For a limited time, AT&T is running a promotion where users can get 50% off the purchase price of any smartphone up to $199. That being the case, a 16 GB iPhone 5 can be snatched up for just $99 with an accompanying two-year contract. What's more, a refurbished iPhone 5 will only set you back $75.
The savings come up once you take a look at your shopping cart, like so.
That's an incredible deal; if you're looking for a new iPhone and aren't necessarily keen on waiting around until Apple's next-gen model comes out, this deal is pretty good. Of course, Best Buy's trade-in "free" deal is an improvement, if you're eligible for a contract renewal/upgrade.
Note that the offer is available instantly online. Users looking to take advantage of this deal in-store must trade in their old device.