As part of a new sale, the retail giant is now selling the iPhone 5c on a two-year contract for just $0.97. The iPhone 5s is also getting a significant price cut to $79 down from $99 through Wal-Mart.
Although the iPhone 5s costs only $20 less than Wal-Mart's previous price, it's still much cheaper than what you would get through the Apple Store.
Apple is still selling the entry-level 16GB iPhone 5s for $199 on a two-year contract. Engadget was the first to spot the promotion on Wal-Mart's website on Wednesday, reporting that the deal was valid for 90 days.
The discount applies as long as you sign up for a two-year contract with AT&T, Verizon, Sprint, or US Cellular.
Wal-Mart's bargain comes just as Apple is expected to unveil its new iPhone on Sept. 9. Presumably called the iPhone 6, Apple's next smartphone is expected to come with a larger 4.7-inch screen that is sharper than the iPhone 5s', a new processor from Apple, and thinner design that resembles the iPad Air.
Rumors suggest that Apple may also release an even bigger 5.5-inch iPhone this year, but it is unclear if the two phones will launch at the same time.
It is possible that Wal-Mart is trying to clear out its inventory ahead of Apple's new iPhone launch, but we will have to wait on the word from Apple to know for sure.