Walmart is offering a pretty hefty discount on both the iPhone 5 and iPhone 4S. The retailer already sold the iPhone 5 at a discounted $189 in the past, but it is stepping up its game to beat Best Buy’s recent price cut. Walmart is offering the iPhone 5 for $129 on a two-year contract while the iPhone 4S is discounted to a mere $39 on-contract. This deal can be used for iPhones on the AT&T, Verizon, and Sprint networks.

If you want to purchase your new iPhone at this discounted price, you’ll have to drag yourself into a Walmart store in order to do so. Walmart has stated that this deal is not temporary and will not be offered online.

As Mashable noted, this deep of a discount for an iPhone is almost unheard of. In the past, Apple has limited how much its resellers can discount products. However, it’s worth noting that Walmart has discounted the iPhone 5 and 4S to $127 and $47 respectively during the 2012 holiday season, so we’re guessing that Apple has either killed the rule altogether or relaxed it in Walmart’s case.

Image Source: Sean MacEntee