Here’s how you could get an iPhone 6 for free

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(CNNMoney) — The iPhone 6 hasn’t even been released yet, but there’s already a way to get it for free.

In an unusual move, Verizon Wireless announced Tuesday it would give away one of the phones Apple revealed earlier in the afternoon.

The catch? Customers must turn in their old iPhone and sign a two-year agreement with Verizon.

Carriers usually offer a discount on phones to customers who sign a service contract, and sometimes offer older versions for free. But it is rare for a carrier to offer the latest model at no charge. (Verizon, for example, currently offers the older iPhone 4S for free and the more recent 5S for $199 when the customer signs a contract.)

Those who redeem the iPhone 6 offer will trade in their old model and receive a gift card for $200, which is used to buy the new phone, priced at $199.

Verizon did not say for how long the offer would stand.

It will accept used iPhone models 4, 4S, 5, 5S and 5C, as long as the device still works. Customers will receive the 16GB version of the iPhone 6.

For some, it’s a bad deal. The iPhone 5S fetches upwards of $300 on some trade in sites.

While T-Mobile and Sprint are trying to attract customers by shifting away from two-year contracts, Verizon is sticking with the strategy and betting that a free iPhone 6 is enough to woo new customers.

On Tuesday, Apple also revealed a larger iPhone 6 Plus, a mobile payments system and a smartwatch.

The new iPhones will become available Sept. 19.

The-CNN-Wire™ & © 2014 Cable News Network, Inc., a Time Warner Company. All rights reserved.

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26 comments

  • Gabby Chen

    Even 120$ is a waste of money! Why do Americans these days always feel the need to get the latest iStuff? There is barely any difference between the very first iPhone and the latest model. A touch screen phone with internet… WOW!

    You shouldn’t be able to complain about the economy or your own personal financial situation if you blow your money on trivial Apple crap.

    Many American have a steak taste on a hamburger budget . That’s part of the problem we now face from a long time ago. Barrow to the max and then whine about now having enough money . Nice house , car or truck and boat. Can you afford them or does it really matter at this period of time?

    I’m just gonna make smart decisions with my money so I don’t end up with an empty bank account:

    1) Paying off my debts as they come to me. Never holding a credit card balance longer than a month. If this means living in a small studio apartment and eating ramen, rice, and beans, so be it.
    2) I will always buy small, fuel efficient and durable cars. I drive a 2006 Honda Civic now. It costs me nothing to fill up and next to nothing to insure ($25/month from Insurance Panda… woohoo!). I will not drive when I don’t need to, and use public transportation whenever possible.
    3) Developing multiple revenue streams. Doing side jobs. Building up small businesses. Doing contract work. Basically doing whatever I can to generate income from multiple sources.
    4) Grow my revenue and assets no matter what. Make sure I am always expanding and develop them to the point that they consistently generate reliable cash flow.
    5) The most important one – make as much as I can. Save as much as I can.

    iPhones… ecigarettes… Starbucks… $12 Chipotle Burritos…new clothes.. organic lipgloss… expensive yoga classes. Why not try living in your means for once? No wonder we have a debt crisis.

    • Robert Moffatt

      Wow Gabby, I am with you on that. I attended a Dave Ramsey Financial Peace class just to learn to do what you do. Save money not spend it all and borrow more when it runs out. Way to tell it like it is. So just ignore all the negative comments. You have a lot of supporters.

      • Chris Brindley

        You assume that everyone is broke, got news for you most are some are not, I have an iphone 4s and need an upgrade, so i intend to buy a 6, I have no debt and have save over 600K so i deserve it

    • Kim Bailey

      That’s great for you lady. Most of the people who want a new iPhone can afford it. Some like to support apple. Some have never had an iPhone and want the newest one. Some got a 4 when it was free and want to trade it in for a new free iPhone which happens to be the 6. The only people who are annoying are the close minded bitter people who can’t afford an iPhone or who think not owning one makes them better than iPhone owners. News flash, we don’t care what you think. Your post is not going to stop anyone from getting the phone they want and your stereotypes of Americans are unnecessary, invalid and frankly, just stupid.

  • Myrissa Simpson

    Gabby, stop being jealous because you can’t afford new and/or nice things. If someone wants to spend their money on the latest stuff, then so be it. Why do you feel the need to judge someone based off of how they spend their money. It’s THEIR money, not YOURS. Leave it alone. If you make smart decisions with your money, then good for you, but don’t knock other people for spending money the way they choose to spend their money.

  • Tipiford

    Gabby, you’re under the impression there’s barely any difference between the 4s and 6 (or the 5s), but the 4s is limited to the 3G network, which is a major difference.

  • 19Superman38

    If I can trade in the free iPhone 4 I got for a new and up to date (need I mention free) iPhone 6 I’m doing it lol. This is too good to be true. What’s the catch? Plus I’m paying $60 a month. This is sketchy. Owell, YOLO! Yes I said it.

  • Steve

    What they don’t tell you is that if your contract is not up or if you just up your contract you don’t qualify. Everything I have read has said nothing about this. All it say if you can trade in a old iPhone in working condition an sign a two year contract. So this means for those of you that have a year or more left on contract with Verizon forget it they won’t let you up