Target is planning to launch a branded pre-paid mobile phone service that will compete with a similar service from rival Walmart. It's called Brightspot and it'll be launching on T-Mobile's nationwide network starting October 6 according to a recent post on Target's official blog.

As of Sunday, shoppers will be able to get unlimited talk and text for just $35 per month. If you need data, Target will add a 1GB bundle of high-speed data to your plan for $15 extra.

As an added incentive, the company will give you a $25 gift card for each six months of service which equates to a free month of service each year if you select the $50 plan. Furthermore, Target REDcard holders will receive a five percent discount per month on service - or an extra $30 per year with the more expensive plan.

Target will offer a "robust" selection of phones from flip-phones to more advanced smartphones. Specific brands and handsets weren't mentioned but if that isn't an option, you can bring your existing compatible device to the network and pick up a SIM kit to use the phone on Brightspot.

Comparatively, Walmart's Straight Talk offers service starting at $30 per month for 1,000 minutes, 1,000 texts and 30MB of data. You can bump up to unlimited everything (2.5GB of high-speed data per month - speeds throttle after that) for just $45 per month and if you want to pay for service in advance, there are some nice discounts worked in.