The crew over at got their hands on some AT&T collateral that explains just how Ma’ Bell plans on handling those who purchased an iPhone 3GS days and weeks before Monday’s announcement. AT&T plans on offering those who purchased a 3GS, from a local AT&T dealer, from May 7th to June 7th two options. Option #1: a $50 rebate for the 16 GB 3GS or a $100 rebate for the 32 GB 3GS; credited to your next bill. Option #2: an exchange of your 3GS towards the new iPhone 4. There are a couple caveats, for the $50 and $100 credits:

  • Customers who purchased iPhone 3GS May 7th through May 14th will have until June 14th to visit the original location of purchase and receive this one-time bill credit
  • Customers who purchased after May 14th will have 30 days to complete their price protection transaction by returning to the original location of purchase

For the 3GS to 4 exchange customers will be responsible for the price difference (if any). Let us know your thoughts.