By Michael Oleaga / m.oleaga@latinospost.com (staff@latinospost.com) | First Posted: Jun 24, 2013 04:15 PM EDT

Following the news of Best Buy's iPhone 5 trade-in offer, Walmart has reduced the price of the latest Apple smartphone.

Walmart lowered the price of the iPhone 5 to $129. The new price is down from the $189.97 previously listed with the retailer.

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In order to purchase the $129 iPhone 5 smartphone, customers must be eligible to upgrade or sign a two-year contract with AT&T, Sprint, or Verizon Wireless. Although T-Mobile now carries the iPhone 5, the Walmart offer doesn't include the fourth largest U.S. carrier.

The iPhone 5 isn't the only iPhone with a price cut. Walmart reduced the 16GB iPhone 4S' price from $89.97 to $39. Similar to the iPhone 5 offer, the $39 price tag is only available for customers eligible to upgrade or add a new line with AT&T, Sprint, or Verizon Wireless.

Unfortunately for online users, the iPhone 5 and iPhone 4S deals are valid at the retail store only.

The Walmart deals come as Best Buy holds an iPhone 4 and iPhone 4S trade-in for the iPhone 5. As Latinos Post reported, the Best Buy offer ends on Sat., June 29, and customers have to be eligible with AT&T, Sprint, and Verizon Wireless as well.

The iPhone 5 features a screen size of 4 inches with 1,136x640 pixels at 326 pixels per inch. The internal storage models come with 1GB of RAM but no microSD card slot. The wireless connectivity for the latest Apple smartphone includes Wi-Fi 802.11 a/b/g/n, Wi-Fi hotspot, Bluetooth version 4.0, and USB version 2.0. The camera specifications include an 8 megapixel rear-facing camera with 3,264x2,448 pixels and a front-facing camera with 1.2 megapixels. The smartphone, which launched in September 2012, has 1,440mAh to provide up to 225 hours on standby and eight for talk time when under a 3G network.

For Walmart's iPhone 5 offer, click here.

For Walmart's iPhone 4S offer, click here.

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