Best Buy Launches iPhone 5 Trade-In Promotion

A new iPhone 5 trade-in program has been launched as the US locations for retailer Best Buy.

From today through August 18, customers who trade in their iPhone 4S at any Best Buy location will receive a gift card towards an iPhone 5 worth at least $200.

The customers iPhone 4S must be in working condition and be undamaged in order to participate in the deal.

Best Buy already offers an iPhone 4 trade-in deal, but that promotion only provides a base of $100 for the lowest end iPhone 4.

Customers can receive more for their devices if they feature higher memory levels.

There is of course a catch. Customers must immediately agree to a new two-year contract with AT&T, Sprint, or Verizon. That unfortunately means T-Mobile customers with unlocked iPhone 4S devices and other customers are out of luck. In order to qualify, you must be eligible for an upgrade or a new line of service.

It makes sense that the iPhone 5 trade-in program would be launched at this time since the new iPhone 5S and low-cost iPhone 5C are expected to be announced in September. Best Buy typically clears out as much old stock as possible before new devices arrive.

The iPhone 4S may or may not stay on the market. In the past, Apple has attempted to downgrade prices while keeping older devices on the market if they are within two generations of the new model. However, the iPhone 5C could lead to Apple discontinuing the iPhone 4S in order to attract low-end device buyers to the new smartphone.

With a new Apple lineup arriving shortly, we will likely experience other Best Buy iPhone 5 promotions in the coming weeks and months ahead.

If you have an iPhone 4S in working condition you could also sell it through Ebay, Craigslist, and other services for a much higher premium over Best Buys rather low $200 offer.

Will you be taking advantage of the Best Buy iPhone 5 trade-in program?