On Friday, Apple officially launched the iPhone Reuse and Recycle Program, giving iPhone owners the option to trade in their old handsets for a discount of up to $280 on the upcoming iPhone 5S or other new iPhone models. The announcement first came in the form of a tweet from CNBC, which confirmed with Apple that trade-in program will roll out in nationwide on Friday and will require customers to leave the Apple Store with a new contract in order to take advantage of the offer. Any model of the iPhone can be traded in for store credit, but it is worth keeping in mind that the potential savings will likely be only a fraction of what other third-party companies can offer. Apple has partnered with Brightstar for the trade-in program in the U.S., and the initiative is expected to expand next month.