Verizon Wireless, the nation's number one wireless carrier that recently landed the iPhone, is offering an olive branch to subscribers that purchased a new smartphone during the holiday season rather than wait for iPhone 4.

It's in the form of a $200 credit, according to the updated FAQ on Verizon's site:

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.

Here's my math. Verizon charges $649.99 full retail price for the 16GB iPhone 4 ($749.99 for the 32GB model), meaning you'll have to pony up $250 after a $200 credit to replace your current smartphone with a brand spanking new iPhone 4.

The carrier also discontinued its long-running New Every Two promotion to make it pricier for existing customers to upgrade to iPhone 4 as it preps for the onslaught of new iPhone 4 subscribers. The promotion allowed those who completed their two-year agreement to apply a $30-$100 credit against the downpayment when they buy a new phone or get one of the low-end phones for free.

Source: Verizon Wireless