Walmart starts offering iPhone 5 for $127, 4S for $47, & third-gen iPad for $399 (updated)

With the holidays here or fast approaching, it’s time for some great last-minute deals. Walmart is leading the charge with some phenomenal Apple deals — $399 for the 16GB third-generation iPad with Wi-Fi, 16GB iPhone 5 for $127 on contract, and the iPhone 4S for $47 on contract.

Update: Apparently, the deal is for the third-generation iPad, not the fourth, as WalMart initially announced. We’ve corrected this detail. 

These are great prices when compared to the normal base prices of these products, since the 16GB iPhone 5 runs for $199, and the 4S costs $99. The phone prices are with a two-year wireless contract, where you’ll usually be paying more than $50 per month, depending on your plan.

The iPad deal also will score you a free $30 iTunes gift card, starting on Dec. 17.

Unfortunately, the Walmart deals are all in-store only, so you have to get off your bum if you want to buy at these prices.

Similarly, Best Buy lowered its price of all iPhone 5 models earlier this week. It has shaved $50 off the price of each model, so the base price of the 5 ends up as $149 on contract.

h/t 9to5Mac

iPad photo via Juhan Sonin