Earlier this week, we wrote about a Microsoft Store deal offering to buy your smartphone or tablet for up to $250, and speculated that “device-specific deals” would come later. The first one is already here: you can now get a new Windows Phone (Lumia 1020 or Lumia 1520) in exchange for your iPhone 4, iPhone 4S, or Galaxy S2.

lumia 1020 1520 iphone s2 Microsoft wants to swap your iPhone 4, iPhone 4S, or Galaxy S2 for a Lumia 1020 or Lumia 1520

As you can see, Microsoft has included a cute image of the Android and Apple logos in the trash. The deal is only valid until March 2, 2014, or “while supplies last.” There are also some important caveats worth noting (we’ve highlighted the important parts in the following fine print):

To be eligible for trade-in, product must power on and be in fully functional, working condition without broken/missing components, cracked display/housing or liquid damage, cannot be password protected, and include original chargers/accessories. To receive maximum trade in value, you must purchase an eligible Nokia Lumia 1020 or Nokia Lumia 1520 with a qualifying new or renewal mobile contract or upgrade (2 years) at the same time.

Any appraised value will be determined at trade-in and provided as store credit, subject to Microsoft’s discretion and approval. All trade-ins are final. Not valid on prior orders or purchases; cannot be transferred or otherwise redeemed for cash or gift cards. Not combinable with other offers. Discount does not include taxes, shipping or other fees. Void where prohibited or restricted by law. Microsoft reserves the right to modify or discontinue offers at any time.

If you have old devices lying around, you can either get a fairly recent Lumia device in exchange, or some in-store credit. As has been pointed out a few times with these deals, however, you’ll need to find a store (US and Canada only) that is close to you, and make sure the deal is available.

This is a smart strategy for Microsoft, though it also highlights the company’s problem in retail: it doesn’t have many stores.

See also – Microsoft wants to buy your smartphone or tablet for up to $250 and Microsoft offers $100 towards an Xbox One if you trade in your PS3 or Xbox 360