Good news for current Verizon customers: the latest U.S. iPhone carrier has posted its FAQ on the iPhone 4, and it turns out that a $200 credit will be given towards an iPhone upgrade. However, not everyone will qualify for this credit.

If you purchased a new smartphone from Verizon Wireless between November 26, 2010 and January 10, 2011, you should be eligible for a $200 credit towards an iPhone 4 upgrade. This credit should be available as long as your purchase the iPhone on Verizon before February 28.

Verizon’s FAQ has some interesting answers for current (and potential) customers who might want to use their available upgrade on the iPhone 4…

From the Verizon FAQ:

“Q: Do I need to sign up for a 2 year agreement?

A: When purchasing iPhone at the 2 year promotional price a new agreement is required. However, you will also have the option to purchase iPhone at full retail price, which will not require you to sign a long-term agreement.

Q: If I’m an existing Verizon Wireless customer and not currently eligible for an upgrade, will Verizon Wireless offer any special programs to allow upgrades to iPhone at a reduced price?

A: If you are not eligible to upgrade, you cannot upgrade at promotional pricing but you can pay full retail price and upgrade your device. In addition, you may be able to take advantage of the Verizon Wireless Trade-In Program, which allows you to get the value of your used device. Using the trade-in website, in a few simple steps, you can determine the value of your used device and receive a Verizon Wireless Gift Card.

Q: If I’m an existing Verizon Wireless customer and I’m eligible for an annual upgrade, will I have to pay the standard $20 early upgrade fee to purchase iPhone 4?

A: No, if you are currently eligible for an annual upgrade, the standard $20 early upgrade fee will be waived for customers purchasing iPhone 4 until the end of March.

Q: I just purchased a new smartphone during the holiday season, but if I knew that iPhone 4 was going to be available soon I would have waited. What are my options now?

A: Current Verizon customers who purchased and activated new smartphones, feature phones or certified pre-owned phones between 11/26/2010, and 01/10/2011, are eligible to receive up to a $200 Visa debit card when they purchase an iPhone 4 at full retail price by 02/28/2011 and return their existing phone. Note: This offer is only available on consumer accounts with five lines or less, who are purchasing iPhone 4 through Verizon Wireless retail stores, telesales, or through verizonwireless.com.”

It’s pretty cool that Verizon is able to offer such a promotion for the launch of the iPhone on its network. AT&T hasn’t really had any luck with offering promotions or bundle deals since they introduced the iPhone on their network almost five years ago.

Verizon is probably taking the financial hit for such a promotion. I highly doubt Apple would ever give any similar type of offer to a carrier. But with all the traffic that the iPhone will bring to Verizon in the U.S., it’s not hard to see why the network would want to try and muster spirit around the product’s launch as much as it can.

A couple other interesting facts from the FAQ:

“Q: Can I go to an Apple store to purchase and activate the phone?

A: Yes, beginning on February 10th, you can visit an Apple Retail store to purchase and activate. However, prior to visiting, please make sure to check your upgrade eligibility if you are an existing Verizon Wireless customer.

Q: I am an existing customer that upgraded my device between 11/26/10 and 1/10/11. I would like to exchange my upgrade for an iPhone but my return/exchange deadline is prior to the iPhone launch. What can I do?

A: You would need to return the device that you purchased in accordance with our standard return policies and reactivate your original device. A restocking fee of $35 ($70 for netbooks and tablets) would apply. You will then be eligible to upgrade to the iPhone when it becomes available for purchase.”

Verizon also has a helpful checklist of items you may want to consider when moving to the iPhone on Verizon.

What do you think about the possibility of a $200 iPhone credit for already-existing Verizon customers? If you are already on Verizon, does that make you want to go ahead and upgrade?

[Verizon Wireless]