Walmart has drastically slashed its price tag for the iPhone 5C and 5S.

The retail store's move prepares it for the upcoming debut of iPhone 6 in September by getting rid of as many of the old iPhone models as fast as it can.

Walmart cut the price of iPhone 5S (16 GB) from US$99 to just US$79. Its colorful lineup iPhone 5C (16 GB and in any color) has been cut from US$29 to just US$.97 cents.

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This very cheap offer of Walmart for iPhone 5S and iPhone 5C, however, comes with a two-year contract from Verizon, U.S. Cellular, AT&T and Sprint.

The price cut is only good in stores and not for online purchases.

Customers can also avail of an unlocked and contract-free iPhone 5C which costs US$549 directly from Apple, Inc.

Electronic and gadget stores are slashing their prices for existing iPhone stocks before the rumored arrival of the new model this September.

Walmart's price drop also confirm about rumors regarding the release date of the iPhone 6.

Price drops on Apple products are rare because the company limits how it retail partners can price its products.

Walmart is the only retail store that can sell Apple products below Apple's manufacturer suggested retail price (MSRP).

Meanwhile, Apple fans are really excited about the launch of the iPhone 6 that is rumored to have a reversible USB Lightning cable, an almost unbreakable sapphire glass display and two larger screen versions, 4.7-inch and 5.5-inch.

TagsWalmart, Apple Inc., iPhone 5S, iPhone price drop, Tech, gadget, Walmart iPhone Sale