Let Me Upgrade You: Inside Cellphone Buyback Plans

Is it cost-effect to trade in your old phone?

Let Me Upgrade You - Are Americans cashing out for the latest iPhones, Galaxys and Droids? Or are people upgrading and trading in older devices? BET.com takes a look at cellphone buyback and upgrade plans to see how they work and if they are cost effective. —Dominique Zonyéé(Photo: Justin Sullivan/Getty Images)

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Let Me Upgrade You - Are Americans cashing out for the latest iPhones, Galaxys and Droids? Or are people upgrading and trading in older devices? BET.com takes a look at cellphone buyback and upgrade plans to see how they work and if they are cost effective. —Dominique Zonyéé(Photo: Justin Sullivan/Getty Images)

Recycle at Apple - Apple offers gift cards for old iPhones and other devices with its new Reuse and Recycling Program, launched on Aug. 30. The amount of money you get back from Apple varies, but Apple's website has a guide that can help you determine how much you would receive for your product.(Photo: Justin Sullivan/Getty Images)

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Recycle at Apple - Apple offers gift cards for old iPhones and other devices with its new Reuse and Recycling Program, launched on Aug. 30. The amount of money you get back from Apple varies, but Apple's website has a guide that can help you determine how much you would receive for your product.(Photo: Justin Sullivan/Getty Images)

Trade In at Walmart - Walmart launched its electronic exchange program on Sept. 21, which allows traders to get an instant credit ranging from $50 to $300 for the trade-in value for more than 100 smartphones. The credit is applied to a new phone, which must be purchased at Walmart.  (Photo: RICK WILKING/LANDOV)

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Trade In at Walmart - Walmart launched its electronic exchange program on Sept. 21, which allows traders to get an instant credit ranging from $50 to $300 for the trade-in value for more than 100 smartphones. The credit is applied to a new phone, which must be purchased at Walmart.  (Photo: RICK WILKING/LANDOV)

Get the Best Buy for Your Old Device - Best Buy offers both in-store and online trade-in programs. Once the worth of your trade-in device is determined, a gift card in the amount of the trade is issued and the phone is recycled. If you shop at Best Buy often, this may be worth it.(Photo: Tim Shaffer/Landov)

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Get the Best Buy for Your Old Device - Best Buy offers both in-store and online trade-in programs. Once the worth of your trade-in device is determined, a gift card in the amount of the trade is issued and the phone is recycled. If you shop at Best Buy often, this may be worth it.(Photo: Tim Shaffer/Landov)

Upgrade Early With Verizon Edge - Verizon’s Edge program includes no down payment, no upgrade fees, no long-term service contract. Setbacks? Payments for the phone are divided into 24 monthly installments. After six months, if at least 50 percent of your phone is paid off, you’re eligible for upgrades.(Photo: Jeremy Bales/Bloomberg via Getty Images)

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Upgrade Early With Verizon Edge - Verizon’s Edge program includes no down payment, no upgrade fees, no long-term service contract. Setbacks? Payments for the phone are divided into 24 monthly installments. After six months, if at least 50 percent of your phone is paid off, you’re eligible for upgrades.(Photo: Jeremy Bales/Bloomberg via Getty Images)

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Take Advantage of AT&T Advantage - AT&T Advantage offers an early upgrade after six months, a trade-in after 24 months, and users can share an upgrade with another person on the account. Upgrades require a 2-year extended contract, and prices for upgrades depend on devices. For more, check here.(Photo: Patrick T. Fallon/Bloomberg via Getty Images)

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Take Advantage of AT&T Advantage - AT&T Advantage offers an early upgrade after six months, a trade-in after 24 months, and users can share an upgrade with another person on the account. Upgrades require a 2-year extended contract, and prices for upgrades depend on devices. For more, check here.(Photo: Patrick T. Fallon/Bloomberg via Getty Images)

T-Mobile: The Carrier That Keeps Upgrading - T-Mobile’s “Jump” program allows users to trade in their devices at any time after six months or a year, but costs users an additional $10 per month. Users can add the new phone fee to their monthly bills. Ten bucks may seem affordable, but there’s a catch. If you try to purchase more expensive phones, the money is due upfront.(Photo: Andrew Burton/Getty Images)

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T-Mobile: The Carrier That Keeps Upgrading - T-Mobile’s “Jump” program allows users to trade in their devices at any time after six months or a year, but costs users an additional $10 per month. Users can add the new phone fee to their monthly bills. Ten bucks may seem affordable, but there’s a catch. If you try to purchase more expensive phones, the money is due upfront.(Photo: Andrew Burton/Getty Images)

Stay Ahead With Sprint One Up - With Sprint's One Up program, terms for upgrading are similar to T-Mobile, but there are no monthly fees. This program requires users to sign up for the Unlimited, My Way or its $110 My All-In plan. The individual My Way plan costs $80, however; the One Up program includes a $15 discount, bringing the monthly cost down to $65.(Photo: Joe Raedle/Getty Images)

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Stay Ahead With Sprint One Up - With Sprint's One Up program, terms for upgrading are similar to T-Mobile, but there are no monthly fees. This program requires users to sign up for the Unlimited, My Way or its $110 My All-In plan. The individual My Way plan costs $80, however; the One Up program includes a $15 discount, bringing the monthly cost down to $65.(Photo: Joe Raedle/Getty Images)