iPhone 5 priced at $127, 4th-gen iPad at $399 by Walmart

Credit: Apple

Walmart is now selling the iPhone 5 for just $127 on contract and the iPhone 4S for $47 on contract, 9to5Mac reports.

In addition, the 16GB Wi-Fi-only 4th-generation iPad will be available for $399.

Since Monday purchases of the new iPad also bring a $30 iTunes gift card.

Target is also lowering the price of the Virgin Mobile prepaid 16GB iPhone 4S from $449.99 to $399.99 starting Sunday.