Update: Microsoft has provided us with a bit more information on the promotions which clears up some of the misinformation out there. The Dropbox promotion is limited to the US only, as is the Bing Rewards promotion. What's more, I've been told that users can indeed take advantage of both the Dropbox promotion and the Bing Rewards promotion concurrently.

Original story follows below:

Dropbox users in the market for additional cloud storage without having to actually pay for it can take advantage of a new promotion from competitor Microsoft. Here’s everything you need to know.

Those with an existing Dropbox account can navigate to the offer page to create a OneDrive account. From there, all you need to do is verify your Dropbox account by logging in and saving a document to the service. It’s really that simple.

The deal rewards users with 100GB of OneDrive space free of charge for a full year.

Microsoft launched a similar promotion last week in which users willing to sign up for Bing Rewards could score 100GB of space completely free for two years. Unfortunately, that offer was limited to US residents but that has since changed.

The Bing Rewards promotion is now open to residents worldwide. As a refresher, all you need to do is create a Microsoft account if you don’t already have one then agree to sign up for Bing Rewards. Just like before, you’ll get 100GB of OneDrive space free for two years.

I haven’t yet tried to take advantage of both offers -- at the same time -- so I’m unsure if one could double dip (let us know in the comments below if you can or can’t based on your experience). I can’t think of a reason why you shouldn’t be able to redeem both, however as they are two totally different promotions that just happen to offer the same type of reward.

As before, Microsoft is hoping that newcomers will find OneDrive useful enough over the course of their free trial that they are willing to pay for the service once it expires.