iPhone 5 Price Slashed to $189.97

The iPhone 5 price will be cut down to $189.97 by Walmart who will offer the device at this rate with a new 2-year contract.

The retailer was supposed to begin taking pre-orders for the smartphone at 8 a.m. this morning, however, that cannot not be confirmed at this time.

Walmart also plans to offer a $4.99 VUDU movie credit with the purchase of the iPhone 5.

Anyone pre-ordering the device at Walmart will have to purchase a $25 reservation card, but the retailer will not have these cards until Saturday Sept. 15. A document with all of this information in it also stated that Walmart might not be able to deliver the iPhone 5 to customers who pre-ordered it on the official release date of Sept. 21. However, the retailer promises to hold the device for 10 days once it is available.

Walmart is only allowing customers to pre-order two iPhones at a time and it also will be offering the iPhone 4 for $0.97 with a 2-year agreement and an iPhone 4S for $89.97 under the same terms.

The new iPhone will feature a taller 4-inch display and thinner design at 7.6mm thick. The new screen will be 1136 x 640 pixels resolution with 326 pixels. It also has touch sensors built into it in order to keep the phone as thin as possible.

With the taller screen, applications have been expanded and Apple promises that nothing has been altered or stretched in the process. It also allows for five rows of icons to be displayed on the new iPhone's home screen.

The iPhone 5 features a two-tone design with a metal backing. It is completely made from glass and aluminum. It is said to be 20 percent lighter than the 4S.

Hardware has been greatly improved as well, as the device comes with an A6 chip that can perform at speeds twice as fast as the A5 found in the iPhone 4S. It is also 22 percent smaller than its predecessor.