Yes. From
here:
1. AT&T Special Trade-In Offer: Monthly Price reflects net monthly payment, after application of AT&T trade-in credit up to $800 applied over 30 months after trade-in of eligible smartphone with minimum $95 trade-in value. Requires upgrade of an existing line (or activation of a new line in stores) and purchase of a new iPhone 12 mini, iPhone 12, iPhone 12 Pro, or iPhone 12 Pro Max on qualifying 30 month 0% APR installment plan, subject to carrier credit qualification.
If buying on the AT&T Installment Plan with Next Up, customer is responsible and will not receive any credits for an additional $5/mo. for the Next Up upgrade feature.