Apple Announces iPhone Trade-In Program

Apple is making it easier to upgrade to that newer-model iPhone you've been wanting. Today Apple announced the launch of their new iPhone trade-in program. Called the "iPhone Reuse and Recycling Program," iPhone owners can now bring their older model iPhones to an Apple Store and receive trade-in credit in the form of a gift card.

The exact details of the program are unclear but some of the details emerging are that the old iPhone must be in working order, they will then be assessed by Apple Store employees to determine trade-in value. A Working 16GB iPhone 5 in good condition could bring up to $300.

The trade-in program also only works if you have a current contract. If you don't have a current contract or your contract is up, you would have to sign a new one in order to use the trade-in program. This is presumably to prevent theft and attempted trade-ins of stolen iPhones.

The "iPhone Reuse and Recycling Program" comes as Apple is expected to announce a new version of the iPhone sometime in the coming weeks(sources say Sept. 10).

Other trade-in programs already exist, but mostly from online companies like Gazelle, which require users to mail their phones before receiving credit. Apple's in-store program should make the process simpler.

Best Buy also has an in-store trade-in program. This weekend, from August 30 to September 2, customers can  trade-in a used iPhone 4 or 4s and get an iPhone 5 for half price at $99.