Updated from 10:41 a.m. to include information from Verizon Wireless.
NEW YORK (TheStreet) - Customers who trade in their working smartphone at Best Buy (BBY - Get Report) could potentially get a free Samsung Galaxy S5 depending on the value of the device they trade in.
Customers who trade in their current smartphone at a participating Best Buy store can receive a credit of up to $200 when trading up to the Galaxy S5. Best Buy is selling the smartphone, available in Shimmery White and Charcoal Black, for $199.99 so long as customers also accept a two-year contract with AT&T (T), Sprint (S) or Verizon (VZ). The deal is in stores only. Devices must power on to be considered working and water-damaged or cracked devices are not considered working for this offer, Best Buy says.
(A tip from TheStreet: in order to get the full $200 trade-in value, devices likely have to be in "new" condition and any taxes and fees will still apply.)Customers can also purchase Samsung's Gear 2, Gear 2 Neo and Gear Fit wearable devices at any of the more than 1,400 Best Buy and Best Buy Mobile stores and online.
- The Gear 2 is available in Black, Brown Gold and Orange for $299;
- The Gear 2 Neo is available in Black, Gray and Orange for $199, available online only; and
- The Gear Fit is available in Black for $199.
Best Buy isn't the only place to get a deal on a new Galaxy S5. Verizon Wireless is offering customers who purchase the new device with a two-year contract, a second one for free, also with a two-year contract. Verizon Wireless is selling the device for $199.99 after a $50 mail-in rebate. Customers can also choose a Samsung ATIV SE or HTC One M8 for the second device, according to Verizon's Web site.
Target (TGT) said earlier this week that customers who trade in a working smartphone at a Target store are guaranteed a $100 credit toward the purchase of the Samsung Galaxy S5. That means the phone itself will cost $99.99 plus taxes and fees after the $100 eligible trade-in credit, so long as customers activate a new two-year contract on Verizon, AT&T or Sprint. The offer is good through Saturday, April 26. --Written by Laurie Kulikowski in New York. Follow @LKulikowski