Apple's iPhone trade-in program hits its retail stores today (updated)

Well folks, it seems the rumblings we heard earlier this week were indeed true. CNBC has confirmed that Apple's iPhone trade-in program -- officially labled the iPhone Reuse and Recycling Program -- is starting up in the outfit's retail stores today. According to 9to5Mac, trade-ins will be offered for iPhone 3G up to the iPhone 5 with customers receiving a gift card for the determined value of their devices. Phones will then be handed over to BrightStar for recycling. It's worth noting that these number fluctuate, so there's no way of accurately calculating what a local shop will offer up. Of course, timing is everything, and folks looking to recoup some funds ahead of the anticipated iPhone 5S announcement now have an option.

Update: We reached out to Apple on the matter and here's the response:

"iPhones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling. In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone."