Only those that have purchased a phone between November 26th, 2010 and January 10th, 2011 will be eligible, though, and you won't exactly get that cash right away -- you'll first have to first buy and activate your iPhone 4 at the full retail price, send in your trade-in phone within 30 days of activation, and then wait four to six weeks to receive the debit card.
ENGADGET: Verizon ramps up trade-in, upgrade programs in advance of iPhone 4 launch