WalMart is launching an in-store smartphone trade-in program, timed perfectly alongside the reveal of Apple's iPhone 5S and iPhone 5C. WalMart follows in the footsteps of Apple, Best Buy and Gazelle, allowing consumers to gain credit towards a new iPhone by turning in their current smartphones. The Walmart trade-in program launches September 21.

Apple announced the new iPhone 5S and 5C Tuesday, which will have countless smartphone users scrambling for the newest models. The WalMart trade-in program allows iPhone and other smartphone owners to gain anywhere between $50 and $300 in credit, according to Steve Bratspies, EVP of general merchandise for Walmart U.S. (However, following steps to get a smartphone appraisal on the WalMart website, it prices a working Apple iPhone 5 64GB model with AT&T at $350.)

Consumers can trade in iPhones and other smartphones at the electronics departments of over 3,600 participating WalMart stores and Sam's Clubs locations in the U.S. They will also need to sign a two-year contract for the new iPhone (or other smartphone) with AT&T, Verizon Wireless or Sprint. WalMart will only accept working phones.

Was the smartphone trade-in program intentionally planned to coincide with the iPhone 5S, 5C release date or Apple trade-in program? Bratspies told ABC news, "we thought it was a good time. We thought it was the right time for the customer perspective and we thought we could deliver a program in the Walmart way: simple for the customer."

The iPhone trade-in programs will likely benefit Apple. Motley Fool analyst Joe Tenebruso listed several reasons why this program will help the tech giant, including: "an accelerated iPhone upgrade cycle, increased traffic at Apple's retail stores, and further evidence as to the durability and lasting value of Apple's products."

Will you participate in a trade-in program to gain credit towards the new iPhone 5S or budget iPhone 5C?