Motorola has just kicked off its ‘Trade In’ program which encourages customers to send in their old smartphone and receive up to $300 on a Visa Prepaid Card when they purchase either the brand new Moto X or Moto G.

According to Motorola, the scheme is very simple. The first thing you’ll need to do is visit the dedicated Trade In website and receive a quote for your old phone. We’ve done a bit of research and found that a fully-functional iPhone 5S 16GB rakes in $240, whilst a Galaxy S5 in mint condition will get you $300.

If you choose to accept the money Motorola is offering in return for your old handset, you’ll need to hit the continue button below the estimate and fill out the ‘personal details’ form.

Once that’s done, you’ll have up to thirty days to send in your old device. After Motorola receives and examines the handset, the company will mail you a Prepaid Card with your money stored on it. From here you can spend directly from the card or transfer the funds to your bank account.

Unfortunately, this promotional only applies to purchases made through MotoMaker and not from third-party retailers, but if you’ve already bought a Moto X or Moto G you’ll be glad to hear that you can participate in the Trade In, too, all you need is proof of purchase.

To find out more about the Trade In scheme — hit the source link below.

• SourceMotorola Trade In