Best Buy has slashed the price of the iPhone 6S. It is now available with a low on-contract price of $1.

The 16 GB iPhone 6S smartphone is now available for only $1 on Best Buy. However, in order to avail it at the discounted price, users will have to trade-in an iPhone 5S or higher in working condition. It will let users earn a gift card of $200.

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The $200 gift card can be used by the buyer to purchase 16 GB iPhone 6S with a price tag of $1. It means that the offer will allow users to take advantage of $198 discount on the latest iPhone along with a two-year contract from carriers like AT&T, Verizon Wireless and Sprint.

The iPhone 6S was released in September 2015 along its larger sibling, the iPhone 6S Plus. Both smartphones are available in multiple storage options of 16 GB, 64 GB and 128 GB.

The iPhone 6S features a 4.7-inch display that supports 750 x 1134 pixels. Its screen is equipped 3D Touch functionality. The smartphone is powered by 1.8 GHz dual-core processor and PowerVR GT7600 present inside the Apple A9 chipset. The SoC is coupled with 2 GB of Ram.

It comes preinstalled with iOS 9. The rear panel houses a 12 MP camera whereas the front panel features a 5 MP camera. It also features a Touch ID sensor for Apple Pay. It is equipped with a battery of 1715 mAh capacity.

Currently, users can avail the $1 deal on 16 GB iPhone 6S only at the retail outlets of Best Buy. If there is no local Best Buy store available, users can visit the retailer site and use the store locator feature to find out the nearest Best Buy retail outlet.

After visiting the Best Buy store, users will also stand a chance to save more money by reducing the phone bill. The retailer has developed a tool that can be used to compare plans from different carriers of the U.S. The tool has shown that nearly 50 percent of its customers are paying more money to service providers. The tool can be accessed only at the retail store of Best Buy. Later on, it will be made available as an online tool, BGR reported.