Best Buy says it had the biggest day ever for its four-year old trade-in program on June 1. That's when the electronics retailer gave customers the opportunity to trade in iPhone 4 and 4S models and get a "free" iPhone 5 in return. Best Buy won't disclose just how many older iPhones were turned in that day. But the company is about to re-launch the promotion on Friday and keep it going for 9 days.
Under the program, customers who trade in an older working model iPhone 4 or 4S can earn a credit of up to $150, which can be used to cover the purchase of a new 16 gigabyte iPhone 5, at the retailer's current $149.99 price. The price factors in a $50 instant rebate that stays in effect until June 29.
To qualify, buyers must be eligible for an iPhone upgrade with their wireless carrier, and are still on the hook for a new two-year data plan, plus sales tax of around $35. You can get a phone from Verizon Wireless, AT&T or Sprint.
If Best Buy deems your older phone worth more than the $149.99 price of an iPhone 5, it'll make up the difference with a Best Buy gift card. The trade-in value depends on the phone model and condition. Best Buy has an online trade-in pricing tool at www.bestbuy.com/tradein.
But Best Buy wants you in the stores. The latest iPhone promotion is only good inside physical Best Buy or Best Buy Mobile stores, but not on BestBuy.com.
Best Buy said it recycled more than 350,000 phones of all types last year alone. In all the trade-In program accepts more than 11,000 items: a gaggle of consumer electronics products that include tablets, laptops, PCs, MP3 players, cameras and then some. You're not required to have purchased those products at Best Buy. The retailer and its partners handle refurbishing, recycling, and making sure there's a "Green" outcome.