If you’ve been looking for a good deal on an iPhone 5, look no further. Best Buy is offering the best price we’ve seen on the popular handset with a $50 discount. That means you can snag Apple’s latest smartphone for as low as $149 with a 2-year contract…

MacRumors was first to spot the new promotion, which just went live on Best Buy’s website. The deal applies to iPhone 5 models from all three carriers, in all three sizes, dropping the price tag of theĀ 16GB to $149, 32GB to $249 and 64GB down to $349.

We’ve seen a few deals on the iPhone 5 over the past few weeks. RadioShack is taking $20 off the handset, and if you don’t mind refurbished models, AT&T is taking $100 off. But for new-in-box iPhone 5s, this is easily the best discount we’ve come across.

Of course, as the above image says, the $50 promotion only works if you sign a 2-year contract, and it doesn’t look like you can combine this deal with Best Buy’s $25 gift card offer. It also appears to be online-only and we’re not quite sure when it expires.

What do you think, $150 for Apple’s latest and greatest handset? Deal or no deal?