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NEW YORK (TheStreet) - Best Buy (BBY) - Get Best Buy Co., Inc. Report has sweetened its ongoing deals for Apple (AAPL) - Get Apple Inc. Report iPhones for the upcoming holiday weekend.

From Friday, May 23 through Monday, May 26, customers who trade in any working smartphone can get a FREE iPhone 5s 16GB, the Richfield, Minn.-based electronics retailer says. Best Buy ran a deal two weeks ago that was just for iPhone trade-ins.

The way it works is that customers who trade in the working smartphone, which does not have to be Apple branded, will receive a guaranteed minimum $100 Best Buy gift card with purchase and activation of any iPhone. The iPhone 5s 16GB is currently on sale at Best Buy for $99.99 (normally $199.99), when choosing Sprint (S) - Get SentinelOne, Inc. Class A Report or Verizon (VZ) - Get Verizon Communications Inc. Report Wireless as a carrier. Best Buy is selling the iPhone 5s for $199.99 withAT&T (T) - Get AT&T Inc. Report as the carrier. T-Mobile (TMUS) - Get T-Mobile US, Inc. Report is not included in this weekend's deals.

In addition, the iPhone 5s 32GB and 64GB models are available for $100 off on Sprint and Verizon Wireless, Best Buy says, making the price for the phones $199.99 and $299.99, respectively.

Best Buy is also selling the iPhone 5c 16GB for $49.99 on Sprint and Verizon Wireless. The iPhone 5c 16GB is available for $99.99 on AT&T with the white model priced at $1.

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Customers must be eligible for the upgrade. The deals are only valid with a corresponding two-year contract renewal. Customers' upfront out-of-pocket costs will include any applicable sales tax on the new phone and any applicable carrier activation fees.

Best Buy says that Verizon Edge and Sprint Easy Pay customers can also receive guaranteed trade-in credit on their old smartphone when they trade up to an iPhone 5s. However, at the time of sale, monthly installment agreement phones require payment of sales tax on the full purchase price and may require a down payment.

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For a smartphone to be eligible for the trade-in deal it must power on and be free from water damage and screen cracks. If a customer's smartphone is worth more than the $100 guaranteed credit, they will receive the positive difference in the form of a Best Buy gift card.

Retailers are ramping up their trade-in deals as Apple is rumored to be launching the next generation iPhone as early as August. Best Buy said on Thursday that absent any major product launches in consumer electronics and mobile phones its comparable sales will be negative for its fiscal second and third quarters.

--Written by Laurie Kulikowski in New York.

Follow @LKulikowski

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