Starting today, Apple is letting current iPhone owners trade in their older iPhones for up to $280 back in store credit toward the purchase of a new iPhone.

This has to be done at an Apple Retail store.

There are just a few strings attached to the trade in program: your iPhone has to power on, be free of water-damage, and you have to still be under contract.

TechCrunch points out that in order to participate in Apple's program you have to walk out of the Apple Store with a new phone, under contract.

This is the first time that Apple has launched an official trade-in program called the "reuse and recycling" program.

“In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone,” a company spokeswoman told the Wall Street Journal .

The news is just starting to trickle out, we don't know exactly what will get you $280 — it could be that you have to have a mint-condition 64GB iPhone 5 in order to receive the most cash back.

Apple's offer isn't a good deal relative to the competition.

Programs like Gazelle and Nextworth let you trade in any type of smartphone and give you back cash depending on the condition. You could also go the DIY route and sell it via Craigslist or eBay.

The highest you can get on Gazelle is $350. On Craigslist and eBay you can get even more.

What you're getting from Apple is the convenience of walking into an Apple Store and walking out with a new phone while paying slightly less.

Apple is expected to announce its newest iPhone on Sept. 10.