Boost Mobile promotion will shrink unlimited voice, text plans to $30

Sprint Nextel's (NYSE:S) Boost Mobile prepaid brand is launching a promotion that could cut the cost of its unlimited voice and texting plans down to $30 via the company's bill "shrinkage" policy.

Boost said that from March 29 through May 31, when customers sign up for a $45 plan with unlimited voice and texting, they can shrink their bill down to $30 by making on-time bill payments. The plans will be tied to three Boost phones: the LG Rumor Reflex, the Motorola Mobility (NYSE:MMI) Theory and the Sanyo Innuendo from Kyocera.

For every six on-time payments, customers will see their monthly payment shrink by $5, eventually getting down to as low as $30 a month for unlimited nationwide talk and text. Boost said payments do not need to be consecutive to qualify for these saving milestones.

The plans appear to be aimed at lower-end prepaid customers since they do not include data. Boost's Android plans, which start at $55 per month (and also include shrinkage) are not impacted by the promotion.

MVNO TracFone in late November introduced a similar holiday shopping promotion. TracFone's Straight Talk service announced at the time it would offer a year's worth of unlimited calling, texting, data and 411 service for $30 per month.

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