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Walmart debuts smartphone trade-in program

WalmartAttention, Walmart shoppers! You may now trade your old iPhone in for credit towards a new smartphone. The company's executive V.P. of general merchandise, Steve Bratspies, told ABC News that customers can expect to receive some where between US$50 and $300 in credit in exchange for older, working smartphones.

Non-working phones will not be accepted, so keep that 4S that fell into the fish tank at home. Also, customers taking advantage of this offer must sign up for a two-year contract with AT&T, Verizon or Sprint while at the store, or one of Walmart's own prepaid plans. But you saw that coming.

Bratspies wouldn't commit to exact numbers, but suggested that a customer with a working, 16 GB iPhone 5 in good condition could expect to receive $300 in credit, which is similar to what Apple is offering.

Unlike Walmart's "Gadgets to Gifts Cards" program, which let users trade their electronics online for gift cards, the new program is handled inside Walmart stores.

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