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Best Buy to revive $200 iPad trade-in promotion

Consumers who trade in a working iPad 2 or third-generation iPad will get a $200 gift card.

The fourth-generation iPad.
The fourth-generation iPad. Apple

Best Buy is bringing back a recent promotion that can shave $200 off the cost of a new iPad.

Launched on Tuesday by the retail chain, the deal rewards consumers with a minimum $200 gift card for trading in a working iPad 2 or third-gen iPad. You can spend that $200 on any item at your local BB store or the retailer's Web site, according to Best Buy.

The retailer is encouraging consumers to use the gift card toward the purchase of a fourth-generation iPad. That gift card would cut the cost of the latest edition iPad with a Retina Display and 16GB of storage to $299.99.

And customers could score even more than $200 based on the model and condition of their iPads.

The promotion runs today through August 3 and is available through all Best Buy stores and Best Buy Mobile stores in the U.S. that offer trade-ins.

This is the same deal that Best Buy launched earlier this month. That deal ran for two days and fared quite well, according to Best Buy.

"Based on the success and customer excitement we saw around our two-day iPad Trade-In offer July 12 and 13, Best Buy is repeating the offer starting today for two weeks," a Best Buy rep said in a statement.

In June, the retailer ran a promotion that gave customers a "free" iPhone 5 for trading in a working iPhone 4 or 4S. These deals seem to prove popular with consumers and with Best Buy. The company revealed that it saw the single biggest day for its trade-in business during the iPhone promotion.

Updated 3:35 p.m. PT: The gift card is good for any item.