If those AT&T and Verizon Wireless television commercials were fighting words, the fight may now have really begun with the announcement that Verizon has cut rates on its wireless plans, effective Monday.

The company’s nationwide unlimited voice plan has been slashed from $99 all the way down to $69.99 per month. A nationwide unlimited voice-and-text plan is now being offered for $89.99. Family plans are also getting chopped: The unlimited family plan will be $119.99 and the unlimited voice-and-text will run $149.99 – based on two phone lines. The old unlimited family voice-and-text plan was $80 more – $229.99.

Prepaid is also getting a makeover, with an unlimited voice plan offered for $74.99 per month and unlimited voice plus text at $94.99.

While the prices are still higher than some competitors, this move is bound to put pressure on Verizon’s No. 1 nemesis, AT&T, which cut its plan rates shortly after Verizon made price reductions last year, and which many expect will have to follow suit again this time.

If you’re a current customer, your rates won’t automatically decrease, but you are eligible to switch to a new plan without paying anything extra to do so.