NEW YORK (TheStreet) -- Best Buy (BBY - Get Report) is offering a minimum of $100 off Microsoft's (MSFT - Get Report) Xbox One to gamers, but you have to do one very important thing first -- trade in your old console.
From Sunday, April 27 through Saturday, May 3, customers who trade in any working Xbox 360 or Sony PlayStation 3, Best Buy will automatically give a $50 gift card and a $50 coupon to use toward Microsoft's latest console. The Xbox One retails at $499.99 online at Best Buy. The offer is available in stores only. Check Best Buy's Web site to find stores that accept trade ins.
Microsoft launched the Xbox One in November in time for holiday sales.
Best Buy is hoping the deal will entice customers to refresh their gaming consoles there as opposed to purchasing from competitors, Walmart (WMT), Target (TGT) and GameStop (GME). Best Buy has been trying to build its trade-in program as the big box stores also get into the trade-in business Walmart and Target.
Walmart launched a video game trade-in program in March that it is hoping will "disrupt" the $2-billion pre-owned video game market and take share. The new program adds to Walmart's mobile device trade-in program, which was launched last year. Walmart is hoping that the addition of pre-owned games merchandise will be an entryway for newer gamers to purchase at Walmart as well as a way for early-adopter gamers to get into the latest version of game consoles quicker.
Best Buy is also encouraging tablet users to pre-order a Samsung Galaxy Tab 4, which go on sale May 1. Samsung's Galaxy Tab 4 is offering in a 7-, 8- and 10.1-inch sizes. Customers can pre-order the tablets online or in stores, though Best Buy notes that the White Galaxy Tab 4 8-inch and 10.1-inch tablets can only be pre-ordered online.
The Galaxy Tab 4 tablets are available in black and white. Prices for the Wifi tablets are:
- $199.99 for 7-inch
- $269.99 for 8-inch
- $349.99 for 10.1-inch
--Written by Laurie Kulikowski in New York.