By Keerthi Chandrashekar ( | First Posted: Dec 11, 2012 11:10 PM EST

(Photo : Apple)

While most Americans probably have their holiday shopping lists somewhat completed, there's no reason to throw in the towel just yet as promotions are still going strong. At the moment, there exists holiday deals on the two hottest smartphones out on the market now: the Apple iPhone 5 and Samsung Galaxy S3. 

Electronics retailer Best Buy is currently running a promotion that knocks $50 off any iPhone 5 variant with a two-year contract from Verizon, AT&T, or Sprint. This means that the 16GB iPhone 5 costs $149.99, the 32GB model costs $249.99, and the 64GB model will set you back $349.99. The sale applies to both black and white iPhone 5s, and at the moment, there is no indication of any supply shortages. Website TheVerge reports that the promotion will continue until Jan. 5. 

But that's not all from Best Buy. If the discounted iPhone 5 is still a little too steep of a purchase, then consumers can pick up an iPhone 4 for free or an iPhone 4S for $49.99 with  two-year contract from Verizon, AT&T, or Sprint. Either way, Best Buy is making it hard not to buy an iPhone, especially considering these prices and the fact that the older 4S is still a great smartphone (it does lack the iPhone 5's LTE support, however). 

If it's the Samsung Galaxy S3 that interests you, then TMONews is reporting that Walmart is currently selling the T-Mobile 16GB Galaxy S3 for $98 with a two- year contract - far lower than T-Mobile's asking price of $279.99. The Walmart deal has only been confirmed for the T-Mobile Galaxy S3 so far, and TMONews states that this should be Walmart's new permanent price.

Buyers wishing to purchase a Galaxy S3 on another carrier should turn to Amazon Wireless. The online retailer is currently offering great discounts on Galaxy S3s from AT&T, Verizon, and Sprint. Prices vary across the carriers, so you'll have to select the model you are interested in. 

Let us know if you picked up one of these handsets, and why you chose one over the other.  

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