Electronics

Swap Your Note 7 for Another Samsung Phone, Get $100

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Samsung is urging all Galaxy Note 7 owners to ditch the risky device.

Beginning at 3 p.m. ET today, consumers can choose between two options: swap your Note 7 for another Samsung phone and receive up to $100 in credit, or hand in the device for a refund or a non-Samsung smartphone and get $25. And that's why, as part of this announcement, Samsung is offering some hefty incentives for customers who return the Galaxy Note 7.

The company also said 30,000 users have registered to exchange their old Note 7s for ones equipped with new batteries, adding that 27,000 users have received a new Note 7 smartphone. Samsung has arranged for the devices to be returned via ground transport, the Daily News said. If you don't want another Samsung phone, the original $25 bill credit is still available for those who simply get a refund or pick up any other phone.

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However Samsung assured the public it had identified and resolved the problem with the batteries that affected one Galaxy Note 7 is every 42,000 units. But now, Samsung made an official statement saying that the voluntary recall now encompasses both original and replacement devices bough before or after September 15. A faulty smartphone leading to fires, burns, property damage and so on, can only hurt a company's reputation and Samsung is well aware of this fact, which is why the South Korean tech giant has chose to cancel the Galaxy Note 7 in the first place, and why it has been working around the clock in order to avoid more damage to its name. They are also working with carriers to send direct notifications to devices. However, that was followed by reports that those phones were catching fire too. The UK's Royal Mail service is refusing to transport the recalled phones, no matter what box they are in. But on Tuesday, after Samsung stopped Galaxy Note7 sales and production, its shares dropped 8%. Samsung has already issued a profit warning and slashed its Q3 estimate by a third, with $2.3 billion in lost operating profits, down almost 30 per cent from a year earlier.

Meanwhile, Apple's stock jumped 2.3% this week, to its highest amount since December. You are eligible for a full refund.

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