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According to multiple online reports, Apple has increased the trade-in value of the iPhone 4s, 5, and 5s. Thus, if you are looking to trade in your iPhone 4s, you are eligible to receive $50, which is up by $15 from the previous $35 amount. iPhone 5 owners will get a credit of $100, up from $85, while the iPhone 5s will fetch you $200, up from $175.
So if you are interested, you need to use the Reuse and Recycle program to bring in an older iPhone model and receive a gift card credit toward the purchase of a newer iPhone. However, the downside is that the promotion is only available in the United States, and is valid for this month only. Of course, in order to qualify for the trade-in, your iPhone need to be in good, working condition.
Source: Apple