Sam's Club selling 16GB iPhone 4 for $147 with contract

Sam's Club has a big last-minute promotion for holiday shoppers. The retailer giant has cut the subsidized price on the iPhone 4 by more than $50.

Naturally, that price requires the signing of a two-year service agreement and picking up a smartphone data plan with AT&T.

According to Engadget, the price just undercuts Radio Shack's $149 offer. The iPhone 3GS is also retailing for $47. These offers are valid through midnight on December 24, or (presumably) while supplies last. Will you be rushing out to Sam's Club to take advantage of this offer.