As part of new promotion, Xbox maker to pay a minimum of $200 for "gently used" iPhone 4s or iPhone 5 smartphones.

Microsoft is not only buying iPads, but now also iPhones, the Xbox maker has announced.

The company has launched a new promotion where consumers can bring in a "gently used" iPhone 4s or iPhone 5 to receive a minimum $200 gift card to the Microsoft Store.

The promotion began today and will run through November 3. It is available at select Microsoft retail stores in the United States (including Puerto Rico) and Canada, but not online.

To be eligible for trade-in, the devices must include a power cord and not be password protected. Customers are permitted to trade in one unit only.

Microsoft began buying iPads earlier this month, giving out the same $200 credit for "gently used" iPad 2, 3, and 4 units. That promotion expires October 27.

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