Those looking to get a new smartphone this Christmas season should check out Best Buy's latest discount promo.

As reported by various sources the consumer electronics retailer is currently offering the 16GB variant of the Apple's iPhone 6S for only $1.

But, before you go running into a nearby Best Buy outlet, you should know that in order to take advantage of this very generous deal, you have to sign a two year contract with Verizon or Sprint first.

According to CNET, Best Buy launched the promo on Friday and will only last until Sunday. With this period, it seems Best Buy is aiming to draw in customers during the last weekend before Christmas.

As mentioned in Best Buy's listing, those who will avail of the promo will be able to choose the silver, gold, rose gold or space gray color variants of the iPhone 6S. But, as noted by the retailer, the deal is only available for the 16GB version of Apple's latest flagship handset. Its larger counterparts, namely the 64GB and 128GB editions, are not included in the discount promo.

Despite the two year contract clause with the network carriers, the $1 iPhone 6S is still a good deal considering the fact that the unactivated version of the device costs almost $700. And, to further sweeten the deal, Best Buy is also giving away a $200 gift card to those who will trade in their iPhone 5 smartphones. The device of course, has to be in good working condition, according to CNN.

Apple first launched the iPhone 6S in the U.S. and certain countries in September of this year. The device features a 4.7-inch display while its Plus variant came with a 5.5-inch screen. The iPhone 6S runs on the latest A9 processor and packs 2GB of LPDDR4 RAM. It comes in 16, 64 and 128GB storage variants.

The device packs a 12-megapixel primary camera paired with a 5-megapixel front shooter.

Given the current trend in today's smartphone, Apple surprised consumers by equipping the iPhine 6S with a relatively small screen. Although nothing has been confirmed yet, this move strongly suggests that the Cupertino-based tech firm could be attempting to return small-screened devices.

Actually, there are already rumors swirling around that the company's next flagship device, currently dubbed as the iPhone 7, could sport the same form factor. However, some market analysts noted that the demand for bigger devices is still stronger than that those looking for 4-inch handsets.