is renewing an iPhone trade-in promotion in which you can waltz into your local Best Buy location, hand over your iPhone 4 or 4S handset, and essentially receive a free iPhone 5
. You actually earn a credit of up to $150, which you can then use the cover the cost of a 16GB iPhone 5 in either black or white. The 16GB iPhone 5 runs $200 (subsidized) at Best Buy, minus a $50 instant rebate that's in effect until June 29.
You may recall Best Buy held this same promotion earlier this month, on June 1st, to be exact. While the electronics chain isn't disclosing how many older iPhone models it received on that day, the company did say it marked the biggest day ever for its four-year-old trade-in program, according to USA Today
There are caveats, of course. To take advantage of the promotion, you have to be eligible for an iPhone upgrade with your wireless carrier. It also requires re-upping your two-year data plan, plus you have to pay sales tax on the iPhone 5 device. Finally, the offer is only good in Best Buy and Best Buy Mobile locations -- it doesn't apply to online sales.