They will get 1 million won ($840) in cash if they return their Fold and purchase a Fold 2, the South Korean tech giant said.
The limited offer will be on a first come, first served basis, and Fold users will be able to apply for the program on Samsung's website from September 10 to 11.
After registering for the program, Fold owners will be required to return their device to a Samsung store from September 15 to 29. A Galaxy Z Fold 2 will then be shipped to them starting on September 15.
Customers that use the offer will get their cash deposit seven days after the devices are returned, Samsung added.
However, those with a Fold that has been registered as lost or stolen, a Fold that has problems with turning on or off, as well as those with defective cameras will not be eligible for the program.
The conglomerate said it was running the offer to show appreciation to loyal customers.
Official sales of the Galaxy Z Fold 2 are expected to begin on September 18 in 40 markets globally.