Recent iPhone buyers getting refunds, upgrades from Apple

As iPhone 4 makes its way to the consumer market, Apple is cutting the price of iPhone 3GS in order to clear inventory.

So, if you're purchased an iPhone in the recent few weeks, the company is now matching the price, by paying back the amount of difference between the old price and the new price.

Alternatively, users can also upgrade their old phone to the new improved iPhone 4 in lieu of the refund. The policy is applicable for anyone who has purchased the older version after May 7.

Those with 16 GB handset will get a $50 credit and 32 GB owners will get a $100 refund.

However, anyone who bought the phone between May 7 to May 14 is running out of time, and will need to submit a request at the store they bought the device from by Monday the 14th.

If you want to trade in your old phone for the latest iPhone 4, the deal is simple unless you're expanding the storage capacity.

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