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Best Buy Offering Apple iPad Upgrade

This article has been updated with corrected information.

NEW YORK ( TheStreet) -- Based off the success of its Apple (AAPL ) iPhone trade-in promotion last month, Best Buy (BBY - Get Report) on Tuesday, launched a promotion for customers to upgrade their iPads.

The company is offering a minimum $200 Best Buy gift card for working iPad 2s or third generation iPads. Customers may use the gift card toward an iPad with Retina upgrade or another product. A 16GB Wi-Fi only iPad with Retina device normally sells for $499.99 but with the gift card, customers will pay $299.99 plus taxes.

The promotion will run from Tues., July 23 through Sat., Aug. 3.

The devices must power on to be considered working. Devices with cracked screens or water damage are not considered working for purposes of this offer, the company says.

First-generation iPad and iPad mini's are not eligible for the upgrade.

Also see: Best Buy Offering Free Trade-In for iPhone 5

Also see: Best Buy Aims To Get Their Geek On At The Con

This is the second time this month Best Buy looked to do an iPad trade-in promotion. The electronics retailer also offered customers $200 gift cards for trade-ins the weekend of July 12-13, AllThingsD reported.

The company, which has 1,400 stores across the U.S., said it saw an "overwhelming response" from customers regarding the iPhone trade-in promotion in June.

"Once again this is part of our commitment to 'Renew Blue' -- reinvigorating the customer experience, and in this case rewarding (our customers) with these fabulous deals," Best Buy spokesman Jon Sandler said. "Increasing our presence in the trade-in space gives us another opportunity to better serve both our customers and communities."

Similar to Best Buy's iPhone promotions, consumers should check with their local store to see if the promotion is offered. In some cases, stores are prohibited from accepting trade-ins due to local laws restricting pawning.

Best Buy shares were trading down 0.6% to $29.22.

-- Written by Laurie Kulikowski in New York.

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