As iPhone 5S gets closer, AT&T and Walmart slash iPhone 5 and iPhone 4S prices

With Apple expected to release the iPhone 5S in September, retailers have started to cut the price of the iPhone 5 to clear out inventory and make room for Apple's next flagship smartphone.

Apple is expected to announce the iPhone 5S in September according to multiple sources. The iPhone 5S is expected to retain the same overall look and design of its predecessor but will offer internal upgrades to its processor and RAM, just as Apple has done with previous "S" moniker iPhones. The device will be the first smartphone from the company to ship with iOS 7 out of the box and some rumors claim it will feature a 13-megapixel camera with dual-LED flash and a biometric fingerprint scanner for enhanced security. Apple will also likely price the iPhone 5S at the same price points of the iPhone 5 when it's released.

In a sign that the iPhone 5S will be here soon, retailers have begun to slash the price of the iPhone 5 to clear out inventory for the new smartphone. Walmart just announced that it has cut the price of the iPhone 5 from $189.97 to $129.97; this is not a big discount but it is the new permanent price of the handset, according to the retail giant. Walmart is offering the 16GB iPhone 5 from AT&T, Verizon, and Sprint at its new price when signing a new 2-year contract. Walmart has also cut the price of the iPhone 4S to $39.00 with a new 2-year contract.

Walmart isn't the only big name slashing iPhone 5 prices; AT&T just announced that customers can now purchase an iPhone 5 for $99.99 when trading in an older phone and signing a new 2-year contract. AT&T has been running a similar promotion for smartphones but has now added the iPhone 5 to the deal. The carrier has also lowered the price of the iPhone 4S to $50. Verizon is also expected to lower the price of the iPhone 5 to $100 in the near future, according to leaked reports, a move that will put pressure on Sprint and T-Mobile to follow suit.

If anyone needed more proof that the iPhone 5S is on its way, the new price cuts are a clear indicator that the device is coming soon and retailers are already beginning to make room on its shelves for the new smartphone.

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