Best Buy kicks off new iPhone trade-in deal

The new promo doles out a $100 or $200 gift card in exchange for a working iPhone 4 or 4S, good toward the purchase of an iPhone 5.

Screenshot by Lance Whitney/CNET

Best Buy has launched its latest trade-in deal for iPhone 4S or 4 owners looking to score an iPhone 5.

People who trade in a working iPhone 4S will receive a $200 gift card, while those who trade in an iPhone 4 will snag a $100 gift card. Those gift cards can then be applied toward the purchase of an iPhone 5 with the usual two-year agreement.

Available only in Best Buy stores, the promo started on Thursday, August 15, and runs until Sunday, August 18. As always, certain conditions apply. The offer is good for Verizon Wireless, AT&T, and Sprint customers, but not for those on T-Mobile. No-contract iPhones are also off the list. And customers have to be eligible for a new two-year contract.

The phone that you trade in must be able to power on. Units damaged by water and those with cracked screens won't be accepted. And the gift card itself can only be used toward an iPhone 5.

Assuming you and your phone meet the conditions, the deal is a good way to get an iPhone 5 at a more budget-friendly price.

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