Microsoft has been making an effort to encourage gamers to purchase the Xbox One gaming console. Recently, the Redmond giant announced a 1 TB version of the Xbox One. Now, a new promotional offer has begun on Best Buy that allows users to trade in an old Xbox 360 or PlayStation 3 to purchase a new Xbox One.

According to Win Beta, on exchanging an Xbox 360 or PS3 gaming console, users will get a minimum discount of $175 for buying the new Xbox One at Best Buy. The offer will expire on Saturday.

The fine print of the offer says it is valid only at Best Buy retail outlets. The Xbox 360 or PS3 console should be in working condition. On receiving an Xbox One console, the retail giant will give customers a $75 coupon.

On trading in an Xbox 360 with 250 GB storage a Sony PS 3 slim, customers will receive a $100 gift card. The offer may not be available at all Best Buy stores.

Only gaming consoles with AC adapter or power cord will qualify for trade-in. Consoles with a broken warranty seal or in damaged condition will not be eligible for the deal. The offer is not compatible with any other trade-in program running on Best Buy. And it's one trade-in only per customer.

Best Buy is also running offers on variants of Xbox One. The 500 GB version of the console with the "Halo: The Master Chief Collection" bundle is available for $349.

The newly launched 1 TB Xbox One that comes with the "Halo" bundle is priced at $399. It comes with matte finish and supports the new Xbox One wireless controller. The device will start shipping in the U.S. on Tuesday, reports Neowin.