Note 7 owners can get a big discount for the Note 8, here's everything you need to know

Are you a former owner of the Samsung Galaxy Note 7? If the answer to that question is "yes", you might want to know that Samsung has an interesting offer for you. 

At the Galaxy Note 8 announcement event on Wednesday, the tech giant declared its intentions of giving a discount to those who bought the exploding handset and subsequently had to return it during the recall. 

Eligible customers will be able to trade in their current handset and get up to $425 off for the new Note 8. Given the $930-$960 price tags put up by US carriers, this essentially means that one can potentially grab a Note 8 at almost half of its starting price.

However, it's also worth noting that the deal comes with its fair share of caveats, so here are all the important things one needs to know before enrolling. 

Who can enroll and until when

Currently, the deal is available only to US consumers over the age of 18. Samsung has mentioned that more countries might be included at a later point, but so far there's no info on that.

There is no official end date for the trade-in stated in the T&C, but earlier sources indicated that the offer will expire on September 30.

Naturally, you'll need to prove to Samsung that you've actually owned a Galaxy Note 7. This can be done by presenting a valid proof of purchase, such as a copy of the original receipt, a bill from your carrier or a credit card statement, or a contract/lease agreement. Keep in mind that the name or model of the device should be clearly stated on these documents if not, contact the place you got it from and ask for a more detailed proof of purchase. 

The trade-in is only available directly from Samsung, which also means that you have to buy the new Note 8 via the company's online shop or the Samsung Shop app. This link will lead you to the dedicated web page for the promo. Also, you will need to create a free Samsung account, assuming you don't have one. This can be done through any Samsung phone or online here.

After registering and filling all the required information, Samsung will provide you with a shipping label and instructions to send your trade-in device.

You have 15 days to send your trade in device

After you get the shipping label and instructions, you get 15 days to send your phone to Samsung.

Refund will be based on the type and condition of the phone you're trading in

Samsung is stating that you can get up to $425 off for the Note 8, but the maximum amount will only be given to people who trade in high-end phones that are in good condition. As such, don't expect to get a big discount if you're sending in some $100 phone with a broken screen. 

Samsung considers a device to be in good condition if it:

• Powers on and holds a charge;
• Has a functioning display;
• Has no breaks or cracks or other visible defects that go beyond normal wear and tear
• Is not on a black list of any kind.
• Has Reactivation Lock, Google Factory Reset Protection, or any other anti-theft locking software disabled (must not be stolen)
• You must have performed a factory reset and removed all personal information from device

If you don't send any phone, the full price of the Note 8 will be charged. If the device you send is deemed to be in a bad condition, Samsung will only refund you $25. 

This deserves a repeat. Back up any data you might have and do a system reset. Also, Samsung doesn't need any case, charger, SD card, or any other accessory, so don't send them as you won't get anything back. This also applies to the phone you're trading in – if you change your mind, you won't be able to get your handset back. 

Any devices that are on a lease or installment plan are not eligible for the promo. You will have to pay the full price for the phone that you're trading in before participating. 

Currently, Samsung is running a promotion for early adopters of the Note 8 which is available to anyone who qualifies for the trade in. You can choose between a 256 GB microSD card + a wireless charger or a Gear 360 camera. 

It's also worth noting that you can even return your Note 8 for a full refund, provided this happens within 15 days from the purchase.