It is credit towards a new phone. It works the same as in mobile phone company stores/plans. Except through Samsung directly, the buy back and extras may be worth more. For instance, I traded Note 9 for 10+. This can be done thru Samsung and purchased for your provider or unlocked. Provider discounts may be diff per company and are shown. In my case, Samsung unlocked gave back double the $ reward for purchase w/ trade-in....hope this helps.
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