There were a lot of rumors circulating over the past few weeks about Apple launching a trade-in program for the iPhone. The company has confirmed this program, adding that it is only exclusive to the U.S. for now.
Apple’s carrier and retail partners already offer trade-in programs of their own. This is actually the first time that Apple is launching such a program through its own retail stores. The trade-in program is said to be a major part of CEO Tim Cook’s plan to increase iPhone sales through the company’s own stores. He attended a meeting earlier this year in which leaders of Apple Retail Stores from all around the world were in attendance, he reportedly revealed at the meeting that 80 percent of all iPhones being sold were not being bought from the company’s stores.
The way this program works is that a customer goes into the Apple Store and tells an employee that they want to trade-in their iPhone. The employee will then add information about their iPhone into a device they carry which will give the value of the customer’s device, if the customer accepts the value, they will be given a gift card for that amount. The highest that a customer can receive for their old iPhone is $280. Once the gift card has been received, the customer must use it right there to purchase a new iPhone on contract. The gift card can’t be put towards any other purchase. However, if there’s any leftover value in the gift card once the new iPhone has been bought, it can be used to buy something else.
Apple has confirmed that at this point in time the iPhone trade-in program is only limited to stores in the U.S. It hasn’t said if the program will be rolled out in major markets such as Canada or the UK.