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Here's How to Get a Free iPhone 4S 16GB at Target

Retail chain Target, or rather Tar-shay if you're feeling a little sophisticated, is kicking off an awesome iPhone promotion starting this Sunday, February 26.

For a limited time, customers can bring in their iPhone 3G, iPhone 3GS or iPhone 4 to receive up to $200 of in-store credit that can be used on any in-store purchase. That could almost buy you the new Sony PlayStation Vita (if you're feeling adventurous), Amazon's Kindle Fire, Nintendo's 3DS handheld or possibly get Apple's new iPhone 4S featuring that sexy built-in Siri and 16 GB of storage for free. Say w00t, please.

According to Target, consumers will receive up $200 when trading in the iPhone 4, up to $150 for the iPhone 3GS, and up to $100 for the 3G despite the phone's storage capacity. Notice the "up to" term which means the credit depends on the condition of the phone. You didn't think Target would actually hand over $200 worth of in-store credit for a phone flattened by a car, did you?

Of course, there's also another catch: customers will need to sign a new two-year contract. Those who walk in through the door with a trade-in will need to be in a position to upgrade and renew, or coming off the contract of another carrier, wanting to switch teams.

Target's promotion ends Saturday, March 3rd. Typically the iPhone 4S, with a new contract, costs $199 for the 16 GB version, $299 for the 32 GB version, and $399 for the 64 GB version. All three are available for AT&T, Sprint and Verizon networks.

So far there's no indication that the promotion is locked to one specific carrier, so check your Sunday paper for additional details.