Ordered new iPhone? Cash in on your old phone

Websites can offer hundreds of dollars for used phones or you can donate them

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ORLANDO, Fla. – The iPhone 5 set a new record for pre-orders with Apple selling more than 2 million units in the first 24 hours. One Wall Street analyst believes Apple could sell as many as 10 million this month alone.

You can bet most of those phones will be bought by people who already have a cell phone. So what can you do with your old one?

Instead of allowing an old phone to join the other wireless relics in a drawer along with old chargers, phones, batteries, consumers are turning them into cash.

Websites like USell.com, Gazelle.com or NextWorth.com make it easy to cash in.
Consumers simply plug in the make, model and condition and the website then spits out a quote.

It maybe just 20 bucks for an old Droid. Or it could be well over one hundred for an iPhone 4.

Jack Otter, Executive Editor for CBS MoneyWatch says an iPhone 4S means big bucks.

"You could get over $300 for that," said Otter.

Once you ship them your phone the company sends you a check, Amazon gift card, or puts the money in your pay pal account.

Consumers don't always have to bank the cash.

ExchangeMyPhone.com allows you to donate the value you of your phone to your charity of choice.

And OperationGratitude.com benefits US military men and women.

"Send in your phone and they'll give at least $30 toward a care package for one of our servicemen overseas," said Otter.

And perhaps there's no greater gift than a cell phone to a battered women's shelter.

Even the oldest cell phone with no wireless plan can still call 911 and possibly save a life.

Last year, Harbor House of Central Florida was able to provide 350 cell phones to survivors of domestic violence.

It's important to remember smart phones are now like wallets and are full of personal and financial information.

So no matter what a consumer decides to do she must protect her identity.
While these web sites promise to wipe the memory clean, consumers need to follow the manufacturer's directions and clear all memory before you send it off.

Be sure to terminate the contract for that device before you give it away.