Apple Inc. (NASDAQ:AAPL) has rolled out its rumored iPhone trade-in program, enabling a consumer to receive a credit that would go toward buying either the new iPhone 5S or the new iPhone 5C, which are expected to be officially announced at a special media event on Sept. 10.

“[I]Phones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling,” Apple representative Amy Bessette said in a statement. “In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone.”

As previously reported, the trade-in program, dubbed the iPhone Reuse and Recycling Program, is part of company CEO Timothy D. Cook’s effort to improve iPhone sales at physical retail locations.

“I see channels doing it, and I like the environmental aspect of it, and so that part of it really is encouraging to me,” Cook said during Apple’s June earnings call. “The reason that is so attractive around an iPhone is that the residual value of an iPhone stays so high. That makes the trade-in programs a win-win from many points of view.”

According to Auto World News, Apple will accept only devices that work properly and are not water-damaged under the trade-in program. As the Wall Street Journal noted, employees at Apple retail locations will input information about iPhones being offered as trade-ins into a computerized system before telling consumers how much they’ll be getting. If a given iPhone a consumer wants costs less than the trade-in credit, he or she will receive a gift card with the remaining balance. reported that a new iPhone must be purchased during the trade-in process.

The Cupertino, Calif.-based tech company is offering as much as $280 for an iPhone 5, the Wall Street Journal reported. And Auto World News said consumers can get $200 for an iPhone 4S and $140 for an iPhone 4.

Meanwhile, TechCrunch reported that this trade-in program exclusively applies to the iPhone, as opposed to any other Apple device.

Apple is expected to announce on Sept. 10 the release dates for the iPhone 5S and the iPhone 5C, with the rumored release dates being Sept. 20.