So you just bought an iPhone 3GS. It stings doesn’t it? You paid a premium for a now outdated phone. But not to worry, AT&T is willing to give you some cash back. ModMyi reports,

“We just got word from an MMi member inside AT&T that the carrier is going to offer a “one-time Customer Price Protection” for anyone who bought a 16GB or 32GB iPhone 3GS in the month before the price drop on June 7.”

Read the memo after the break.

From the AT&T memo:

Price Protection will allow customers who purchased iPhone 3GS 16GB/32GB through a Local Dealer from May 7, 2010 until June 7, 2010 to receive a bill credit for the difference in the Manufacturer’s Suggested Retail Price in May 2010 and the new Manufacturer’s Suggested Retail Price plus sales tax. This special one-time credit from AT&T will be provided to customers of Dealer regardless of what price the customer actually paid for their iPhone.

Customers who purchased iPhone 3GS May 7th through May 14th will have until June 14th to visit the original location of purchase and receive this one-time bill credit

Customers who purchased after May 14th will have 30 days to complete their price protection transaction by returning to the original location of purchase

The Price Protection Credit applied to the customer’s account will equal:

$50 for the 3GS 16GB

$100 for the 3GS 32GB

Return/Exchange Policy:

A customer who purchased iPhone 3G/3GS through a Local Dealer from May 7, 2010 until June 7, 2010, who would like to exchange it for iPhone 4 and pay the price difference, will be able to do so.

[via ModMyi]