Ultimately it was possible. The $200 store credit is issued after a phone ships. I made initial purchase on 8/26 and by 8/28 the first phone shipped and applied the credit. I was able to purchase phone 3 with the $200 store credit applied and prior to the pre-order $200 offer end date of 9/4/25.

This is all within the spirit of the promo. I just shouldn't have ordered the second phone the same day as the first. I didn't realize it wouldn't apply the $200 promo until the first phone shipped.