Still looking for that last minute Christmas gift? Feel like locking someone in to two years of a cell phone contract? If you answered yes to one or both of these questions, get thyself over to your local Sam’s Club before Christmas day to score the cheapest price on an iPhone 4 yet!

According to Engadget, Sam’s Club has launched a new promotion with the iPhone 4 that will see you picking up the latest iteration of the popular phone for $147 with a two-year contract.  If you are so inclined to get an even cheaper iPhone, you can pick up a 3Gs for $47 with the same contract agreement.

iPhone Sam's ClubOf course, if you aren’t already a member of Sam’s Club you would need to join, and that would negate any savings you would enjoy with this deal.  If you are already a member, than have at it.

I’ve always found the iPhone-as-Christmas-gift concept a bit tricky.  My best friend received a 3Gs last Christmas as a gift from her parents, and the second thing she said to me was, “I know, I know … new iPhone in the summer, but what was I going to do?  Tell them to take it back?”  Christmas falls just about smack in the middle of an iPhone lifecycle, so it makes for a tricky decision.  Sure you could score one of these deals, but in six months the iPhone 5 will hit and these deals will fall to one and two generations back respectively.  Sure the person may love it on Christmas morning, but once “new iPhone envy” kicks in, eh, they won’t love it quite as much.

Either way, if you’re looking for a cheap iPhone, Sam’s Club is the place to be at the moment.