Apple's iPhone 5C for $79 preorder at Target, Walmart

Hours before Apple's new iPhone models go on sale in US retail stores, Target has quietly matched Walmart's lower preorder price for the iPhone 5C -- Apple's first low-cost smartphone, which has a plastic body and comes in five bright colors.

Apple and partner retailers will be selling the 5C starting at $99 with a two-year contract, but both Target and Walmart are now offering the 16GB version of the smartphone for $79 on preorder -- a total discount of $20. Target said it will also add an extra 5 percent off for customers who use a Target REDcard.

Related stories

• Sprint confirms 'One Up' early phone upgrade program
• Gold iPhone 5S backordered online in US, elsewhere
• Apple Store offline ahead of expected rush for iPhone 5S
• iPhone 5S teardown: New Sony camera sensor inside
• Hordes hungry for the iPhone 5S and 5C line up at Apple Stores

While Target will also be selling Apple's costlier iPhone 5S, it is currently not offering a deal on this device. Besides the discount on the 5C, the big box retailer is additionallyoffering a trade-in program for older versions of the iPhone for customers to get store credit. Customers can trade in their iPhone 5 for $200, iPhone 4S for $125, and iPhone 4 for $75.

Apple announced the launch of its two new iPhone models earlier this month. Both the less-expensive 5C and the higher-end 5S are intended to replace last year's iPhone 5, which has been discontinued. The 5C is the only device up for preorder, with Apple planning to begin sales of the 5S model at 12:01 a.m. PT on Friday, Sept. 20, as well as through its carrier partners.