The upcoming sale will be a four-week-long promotion that applies to the iPhone 5 and iPhone 4S on Verizon, AT&T, and Sprint, the three largest carriers in the U.S. The discount does not apply to the iPhone 4, which is already free with a two-year service contract, the company confirmed to AppleInsider.
The sale means shoppers will be able to buy an iPhone 4S for $49, a 16-gigabyte iPhone 5 for $149, a 32-gigabyte iPhone 5 for $249, or the top-end 64-gigabyte iPhone 5 for $349.
Customers will need to buy a new two-year service contract in order to receive the typical handset subsidy and Best Buy's special $50 discount. Discounts on some Android phones, including the Samsung Galaxy S III, are also planned to run from May 26 to June 1.
While discounts and buy one, get one free promotions are common for Android handsets and other smartphones, iPhone discounts tend to be infrequent because of Apple's strict pricing strategy.