$100 iPhone credit now available

Details of Apple's iPhone credit have been made official. If you bought an iPhone before August 22, you are eligible for a $100 Apple Store credit. Apple announced the plan last week after the outcry resulting from the company's dramatic price $200 price drop just two months after the iPhone's release. Credits will only be issued to iPhones that have been activated with AT&T and were purchased before August 22. iPhones purchased after August 22 but before the price drop was announced are eligible for reimbursement of the entire price difference under Apple's price protection program. Credits must be requested before November 30 (price protection requests, however, must be made by September 19) and are only eligible for purchases at an Apple Store retail location or Apple's online store. Requests must be made via the web and require your iPhone phone number and serial number. After a request is made, a text message will be sent to your iPhone (via SMS) with an activation code. You will then have 24 hours to enter the activation code on the Apple website (most activation codes arrive in a few second or minutes). Once activated, the code (which consists of a numeric code and PIN) may be presented with a purchase in an Apple Store or from the online store. The code does not expire and can be used to purchase just about anything except for gift cards for either the Apple Store or iTunes Store. Codes can be used for a single large transaction in conjunction with other forms of payment or for multiple transactions of less than $100. If you purchased multiple iPhones, up to six codes can be combined for purchase in a single transaction. A frequently asked questions page is also available with details about the program. Update: Apple has clarified that iTunes Store gift cards can be purchased with the iPhone credit (as reported by Bloomberg) but cannot be used for iTunes electronic gift certificates according to the program's FAQ.