The news that Best Buy decided to offer the 8GB iPhone for a mere price tag of only $99 made many people remind about the countless rumors that were suggesting that a $99 iPhone would be available.

Moreover, the good news is that, unlike previous offers, Best Buy will give you a new phone for this money, unlike previous offers. The offer also applies to the iPhone’s more spacious sibling, the 16 GB version. This model will also be available with a discount of $100.

Nevertheless, there is also the bad news. First, the offer is only available for select users at the hardware retailer, meaning that you have to be a Best Buy Premier Silver Reward Zone member. This might sound tricky, and it really is, as it means that you have to purchase $2,500 worth items at Best Buy in one calendar year.

In addition, the offer itself will be available only through 28 February and only for users who have been members of Best Buy’s Silver Reward Zone by February 21.

If these negative aspects won’t put you off, here is another one. Both of the 8GB and the 16 GB versions of the discounted iPhone will come with the ubiquitous two-year subscription agreement with AT&T. With that being said, some analysts suggested that Best Buy’s offer is more of a marketing campaign, rather than an actual discount.

Some of the users will do better if they wait until Apple decides to let some retailers sell unlocked iPhones. Still, the demand for a cheap and carrier-independent iPhone is still very high, so the company is expected to do something about this in the near future.