Apple unveiled the details of the promised US$100 credit for early iPhone buyers on Friday. Eligible iPhone owners can take advantage of an Apple Store credit that is valid at Apple's online store and retail locations.

The credit is available for iPhone purchases made before August 22, and owners can apply for their credit by completing a request form available at the Apple Web site. Once finished, Apple will send an SMS message to the owner's iPhone with an access code that can be used to redeem the credit.

Following a $200 price cut only two months after the handheld was released, Apple CEO Steve Jobs announced in an open letter that early iPhone buyers could receive a $100 store credit.

"Even though we are making the right decision to lower the price of iPhone, and even though the technology road is bumpy, we need to do a better job taking care of our early iPhone customers as we aggressively go after new ones with a lower price," he said in the letter. "Our early customers trusted us, and we must live up to that trust with our actions in moments like these."

Credit requests must be submitted before November 30, 2007, and the iPhone must be activated before completing the credit form. Additional information is available at the iPhone credit page on Apple's Web site.

[Thanks to TMO reader Aaron Geddis for the heads up.]