First. Be aware that Apple does not manage this program. A company called Brightstar does. Allow me to layout the timeline for this process: I submitted the online form to trade-in my watch on Monday, May 7. I received the return packaging on Friday, May 11. (Mind you the company managing this feature is in Libertyville, Illinois, just 475 miles from my home in Tennessee.) I dropped the package off at the UPS store on Saturday, May 12. UPS picked it up on on Monday, May 14. I received an email from Brightstar on Friday, May 18 that they have accepted my watch and will send me a an Apple Store Gift Card by email. Today, wondering when I can expect the gift card I called their customer support line. The answer to my question was "3 - 5 business days. That does not include weekends or holidays." So, 14 days (so far.) Having sold a few cool Apple products on eBay with less hassle I know this is the last time I will engage with Apple's GiveBack program.