For those looking to sign a three year contract for the iPhone 5, you can get ‘refreshed’ 16GB models from TELUS for $0 on a three year term. Available in both black and white, it will require a minimum $50 monthly spend. The regular price for the iPhone 5 on contract is $179+tax.

A new iPhone 4 on a three year term is $0, so to get a refurbished iPhone 5 for the same price is a decent deal if you’re into contracts and don’t mind having a refurbished phone.

Let us know if you’re going to jump on this.

[via MobileSyrup]