Sam’s Club members can now purchase a 16GB iPhone 4 for just $147. This price requires a two year contract, and is only good through Christmas Day.

This news comes from Engadget, which also reports the iPhone 3GS is available for just $47.

According to an internal Sam’s Club memo:

“We will be offering these devices at this outstanding Member value until Christmas Day,” the memo reads. “Please reprint your flags and have a great sales weekend.”

Just days ago, Radio Shack announced it would sell Apple’s newest handset for $149. The Sam’s Club price is now the lowest for the iPhone 4.