Wal-Mart is also selling the 16GB iPhone 4S and the 16 GB iPad with Retina display and WiFi at discounts.
The offers will be available for 30 days in about 3,000 of Wal-Mart's stores and they are not available online, according to the retailer.
Wal-Mart is also pricing the iPad starting at $399, down from $499. Beginning December 17 the retailer said it will throw in a $30 iTunes card.
Wal-Mart is selling the 16GB iPhone 4S for $47, versus an original price of $89.97, it said.