Looking to buy an iPhone 5, but don't want to get locked into an exorbitantly priced contract?
Help is coming from an unlikely place: Wal-Mart.
The retail giant has unveiled a no-contract iPhone 5 deal with rock-bottom pricing -- $45 per month for unlimited data, calls and messaging.
What's the catch?
The iPhone 5 isn't subsidized, so it'll run $649 upfront for an unlocked 16 GB version, or $449 for an 8 GB.
Still, dividing that cost, plus the cost of the service, over the course of a typical 2-year contract yields a monthly cost of just over $72. The cheaper iPhone 5 drops that to only $63.70, much less than most cellphone contracts, and you can take your phone and go home if you don't feel like playing.
Still too expensive?
Buy the iPhone 5 on a Wal-Mart credit card (disclaimer: this is in no way advocacy of a Wal-Mart credit card. That's an entirely different issue that carries its own baggage and caveats) and they'll let you have the phone for only $25 a month.
In addition, a $60 monthly plan nets you all the unlimited features, plus unlimited international calling to Mexico, Canada, India and much of Europe, Central and South America and Asia.
The deal is available starting Friday, Jan. 11 at more than 2,000 Wal-Mart locations.
Issues about Wal-Mart aside (labor or image), this is an excellent deal for anyone looking to get a new iPhone, even for people who aren't averse to long-term contracts.
The plan uses AT&T's network, which has gotten much better in recent years and has plenty of coverage for almost anyone in the country, although people in known dead zones should beware.
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