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iPhone 6 buyers can score up to $375 in new Best Buy trade-in deal

The requirements are a bit complicated, but you could take home a hefty number of Best Buy gift cards if you meet the right conditions.

Looking for an iPhone 6 or 6 Plus? Best Buy has a tempting offer, if you meet all the requirements. Josh Miller/CNET

Looking for an iPhone 6 or 6 Plus and willing to trade in your old iPhone and switch carriers at the same time? You could get back a healthy amount of money in gift cards through Best Buy.

The retail chain is promising up to $375 back in gift cards and credits if you're willing and able to take full advantage of the entire deal. And even if you can't, you'll at least get something back from Best Buy for buying a new iPhone 6 or iPhone 6 Plus.

OK, here's how the deal works:

You'll receive a gift card worth at least $200 if you trade in a working iPhone 5 and then buy and activate a new iPhone 6 or 6 Plus through Best Buy. And you might get even more money back if you traded in a newer model iPhone, for example, an iPhone 6 for an iPhone 6 Plus.

You'll get a $50 gift card when you activate your new iPhone 6 or iPhone 6 Plus, but that offer is good just for today. Come Thursday, the $50 gift card is off the table.

You'll get $25 in Best Buy points if you're a My Best Buy member or become a member. The points can be used to help pay for a future purchase of any product.

The above options are good whether you buy a new iPhone 6 at Best Buy with Verizon, AT&T or Sprint as your carrier, and whether you opt for the standard two-year contract or an installment plan. However, you can get even more back in gift cards if you switch carriers and opt for an installment plan. And here's how that works:

You'll get a $100 gift card if you switch to Verizon from your current carrier and opt for Verizon's Edge plan, which allows you to pay off your phone on a monthly installment basis. The same $100 gift card is yours if you jump ship to Sprint and choose one of the carrier's leasing plans. And finally, you'll get $100 worth of credits good toward your bill if you switch to AT&T and choose one of AT&T's Next installment plans.

Add up all the options, and that means you'll get as much as $375 in Best Buy gift cards. If not, you can pick the options you want and still leave the store with a gift card or two.