We’ve been hearing this from multiple sources today, and CNet confirmed the news this morning that Best Buy will be offering $150 trade-in value for any iPhone 4 / 4S, yielding a free 16GB iPhone 5 (Sprint, Verizon or AT&T) with a 2 year contract thanks to their current $50 off promo. This deal is only valid in-stores for one day only.
You have to get the deal in-store — shocker, they want to see the condition of your old phone — and you have to activate the phone on a two-year contract with Verizon, AT&T, or Sprint. As usual, you’ll pay a little bit of sales tax and any carrier activation fees.
The move by Best Buy comes as the tech retailer boosts its focus on mobile devices and other hot areas. The tech retail environment is a tough one, and Best Buy itself has been struggling.