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Target: Trade old iPhone for cheaper iPhone 4S

Target is offering trade-in credit for iPhone 4 and iPhone 3GS phones when you pre-order the iPhone 4S from Target stores.

Target logo

If you're pre-ordering an iPhone 4S today, Target wants you to head to one of its 1,490 Target Mobile centers within a Target retail store to do so. Especially if you're trading up from an earlier iPhone model.

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Bring in your (fully functioning) iPhone 4 for up to $200 credit, or your iPhone 3GS for up to $120 credit, and walk out with a chit for a new iPhone 4S.

There is one catch, though. You'll spend less on your new iPhone 4S in a roundabout way, by walking away with a Target gift card that you can spend on the new phone when you pick it up October 14. Although you can bring your phone in on October 14, Target is giving pre-order customers priority for the trade-in value, and isn't guaranteeting it to sales-day walk-ins.

The competition for sales is even fiercer in this iPhone round, with not two, but three carriers vying to win your contract, and distributors like Target elbowing to win your dollars. Target will set you up with any of the three iPhone 4S carriers.

The iPhone 4S goes on pre-order today and goes on sale Friday, October 14.

Article updated Friday at 2 pm PT with more details.