Verizon has announced a new program that, depending on when (between 11/26/2010 and 01/10/2011) and what type of phone that you may have recently purchased from them, could be a great way to get a $200 off the full retail purchase price of an iPhone 4, but, also could be a complete and utter rip off.

Here is the deal as outlined on Verizon’s FAQ page…

I just purchased a new smartphone during the holiday season, but if I knew that iPhone 4 was going to be available soon I would have waited. What are my options now?

Current Verizon customers who purchased and activated new smartphones, feature phones or certified pre-owned phones between 11/26/2010, and 01/10/2011, are eligible to receive up to a $200 Visa debit card when they purchase an iPhone 4 at full retail price by 02/28/2011 and return their existing phone. Note: This offer is only available on consumer accounts with five lines or less, who are purchasing iPhone 4 through Verizon Wireless retail stores, telesales, or through verizonwireless.com.

Let me start off by stating that if you bought another phone on Verizon within the last 30-days, this deal is not for you.  You should return your device and just go back to using your old phone until the iPhone 4 comes out, then get it subsidized.  If you don’t have an old Verizon phone to go back to borrow one, or, even buy a cheap used one off someone just to hold you over for 3 weeks.

If you bought a smartphone on Verizon and want to swap it out for the iPhone, but, are beyond the 30-day return window, check to see if you can sell your device on ebay, to a friend, on Gazelle, etc. and see if you can’t get more than the $200 that Verizon is offering.  If you got a good phone and it is still in out of the box condition, you probably can do better than $200.

If you bought a feature phone, that was completely, or, almost completely subsidized and are beyond the 30-day window, this deal probably isn’t that bad.  Just remember that you are paying full retail less $200 on the iPhone 4.

[Source Verizon via Simple Mobile Review]