Walmart on Tuesday announced its own smartphone trade-in program, which will compete with existing offerings from U.S. cellular carriers, Apple, Best Buy and others, on the day that Apple is expected to unveil its iPhone 5S and iPhone 5C.
Depending on your device, the store will accept about 100 different models at launch, Walmart will offer you between $50 and $300 to trade it in. It said it will pay $300 for an iPhone 5 or $175 for a Samsung Galaxy S III. That’s not a bad deal, especially if you’re considering an upgrade to the iPhone 5S, which will very likely start out at $199 with a new two-year contract. Still, other outlets such as Craigslist and eBay could put a bit more cash in your pocket but take more time.
Walmart has partnered with a company called CExchange for the trade-ins. Consumers who opt-in will then be given a credit toward the purchase of a new smartphone on AT&T, Sprint or Verizon Wireless, and only if they are signing up for a new two-year contract it appears. T-Mobile will not be participating in the program.
The program will launch on Sept. 21 and will be available across 3,600 Walmart and Sam’s Club retail locations.