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Samsung is Giving Note 7 Owners $100 for Turning in Their Phone

By: Kristen Bahler
Kristen Bahler
Managing Editor | Joined July 2016
Kristen Bahler is a writer and editor with seven years of personal finance experience. She oversees signature Money franchises like Best Places to Live and Best Places to Travel and shapes conversation-driving stories about lifestyle, money and consumer spending.
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Published: Oct 13, 2016 2 min read
Consumer Product Safety Commission Announces Recall Of Samsung's New Galaxy Note 7
A Samsung Galaxy Note 7 lays on a counter in plastic bags after it was returned to a Best Buy on September 15, 2016 in Orem, Utah. The Consumer Safety Commission placed a safety recall on the Note 7 after users reported that some of the devices caught fire when charging.
George Frey—Getty Images

In case you were thinking of holding onto your Samsung Galaxy Note 7 as a souvenir, the company is offering a cash incentive to get you to reconsider.

Starting today Samsung's new Note 7 Refund & Exchange program will give customers who bring in their Note 7 a $100 credit in addition to a free replacement phone or a $25 credit if they opt instead for a full refund or a smartphone made by a different brand. The rebates can be used for all "original and replacement Galaxy Note 7 devices sold or exchanged in the United States," according to the company.

The Galaxy Note 7 was originally recalled in September due to fires and overheating problems stemming from their lithium-ion batteries. On Tuesday, the company announced that it had officially halted production of the phones.