Best Buy is taking $50 off all Apple iPhone 5 models with a 2 year contract, which is certainly welcomed news for those of you who have been shopping for the handset this holiday season. Thanks to the savings Best Buy instated this evening, the 16GB model now starts at just $149. This is the largest discount we’ve seen thus far for the all new iPhone 5, and there’s no word on how long it will last. Our inside man over at Best Buy has advised us that the gift card offer cannot be stacked with this discount. If you did cash in on the gift card deal then you can surrender the card and get $50 off or if you used the card already you can still get another $25 from your original purchase.