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Best Buy $1 iPhones now available, but what's the catch?

Best Buy $1 iPhones deal won't last long and many iPhone users are rushing to get a deal on the new iPhone 5S. However, the Best Buy $1 iPhones deal is not without its restrictions. In order to qualify, users have to trade in their working Apple iPhone 4s or iPhone 5. According to a Feb. 28 Sun-Sentinel report, Best Buy will give you a minimum of $150 gift card to be used to buy a new 16 GB Apple iPhone5S for just $1 with a 2-year agreement with Sprint, Verizon or AT&T.

In order to be eligible for the Best Buy $1 iPhone deal, the customers' old iPhones must be in good condition; which it means it can't have any water damage or cracked glass. Furthermore, the deal is exclusively at Best Buy retail locations, not online.

If this offer interests you, then you might want to hurry to your nearest Best Buy location because the $1 iPhones deal is only good for Feb. 28 and March 1. The Street gave more details of the Best Buy $1 iPhones and the following text gives more information about the stipulations surrounding the deal.

"Customers must be eligible for a new activation agreement. Check with Best Buy if you have a few days left on your agreement on whether you can still get the deal.

The deal does not include any taxes or surcharges due at the time of purchase.

The deal must be done in stores not online.

Not all Best Buy stores accept trade-in phones, so go online to find the nearest one to you.

Not all products are eligible for trade-in and trade-in values may vary depending on the condition of the iPhone."

The Street also states that if your iPhone is even slightly scratched, it could possibly affect the trade-in value.

Here's what it says about the $1 iPhones on the Best Buy official site.

"Valid 2/28/14-3/1/14. In store only. iPhone 5s 16GB: $699.99 - $500 Instant Savings = $199.99 - $50 Additional Savings = $149.99 + Tax - $150 Trade-In gift card = $1 with 2-year agreement and use of your trade-in gift card."

Enter your email here to receive the Best Buy Gift Card: Offer expires 12 am March 2.