Originally Posted by kwknott
You don't need to do anything to the old phone for the vm swap. Just wipe it before you return it to the store.
Just go to settings > privacy and reset phone
If you have setup Google wallet, do a reset from withing Google wallet first before resetting phone. This will clear all your info from the secure element which a factory reset alone won't
fyi for anyone exchanging, then doing a phone swap on a second phone. (Done at the Virgin Mobile site.)
You need to do the "Google Wallet reset"/factory reset while the first phone is still active because Google requires access to the network in order to get into your account to reset Google Wallet. (I thought it could be done from the app settings on the phone.)
I had already activated the second phone. I did clear the data on GW on the first phone before a factory reset; nothing bad seems to have happened, though.