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08/30/2013 01:16 pm ET Updated Aug 30, 2013

Apple iPhone Trade-In Will Pay Up You Up To $280 For Your Old Phone: Report

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The new iPhone is likely just weeks away, and Apple is making it easier than ever for you to get one.

iPhone users can now begin trading in their old phones for a credit toward a new iPhone 5S, Apple announced Friday according to the Wall Street Journal. Apple will give buyers up to $280 for an old phone, the Journal reports. The AP is reporting that Apple will pay up to $350 for an iPhone 5 in perfect condition.

The price will be determined "based on screen quality, overall hardware quality, button quality" and whether or not the phone has any liquid damage, according to 9to5 Mac.

While the trade-in begins Friday, Apple employees told 9to5Mac that a you'll need to purchase a new 5S in order to get the refund. Your old phone must also be currently activated and within a cell phone contract.

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The 10 Most Iconic Products From Steve Jobs's Career

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