A new smartphone trade-in promotion from Best Buy (NYSE:BBY) ups the ante in the increasingly competitive iPhone pricing showdown between Apple’s (NASDAQ:AAPL) iPhone retailers. According to an internal company document obtained by TechnoBuffalo, Best Buy will soon be offering customers a minimum $100 gift card for any working smartphone that they trade in to purchase one of Apple’s new iPhones.
However, the gift card must be put towards the purchase of an iPhone 5S or iPhone 5C with a two-year service contract. Since Best Buy currently sells Apple’s 16GB iPhone 5C for $99, a customer can essentially exchange any old Android-powered smartphone model for a new iPhone with no money down.
According to the document, the promotion will run from Sunday, October 13 until Saturday, October 19. Trade-in devices must be able to power on and have no water damage or cracked screens in order to be eligible for the promotion.
Best Buy previously ran an iPhone 5C promotion that gave customers a $50 gift card with their purchase, effectively making the cost of the device $50. However, Walmart (NYSE:WMT) outdid Best Buy’s promotion when it recently announced that it would be selling the iPhone 5C for $45 throughout the holiday season.
Walmart’s one-upmanship of Best Buy’s last promotion may have led the electronics retailer to create its latest trade-in deal for the iPhone. Some industry watchers have expressed surprise at how low the iPhone 5C price has dropped at some retailers, despite having been available for only about three weeks. Although the Cupertino-based company reported selling a record-breaking nine million new iPhones over the opening weekend, it did not break those sales numbers down by model.
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