Apple has made some adjustments to its phone trade-in program, which allows you to exchange your current iPhone or eligible smartphone for credit towards a new one. The company has lowered the maximum credit you can receive to $250 for an iPhone 6 Plus, down from $300. However, the company has expanded what you can do with that credit.

Apple tweaks phone trade-in program to offer less credit, but more options

You can now choose to put the credit towards reducing the full cost of your new iPhone, or bringing down the cost of your monthly carrier payments, according to Apple (via 9to5Mac):

Get up to $250 in credit when you trade in your eligible smartphone. Use that credit to lower the full cost of a new iPhone or to reduce the monthly payments with your carrier.

Here are the current trade in prices for the various iPhone models:

  • iPhone 4s: $50
  • iPhone 5, 5c: $75
  • iPhone 5s: $125
  • iPhone 6: $225
  • iPhone 6 Plus: $250

You can trade in your phone in an Apple Retail Store in order to receive in-store credit, while trading in online will net you an Apple gift card for the value of your phone.