Groupon is testing a new premium service in select markets. The Groupon VIP program.

The annual subscription cost for becoming a Groupon VIP will be $29.99 per year. Right now, in the test markets, select Grouponers are receiving messages offering the VIP program with a free three-month trial.

So how are Groupon VIPs treated special? Well, to start with, they get a 12 hour head start on deals before the regular folk. Not only will they get to see deals before others, but they’ll be able buy a deal they want deal before it becomes available to the general public.

Groupon VIPs will also be able to buy deals after they close or sell out to non-VIPs.

Perhaps one of the most useful benefits for VIP members is that they will be able to trade in daily deals they haven’t gotten around to using for Groupon Bucks. Groupon Bucks can be used to buy other deals. VIPs will be able to trade in unused deals for Groupon Bucks even if the use-by date on the deal has passed.

Groupon spokesperson, Julie Mossler, was quoted in the Chicago Tribune as saying the program is “a must-have for Groupon addicts.”