The Samsung Galaxy S21 was announced yesterday and is now available for pre-order. Samsung is especially eager to get those who own a Galaxy S20 to upgrade, and is offering incredibly generous trade-in deals.

Currently, if you trade in your old Galaxy S20, you can get $700 off the cost of a new Galaxy S21. This means you will likely get more than selling it yourself, and you can get a standard Galaxy S21 for only $100. [The S20, Galaxy S20 Plus, and Galaxy S20 Ultra will be $700 if you trade them in. Just make sure the phone starts and works properly, and that there are no cracks or problems with the camera or screen.

Given the age of the Galaxy S20, that doesn't sound too difficult, but if the screen is still cracked, it can be exchanged for a new phone for $550. Still, that's a reasonably generous response.

You can also get $700 if you trade in a working Samsung Galaxy Note 20, Galaxy Note 20 Ultra, or one of the four iPhone 12 models that Apple released last year. These are all much newer than the Galaxy S20, so it's not much of a bargain, but if you're not happy with your purchase, this is one way to try to minimize your loss.

Sadly, Samsung's generosity is not available worldwide. In the UK, the trade-in limit for a Galaxy Fold, Z Flip, or iPhone 11 Pro Max is £550; an S20 Ultra or S20 Plus will only get £450, and there is no option to trade in an iPhone 12 or Galaxy Z Fold 2.

Those who choose the non-5G model of the Galaxy S20 will be at the most disadvantage, as their trade-in value will only be 350 pounds (the same as the two-year-old Galaxy S10 Plus).

It is unclear why Samsung is so generous in the US and not elsewhere. However, the offer is available and should not be missed by any Galaxy S20 owner who is thinking of upgrading.

If you don't have a Galaxy S20 to trade in, be sure to check out our roundup of the best Galaxy S21 deals currently available. Also, if you order an S20 by January 28, it will come with a free Galaxy SmartTag and Galaxy Buds Live or Galaxy Buds Pro.