iFans can now purchase the iPhone 5C for just $49.99, as retailer Best Buy is offering a promotional discount on the smartphone.

The latest information is courtesy of ABC News, which reveals that the offer is a limited-period one and will be valid only through Oct. 7.

Per the ABC News report, Best Buy customers will "get a $50 gift card with the phone and can apply that to the $99.99 device, bringing the phone cost down to $50." Additionally, Best Buy has also extended this offer for the Galaxy S4 which normally costs $199, bringing the price down to just $149.

"We view ourselves as a company that offers consumers something they can't get anywhere else -- all the phones, all the plans, all the carriers -- and look for any opportunity to delight our customers," revealed Shandra Tollefson, a Best Buy official, per ABC News.

It's barely been two weeks since the iPhone 5C hit the shelves and the budget-friendly variant is already seeing price reductions. Joining Best Buy is retailer Walmart who also slashed the price of the iPhone 5C and is offering it for $45 on a two-year contract instead of the usual $79, which was already lower than Apple's $99.99 pricing.

"The iPhone 5c price drop war is on. After Best Buy announced on Thursday that it was planning to offer Apple's iPhone 5c for $50 with a two-year contract -- $50 less than Apple's $99 price -- Walmart has announced that it will offer the phone for $45," reports ABC News.

The Walmart offer began on Oct.4 and per Sarah Spencer McKinney, Walmart's director of Corporate Communication, the $45 price for the iPhone 5C is expected to be available through the holiday season.

"This is what we do -- low prices is what we do," said McKinney to ABC News. "As a price leader, we are always looking for ways to surprise our customers with low prices and disrupt the competition."

The Best Buy and Walmart offers are not available online and, therefore, those interested would have to hit the brick and mortar stores.