Details off the offer page:
Get a lump sum of $300 (for iPhone XR, XS, and 11 , less for other models) when you trade in a selected phone in good working order, and an additional $300 bonus trade in credit applied as a monthly phone discount payable when you sign up or recontract to a 24 or 36 month device repayment plan for an iPhone 12 or iPhone 12 mini.
Plus, when you combine this with our current $100.08 phone discount payable over 24 or 36 months, that's a total saving of up to $700.
Monthly device discounts forfeited if you cancel early.
What a crummy deal. Sell the phone on gumtree for more $$ and not have to be locked into an overpriced contract either.