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This story has been updated to include information regarding eligibility.

NEW YORK (TheStreet) - Do you still not have an Apple (AAPL) - Get Free Report iPhone 5s? Best Buy (BBY) - Get Free Report is offering a sweet $1 deal for Apple iPhone 4s and 5 trade-ins, but you only have two days to take advantage of it.

Best Buy's latest smartphone deal offers customers looking to trade in their iPhone 4s or 5  for the iPhone 5s 16GB for $149.99. In order to get the discounted 5s price, eligible customers must purchase the phone with a new activation agreement through Verizon (VZ) - Get Free Report, AT&T (T) - Get Free Report or Sprint (S) - Get Free Report. Customers who trade in their phones will receive a minimum $150 gift card to be used towards the iPhone purchase.

The offer is only good for Feb. 28 and March 1. Come Sunday the deal on the popular smartphone is gone.

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The fine print caveats in this deal include:

  • Customers must be eligible for a new activation agreement. Check with Best Buy if you have a few days left on your agreement on whether you can still get the deal.
  • The deal does not include any taxes or surcharges due at the time of purchase.
  • The deal must be done in stores not online.
  • Not all Best Buy stores accept trade-in phones, so go online to find the nearest one to you.
  • Not all products are eligible for trade-in and trade-in values may vary depending on the condition of the iPhone.

(Hint: Best Buy is of course looking for phones in "excellent" condition. If you have a slight scratch that brings that phone down a notch and could affect the trade in value. Also be sure to bring the charger and original box with you. That, too, affects trade-in value. So basically, getting more than $150 is a long shot.)

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Still if you meet all the criteria, you could get an iPhone 5s for just $1 out of pocket.

Here's what it says on Best Buy's Web site: "Valid 2/28/14-3/1/14. In store only. iPhone 5s 16GB: $699.99 - $500 Instant Savings = $199.99 - $50 Additional Savings = $149.99 + Tax - $150 Trade-In gift card = $1 with 2-year agreement and use of your trade-in gift card."

--Written by Laurie Kulikowski in New York.

Follow @LKulikowski

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