Widely expected to launch today, Apple(s aapl) confirmed to CNBC that its in-store iPhone trade-in program has officially started. There’s still no information about the program on Apple’s site, but starting today, you can get credit for your old iPhone by bringing it to an Apple store through the iPhone Reuse and Recycling Program.
There’s a bit of a catch. Unlike many other trade-in programs, CNBC is reporting that customers must sign a new contract in order to take advantage of the promotion. This is fine if you were already planning to pick up a new iPhone, but it’s a letdown for anyone that wanted to simply trade their old phone in for some cash or a gift card.
Pricing has not been announced, but don’t forget that Apple has already offered a Reuse and Recycling Program online for quite some time, and not just for iPhones. All you have to do is log into the site and answer some questions about your device in order to receive a price estimate and prepaid shipping options. Apple only offers gift cards to the Apple Store as opposed to cash, but at least you don’t have to sign a contract. And for a rough estimate, the going rate on Apple’s site for a 16GB black iPhone 5 on AT&T(s t) in good condition is $336.
In addition to Apple’s programs, there are a number of other stores like Best Buy(s bbuy), Radio Shack(s rsh) and Walmart(s wmrt) that will give you store credit in exchange for your old iPhone. And there are plenty of sites online like Gazelle, Glyde and NextWorth, that will happily take your old phone for cash. Just make sure to do some shopping around the find the best rates.