NEW YORK (

TheStreet

) -

Best Buy

(BBY) - Get Report

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

Samsung

.

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

Verizon

(VZ) - Get Report

,

AT&T

(T) - Get Report

or

Sprint

(S) - Get Report

.

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

Apple

(AAPL) - Get Report

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

Apple

(AAPL) - Get Report

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

trade-ins

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

eBay

(EBAY) - Get Report

,

Gazelle.com

, and even

Craigslist

.

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

Samsung

and

Microsoft

(MSFT) - Get Report

to create specialty product mini-stores.

Shares were falling 1% to $26.03 on Wednesday.

-- Written by Laurie Kulikowski in New York.

Follow @LKulikowski

To contact Laurie Kulikowski, send an email to:

Laurie.Kulikowski@thestreet.com

.

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