By Michael Oleaga / m.oleaga@latinospost.com (staff@latinospost.com) | First Posted: Sep 06, 2013 05:27 PM EDT

Best Buy has reduced the price of Apple's iPhone 5 ahead of the Cupertino-based company's Sept. 10 event.

The retailer reduced the iPhone 5's price by $50 when the consumer agrees to sign a contract with either mobile carriers AT&T, Sprint, and Verizon Wireless.

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The $50 price drop provides the 16GB iPhone 5 with a new price of $149.99.

The adjusted Best Buy price is valid for consumers who want to upgrade their device or add a new line of service.

The $149.99 price is also valid for new costumers for either of the three aforementioned mobile carriers.

The 32GB model will have a starting price of $249.99, while the 64GB variant cost $349.99.

The Best Buy offer comes as Walmart reduced the price of the Apple smartphone as well.

As Latinos Post reported, Walmart has discounted the iPhone 5 to $98. The offer, however, is only available in Walmart stores and not online.

Similar to the Best Buy deal, the Walmart consumers 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 in the deal.

As Latinos Post reported, Apple has confirmed an event will take place on Sept. 10, which is rumored to be for iPhone 5S or iPhone 6 smartphone.

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.

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For the latest updates, follow Latinos Post's Michael Oleaga on Twitter: @EditorMikeO

Related iPhone 5 Articles:

- iPhone 5 Update: Apple Inc. (APPL) Smartphone's 32GB, 64GB Discontinued Starting Sept. 28 with Carrier Telus, Says Report

- iPhone 5 Price Drop in Walmart: Apple Inc. (APPL) Device at $98 Ahead of Rumored iPhone 6 Sept. 10 Release Date [Video]