on price.

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Sprint will also pay up to $350 to terminate the current contract with Verizon Wireless and AT&T, as long as the customer then signs a two year contract with Sprint.

The new plan, named "The Cut Your Bill In Half Event", will start on Friday. Sprint is ready to pay big for more subscribers, after losing over a quarter of a million in Q3.

Customers who go for this promotional offer will get the next two years at half price. Sprint's new CEO Marcelo Claure claims the deal is "the best value in wireless" and will not change any time in the customers one or two year commitment.

Price competition is currently T-Mobile's world of interest and CEO John Legere has won over millions of customers in the past year, with the Un-Carrier programs to make phones and contracts more affordable.

Sprint wants the same success with its own service, after years of decline against Verizon Wireless and AT&T - who control 85 percent of the U.S. wireless market.

The deal will drop Sprint's revenue per customer down slightly, but most market analysts claim this is a smart move to draw customers back to Sprint. The third largest carrier in the U.S. could use some new subscribers.

Sprint recently announced a "Double Data" deal, offering flash promotions of double data for the same price per month. Verizon Wireless and AT&T countered the deal with their own increases in data.

The new deal will be ongoing for a few months, but Sprint has also seen bad press over the past month, with customer satisfaction rates the worst in the U.S. It appears Sprint still needs to work on support, which could be a crucial factor when gaining new customers.

Sprint will not extend the deal to T-Mobile customers. Both AT&T and Verizon Wireless declined to comment.

TagsSprint, AT&T, Verizon wireless, phone contracts, phone deals