Target has joined the parade of retailers who are discounting Apple's colorful iPhone 5c. Earlier this week, TUAW reported that Walmart and RadioShack were selling the 5c for just US$45 with a two-year contract; now Target has announced that they will sell the 16 GB version of the phones for $49.99 or less.

That "or less" has a caveat attached to it, of course. An extra 5 percent discount is available for those who happen to have a Target REDcard, bringing the price tag down to $47.50. The prices are for a phone equipped with a new two-year contract with the carrier of your choice, and appear to be available only in stores and not online.

This article was originally published on Tuaw.