Here’s Walmart’s iPhone 5 launch playbook: $189.97 with $25 preorder cards, $4.99 VUDU credit, Sept. 21 availability not guaranteed

We heard yesterday that Walmart would begin pre-orders in-store at 8 a.m. this morning (that might not be so true). We also heard the retailer would offer the device for about $10 less than Apple’s price at $189.97 on a two-year contract. Now we get a look at Walmart’s entire iPhone 5 launch plan, which, according to the internal documents sent to us above, includes a $4.99 VUDU movie credit, but it does not seem to agree with the launch schedule originally reported. It appears Walmart is waiting for a FedEx shipment of $25 voucher cards that will come in today and tomorrow.

Anecdotally, we were told by a reader, who went to a Walmart this morning to pre-order an iPhone, that he just got blank stares. Another said:

Those who want to pre-order through Walmart will have to purchase a $25 reservation card, but Walmart documentation noted the cards might not arrive at some locations until Sept. 15. The document also provided employees with instructions to inform customers that it cannot guarantee availability for pre-orders on Sept. 21, but it will hold the phone for 10 days after it is available. Walmart limits pre-orders to two per customer. It also confirmed in the document that it would sell the iPhone 4 for $0.97 on a two-year contract and the iPhone 4S for $89.97.