Sprint, in a bid to win back its reputation after badly losing to T-Mobile in the latest State of Mobile Networks report by OpenSignal, has launched a new promotion that will allow customers to acquire the iPhone 8 for free.

The terms of getting Apple's latest iPhone models for no cost, however, comes with certain requirements. Here is everything you need to know to get a free iPhone 8 from Sprint.

Sprint Free iPhone 8 Offer: What Are The Requirements?

As stated in the press release announcing the offer, the first requirement for Sprint's free iPhone 8 deal is that customers will need to trade-in one of select devices.

These devices are limited to last year's iPhone models, namely, the iPhone 7 and iPhone 7 Plus, and this year's flagship Samsung smartphones, namely, the Galaxy S8, Galaxy S8+, and the Galaxy Note 8. It's interesting to see the Galaxy Note 8 as one of the listed devices in the free iPhone 8 offer, though, as the smartphone was only released last week.

The free iPhone 8 offer is only applicable to new line activations, though it is open to both new and existing Sprint subscribers. Customers, however, will be required to sign up for the Sprint Flex unlimited plan, which costs $55 per month but also offers a six-month trial for the Tidal music streaming service. Customers can also sign up for the iPhone Forever plan, which will allow them to give back the iPhone 8 after 12 months to receive the next model, whatever it ends up being named.

The free iPhone 8 will still carry an 18-month lease, though, despite a charge of $0 per month. After 18 months, customers can hand back the iPhone 8 or pay the standard lease price for six months to own the device outright. For the entry-level iPhone 8, that amounts to $29.17 per month or about $180 for six months, which is still much lower compared to the iPhone 8 price of $700.

Sprint iPhone 8 Trade-In Promo

Sprint subscribers who do not have one of the required smartphones to trade in for a free iPhone 8 can still enjoy a 50 percent discount to the lease of the iPhone 8 by trading in the following devices: the iPhone 6 or onward; the Samsung Galaxy S7, Galaxy S7 Edge, or Note 5; the LG G6, V20, or G5; the Google Pixel or Pixel XL; or the Moto Z Droid, Z Play, Z2 Force, Z Force Droid, or Z2 Play.

Customers that go this route will only pay about $15 plus the monthly plan of $55, for $70 a month.