When it comes to buying a new mobile phone, there's no shortage of options when deciding what to do with an old handset. Big name electronics players like Amazon, Best Buy and even eBay all offer trade-in programs for your old hardware and there are even companies such as Gazelle who specialize in buying back used hardware. But if you are in the market for a new flagship Samsung handset, it might be best to deal with the electronics company directly as they are the latest to vye for your aging handsets.

Known officially as the Samsung Upgrade, the Korean giant is prepared to pay upwards of $300 per device so long as you purchase a new Galaxy S II, Galaxy S III or Galaxy Note. The promotion takes place directly on Facebook where you are asked to enter some basic information about your old phone such as brand, model and if there is any liquid damage or if the screen is cracked. Click the "submit" button to instantly receive a refund quote - it's that easy.

The refunds, on the other hand, leave a bit to be desired. A quick check of several popular phones showed payouts that were a bit lower than what the phones might be able to fetch on eBay or private party sales. For example, a 16GB iPhone 4 running on the AT&T network in good condition was good for only $165 while a Samsung Galaxy S II trade-in brings $140. Apple's current top-of-the-line 64GB iPhone 4S in good condition receives the full $300 but as The Verge highlights, such handsets are currently selling on eBay for closer to $400.

Either way, it's another option to consider should you not want to deal with eBay buyers or the potential riffraff that could come with a Craigslist transaction.