Apple's in-store iPhone trade-in program is launching today in the U.S., offering customers who bring in an iPhone credit toward the purchase of a new iPhone. Users will now be able to take their iPhones into Apple stores as they have been already been able to do with their old iPods.

The long-rumored program would help owners of previous-generation iPhone offer their devices for reuse or recycling. It is also timed to coincide with the release of the newest iPhone models.

To be eligible for the Apple trade-in deal, the iPhone has to be undamaged by water and in good working order. At the store, an employee will evaluate the phone's make and age and offer between $120 and $250 that can be used toward a new iPhone. A two-year contract is required as well.

Apple will face competition from third-party firms that have already been letting consumers trade in their old phones for cash and credit. For example, an iPhone 5 with 64 gigabytes of memory can fetch $350 through Gazelle's website, while an iPhone 3GS may receive only $10. The most that any iPhone will fetch at an Apple Store is $280.



Apple is expected to host an event on Sept. 10 to unveil its next iPhone. Along with an operating system upgrade, rumors suggest the phone will feature fingerprint authentication.