Best Buy is offering customers the chance to get a 16GB iPhone 5S for just $1 after trading in an older iPhone, but there are a few catches.

The retailer is offering at least a $150 Best Buy Gift Card for any working iPhone 5 or iPhone 4S that are trade-in, but users must buy the iPhone 5S with a two-year activation in order to take advantage of said gift card. Moreover, you have to use that gift card toward the purchase of an iPhone 5S with 16GB of internal storage.

The offer only applies to the 16GB iPhone 5S, not the other models. Some users find 16GB of internal storage capacity to be insufficient, but larger-capacity variants are not part of this deal. Furthermore, some may find the trade-in value too low, especially when trading in an iPhone 5 in mint condition. If you go on eBay, for instance, you can see many iPhone 5 smartphones selling for at least $300, double the minimum value of Best Buy's offer.

On the other hand, the trade-in program makes it much easier to sell your old iPhone, as it eliminates all of the hassle of putting up an ad, dealing with interested buyers and completing the transaction yourself. Those who want to ditch their old iPhone and get a new one with as little hassle as possible may find Best Buy's offer worthy of consideration.

It's also worth pointing out that Best Buy claims to offer *at least* a $150 gift card, but that value is not set in stone. The trade-in value with depend on the model of the iPhone you want to trade in, as well as its condition, which means that you could get more for your old smartphone.

Without the gift card for trading in an old iPhone model, the 16GB iPhone 5S is available for $149 from Best Buy, which is still a pretty good deal. Apple is currently selling this model for $199.99, so you would still get a $50 deal if you make your purchase from Best Buy, signing a two-year contract with your preferred carrier.

For more details on how you can get a 16GB iPhone 5S for just $1, visit Best Buy's website at this link and check out its promotion.