The world’s largest retailer, Wal-Mart Stores, Inc. (NYSE:WMT) made a significant announcement today: the launching of its smartphone trade-in program.


Wal-Mart’s trade in program

According to the retail giant, consumers will be able to trade-in their smartphone at 3,600 Wal-Mart stores and Sam’s Club locations across the country, starting on September 21.

Wal-Mart Stores, Inc. (NYSE:WMT) is accepting more than 100 models of smartphones under its trade-in program. The company said consumers would receive an instant credit of around $50 to $300 depending on the model and condition of the smartphone.

The retail giant said consumers would be able to get a higher credit value for a smartphone in good and working condition. For example, the credit for an iPhone 5 would be $300 and $175 for Samsung Galaxy S III and $52 for Samsung Galaxy S II.

Valuation of smartphones

The associates of Wal-Mart Stores, Inc. (NYSE:WMT) in the electronics department will determine the value of the smartphone by answering unbiased and simple questions regarding its condition and specification through CExchange. According to the retail giant, once the smartphone is accepted for trade-in, the credit value will be applied to a new smartphone that will be chosen by the consumer.

Wal-Mart Stores, Inc. (NYSE:WMT) is offering the iPhone 5 for $98 or Samsung Galaxy S4 for $138 with a two-year contract from AT&T Inc (NYSE:T), Verizon Communications Inc. (NYSE:VZ), and Sprint Corporation (NYSE:S).

Consumers have the option to apply their trade-in credit value with prepaid plans, such as Straight Talk, if they do not want to sign-up for a two-year contract. The Straight Talk is only available at Wal-Mart Stores, Inc. (NYSE:WMT), which offers unlimited data, talk, & text for $45 a month.

In a statement, Steve Bratspies, executive vice president of general merchandise for Walmart U.S. said, “Smartphones have become a part of our customers’ everyday lives and as new devices launch more frequently, trade-in programs are becoming more popular. More and more, customers are choosing where they purchase new smartphones based on where they’ll get the best value for their trade-ins. Our goal is to give them more value for their old devices and the lowest price for their new one – all part of our promise to be the best destination for wireless.”