Sprint Answers Competition With Lowest 'Unlimited' Rates

NEW YORK (TheStreet) -- Sprint (S) announced its new $60 per month unlimited data plan in response to T-Mobile's (TMUS)  latest offer, as it seeks to stave off subscriber losses to the upstart T-Mobile.

The battle pits third-place cellular provider Sprint and its newly installed CEO Marcelo Claure against fourth place T-Mobile US and its outspoken leader, CEO John Legere. Legere has promises his company will overtake Sprint and move into third place by the end of the year.

Sprint's new offer is the least expensive in the industry at this point. Its new plan offers "unlimited talk, text and data while on America's Newest Network for $60 per month, a $20 savings compared to T-Mobile's $80 per month unlimited plan," according to the company. Sprint notes Verizon Wireless (VZ) and AT&T (T) don't offer unlimited plans.

Read More: Why Apple's iPhone 6 Won't Be Late

Shares of Sprint were down 0.63% to $5.53, while T-Mobile shares were off 0.58% to $28.99 in early morning trading in New York.

To qualify for the plan new customers must buy a new phone using Sprint Easy Pay plan and pay full price or bring their own compatible phone. Current Sprint subscribers can also take advantage of the new pricing if they meet the following requirements: they have a phone that was bought with Easy Pay, a phone no longer under contract or you're eligible for a phone upgrade or want to add another line to your monthly plan.

If you liked this article you might like

Irma and Harvey Busted Algos; Probably Done Deals Under Trump: Best of Cramer

North Korea Threats and Fed Actions: Here's How Markets Ended the Week.

S&P 500, Nasdaq Shake Off North Korea Threat to Bounce Higher at Week's End

Sprint T-Mobile Merger Will Have to Contend With This Wonky Number the DOJ Uses

North Korea's Nuclear Threat Pressures Wall Street at Trading Week's End