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Apple Confirms iPhone Trade-In Program Before Rumored iPhone 5S Launch

In a move that seems to be a precursor to Apple's iPhone 5S launch, the company has confirmed a new iPhone trade-in program that exchanges  your old smartphone for an Apple gift card. The catch-- you'll have to walk out of the store with a brand new iPhone on contract that day.

Apple reportedly told CNBC's Jon Fortt that the new trade-in program will launch nationwide on August 30. The new effort is similar to Apple's current exchange policy, but differs in the sense that you'll be required to purchase a new iPhone with a two-year contract. Details on the program are scarce, but the CNBC report lines up with rumors that have cropped up earlier this week. According to a previous report from TechCrunch, the company would offer $250 in store credit for a 16GB iPhone 5 in good condition. This credit, in turn, would be put toward a new iPhone 5S or iPhone 5C.

MORE: Apple and Gazelle Compete for iPhone 5 Trade-Ins

The news that Apple plans to launch an iPhone trade-in program comes just about 10 days before the company's purported iPhone event. Apple is expected to unveil the iPhone 5S and low-cost iPhone 5C on Sept. 10, although this has yet to be confirmed. 

While this program may be new for Apple, trade-in deals are fairly common. Gazelle, for instance, offers up to $315 for an iPhone in good condition. When we compared trade-in deals for the iPhone 4 back in 2012, we found that Amazon shelled out up to $415 for your old iPhone. We're still waiting on more details from Apple, but the company may have to sweeten the deal to allure customers from more appealing trade-in options. 

Lisa has been reporting on all things mobile for since early 2013. When she’s not reviewing gadgets, she’s usually browsing patent databases or interviewing experts to track down the hottest tech trends before they even happen. Lisa holds a B.A. in Journalism from SUNY Purchase and has contributed to The International Business Times, The New York Daily News and Guitar World Magazine.