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Best Buy

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is launching yet another trade-in promotion - this time with



The electronics retailer says that customers who are eligible for an upgrade on their smartphone or basic mobile phone will receive a minimum $50 trade-in credit (in the form of a Best buy gift card) when they trade in a working phone and upgrade to a new Samsung smartphone and a two-year deal with


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One option is the Samsung Galaxy S III. The guaranteed $50 trade-in credit makes the device nearly free as it retails for $49.99 with a new agreement, the company said in printed material. (Customers still have to pay any applicable taxes and fees.)

Other Samsung eligible devices retail between $199.99 and $249.99 with a new activation agreement, according to the Best Buy Web site, meaning even with the trade-in credit, there is still an out-of-pocket expense.

The offer is good from Wed., July 24 through Sat., August 3.

The phone for trade-in must power on and be free from any screen cracks or water damage.

The deal comes on the heels of Best Buy's


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iPad trade-in

promotion. Through Aug. 3, 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 for a 16GB Wi-Fi only iPad with Retina display. The device normally sells for $499.99 but with the gift card, customers will pay $299.99 plus taxes.

Best Buy refurbishes the older technology devices and resells them. For those products that can't be refurbished, Best Buy partners directly with a select list of qualified companies for recycling, it says.

"Part of our 'Renew Blue' strategy is also partnering with our vendors and we're always looking for opportunities to do that -- which also provides another avenue for us to deliver on our customer promise," Best Buy spokesman Jon Sandler says.

Best Buy rolled out its trade-in program nationwide in August of 2010. The company accepts more than 11,000 consumer electronics items (regardless of where they were purchased).

That said, similar to Best Buy's


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trade-in promotions, consumers should check with their local store to see if the promotion is offered. In some cases, stores are prohibited from accepting


due to local laws restricting pawning. The offer is not valid online.

Best Buy is trying to get further into the trade-in/resale market, competing with


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, and even



The company

has been working hard to reposition itself in a competitive consumer electronics market. One of Best Buy's strategies to boost profitability is to create in-store experiences. The retailer has partnered with




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to create specialty product mini-stores.

Shares were falling 1% to $26.03 on Wednesday.

-- Written by Laurie Kulikowski in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.