The discount, which went live earlier on Thursday, applies to both iPhone models Virgin carries: the 16GB iPhone 4S and the 8GB iPhone 4.
According to the company's website, the limited time 15 percent savings offer is applicable to web sales and is available only "while supplies last." The carrier does not specify how long the sale will last.
With the discount, the no-contract 16GB iPhone 4S comes out to $382, while the 8GB iPhone 4 drops to $297.
Virgin first started sales of Apple's iPhone in June of 2012, with initial pricing for the then-current iPhone 4S set at $649, which matched the cost of purchasing a no-contract iPhone through Apple.
The iPhone has extended its marketshare through smaller prepaid carriers like regional telecom Cricket Wireless. Most recently, Boost Mobile was rumored to be getting the Apple handset in the third quarter of 2013, though no official word on the release has been made.