Apple CEO Tim Cook speaks during an Apple event announcing the iPhone 6 and the Apple Watch at the Flint Center in Cupertino
Apple CEO Tim Cook speaks during an Apple event announcing the iPhone 6 and the Apple Watch at the Flint Center in Cupertino, California, September 9, 2014. REUTERS/Stephen Lam

According to CNET, if you are already a subscriber with Sprint, you can avail the new iPhone 6 or the iPhone 6 Plus for only $5 or $10 per month, respectively. The plan, which allows existing Sprint users to avail the offer, is called "Loyalty Service Credit."

The source claims that the new loyalty scheme that Sprint has launched is actually an attempt by the company to retain its poor subscriber base. In the recent past, Sprint had launched new plans to offer better deals than the rivals. In the previous month, Sprint offered $50 unlimited plan particularly for those customers who were interested in purchasing the iPhone.

According to GSMArena, the new program from Sprint allows the customers to use the iPhone 6 or the iPhone 6 Plus along with their current smartphone plan. After two years, customers can either return the iPhone 6 to the carrier and avail a new device or buy the handset that you have been using.

After two year, users may even go ahead and continue to lease the handset by making payments on monthly basis. Customers can also choose to terminate the contract by returning the iPhone 6.

The Loyal Service Credit promotion began on Oct 13 and it will terminate on Jan 15. So, if you are an existing customer with Sprint, you will have to sign up for the offer before the last date.

CNET states that after the arrival of the new CEO, Marcelo Claure, the struggling company has been making attempts to gain popularity. Last year, John Legere, the CEO of T-Mobile did well by launching several promotional offers and enhanced T-Mobile's network to uplift their struggling business.

Sprint has started advertising aggressively by offering attractive plans but CNET claims the network coverage is still not good as its rivals. Sprint is not very active in attracting customers since they do not have a strong network and they are trying their best to retain their existing customers by offering loyalty-centric schemes like Loyal Service Credit. As of now, Sprint is offering LTE connectivity in larger cities, but the reach is quite less compared to LTE coverage of AT&T, Verizon Wireless and T-Mobile.