By Amanda Gigliotti , Christian Post Correspondent
August 17, 2013|9:09 pm

A new iPhone is expected to drop soon, and Best Buy is offering iPhone 4S and 4 owners a gift card if they trade in their device, which they can use to purchase and iPhone 5. The deal is only on until Sunday, Aug. 18.

iPhone 5 from Front and Back Photo courtesy of Apple

A picture of the new iPhone 5

Apple phone lovers can trade-in their working iPhone 4S for a $200 Best Buy gift card or an iPhone 4 for a $100 gift card, and use sum to purchase an iPhone 5 with a two-year contract with Verizon, AT&T or Sprint.

Users interested in the deal must be upgrade-eligible with their current providers. The device must be in good working condition and have an intact serial number.

iphone 4S Reuters/Robert Galbraith

Apple CEO Tim Cook speaks in front of an image of an iPhone 4S at Apple headquarters in Cupertino, California October 4, 2011.

The trade-in value may vary depending on the condition of the device, available documentation, and other factors. The program also does not apply to T-Mobile users as the company has adopted a no-contract approach.

Users can trade-in their phones at the store or begin the online Trade-in process. Best Buy has also limited the trade-in deal to 3 per person per day.

iPhone 4 (Image: Apple)

Display of Apple's iPhone 4

It is not the first time that Best Buy has run a trade-in program. On June 1, the retailer offered a one-day deal, where users were able to bring their old iPhone 4 or 4S to trade in for a brand new iPhone 5. The offer was so successful that it went on to offer the trade-in program again for 9 more days, from 21 until 29 June.

Other retailers have also recently been offering cheap iPhone 5 sales, knocking the price down to $0, in some cases or giving $50 savings.

Many deals are still expected to take place as carriers and retailers look to empty their iPhone 5 stocks before the new iPhone 5S arrives.

Apple is expected to launch a lower cost iPhone, dubbed as 5C, as well as an iPhone 5S at a special event on Sept. 10.