Sprint is preparing to launch an early-upgrade plan for its tablets and smartphones, following the lead of T-Mobile, AT&T and Verizon.

Sprint's early-upgrade plan, called Sprint One Up, is scheduled to debut on Sept. 20, according to CNET. It's also worth noting that this is the same day the iPhone 5S and iPhone 5C will hit stores.

Sprint One Up works much like other early-upgrade plans, allowing customers to pay for their phone in monthly installments rather than all at once. At the one-year mark, Sprint will let customers trade-in their existing phone, and upgrade to a new handset.

T-Mobile was the first company to bring out an early-upgrade plan, introducing its Jump program in July. The plan lets customers upgrade as early as every six months, and also includes device insurance. Jump's debut was timed to accompany its new, less expensive rate plans.

AT&T and Verizon followed with their own early-upgrade programs, Next and Edge, respectively. AT&T and Verizon's plans have been criticized, in part because neither company offers a discount on the rate plan for their upgrade program — despite requiring users pay the full price for a phone over the course of two years.

Sprint is taking a similar approach to T-Mobile, offering users a discounted rate on service.

CNET obtained a Sprint-produced screenshot comparing One Up against the competition and it (unsurprisingly) shows that Sprint is the cheapest provider over the course of one year. Of course, Sprint also has the smallest LTE coverage window, so users should keep that in mind before making their decisions.

CNET reported that current Sprint customers who have been on contract for at least one year will be eligible for One Up, but added that the offer may be limited.

We'll post a more in-depth comparison between carriers' various early-upgrade plans as more details emerge.

What do you think of Sprint One Up — is it enough to make you consider moving to the carrier? Tell us in the comments, below.

Image: Justin Sullivan, Getty Images; Screenshot: CNET