Sprint announced on Tuesday that it would begin offering a “Loyalty Service Credit” for all of its existing customers that will allow them to lease a new iPhone 6 for just $5 a month without changing their plans. The iPhone 6 Plus comes in at $10 a month.
As CNET explains, the “credit” is in reference to the $15 discount that Sprint will be offering for current Sprint subscribers. Anyone signing up for a new service plan will have to pay $20 a month for the iPhone 6 leasing program.
The promotion began on October 13th, but in order to qualify for the special offer, Sprint subscribers need to sign up before January 15th. The phone can be returned at any point, but after 24 months, users will have the option to trade the iPhone 6 or 6 Plus for a new iPhone, purchase the phone outright, continue a month-to-month lease or simply terminate the contract altogether.
This might sound like a great offer, but as Re/code points out, most of Sprint’s current unlimited plans cost more than $70. Here’s why that’s relevant: Sprint just began offering new subscribers a $50 a month iPhone plan. Combine that with the $20 a month iPhone 6 lease and you wind up paying less than a current Sprint subscriber. It gives subscribers a cheap way to try a new phone, but at the end of the day, it’s still not better than what the “non-loyal” subscribers are receiving.