The full $100 discount is offered to Premier Silver members, making the price of an 8GB iPhone 3G just $99.99, or $199.99 for the 16GB model. Meanwhile, customers who have enrolled in the standard Reward Zone program can save $50 off either model.
Best Buy requires a Reward Zone membership that started on or before February 21 to be eligible for the deal with a limit of one per customer. The special pricing is only available in stores and the promotion ends Saturday.
A Best Buy Reward Zone membership is free to join while Premier Silver status is only available to Reward Zone members who spend at least $2,500 at Best Buy in a single calendar year, according to a list of frequently asked questions at the program's website.
Meanwhile, AT&T's recent round of online refurbished iPhone discounts is nearing an end, as the only model with some supply remaining is the 8GB iPhone 3G.