As part of a new promotion announced today, retailer GameStop will pay you $125 in store credit when you trade in an eligible PlayStation 3 or Xbox 360 and apply the funds toward the purchase of a new PlayStation 4. That means you can get the new console for $275. Not too bad.

The deal does come with something of a catch, however. To be eligible for the $125 credit, you need to trade in a 20 GB or greater PS3 or a 250 GB or greater Xbox 360. The deal starts today and runs through November 9.

If you're looking for savings on an Xbox One at GameStop, you're out of luck. But Microsoft itself has launched a promotion where you can get an Xbox One for $250.

GameStop's PS4 deal was announced today as part of a wider announcement of the retailer's plans for Call of Duty: Advanced Warfare midnight launch events. Though Advanced Warfare doesn't officially launch until November 4, the Day Zero edition goes on sale November 3, which means retailers like GameStop (and Walmart) are holding their launch events on November 2.

Starting at 6 PM local time on November 2, more than 4,100 GameStop stores will stay open through midnight to sell the first copies of Advanced Warfare at 12:01 AM on November 3. In-store activities will include gaming tournaments and giveaways.

Gamers who buy a new PS4 console and a copy of Advanced Warfare for PS4 during the midnight launch event will receive a free year of PlayStation Plus. This subscription, which continually rewards gamers with all manner of excellent games, normally sells for $50.

Finally, GameStop said it will offer a $10-off coupon for another big-name Activision game, Destiny, allowing anyone to get the PS4 or Xbox One version of the game for $50. You'll need to visit GameStop's Facebook page to get the coupon, though it doesn't appear to be live yet.