iPhone 5 Release Date; Are You Eligible For An iPhone 5 Upgrade? Check Here!

Apple announced the iPhone 5 release date earlier this week. The iPhone 5 makers revealed that the new gadget will be available for pre-order on Friday for AT&T, Verizon and Sprint carriers.  Apple will begin release as early as Friday, Sept. 21. The iPhone 5 is expected to run up to $399. However, customers eligible for an upgrade can purchase the phone for less.

Upon the iPhone 5 release date, Apple fans will be able to purchase the 16GB model for $199, 32GB for $299, and the 64GB model for $399. To see if you qualify for an upgrade, check here for a quick and easy answer!

As rumors have indicated, the iPhone 5 is taller, thinner and with a tougher exterior. The bigger display makes the iPhone screen 4 inches across, 326 pixels per inch, and 1136 x 640 retina display.

The new gadget also features 4G LTE and a faster processor, Apple A6. And will operate on the new, iOS 6 which also comes with 200 new additions to the software, including turn-by-turn navigation and 3D mapping.

Apple held an event on Sept. 12 where they unveiled the iPhone 5 and the latest versions of the iPod Touch. Click here to watch the live streamed video online.

Apple Inc. have strategized to release upgrades only once a year for a product that makes up about 70 percent of the company's profit, according to New York Metro. Chief Executive Officer, Tim Cook, made the announcement about the new phone on Wednesday. You can also see the event on CNET's live blog.

A iPad Mini is the next thing on the list for Apple. It is said to come out October 2012 and Cook said "the iPad is driving the post-PC revolution at a breathtaking pace."

The Apple site called the iPhone 5 "The biggest thing to happen to iPhone since iPhone" and sales are expected to highly boost their current numbers. The only competition they might face, if any, is from Samsung, who recently released the Galaxy S3. Reportedly, it is said to bring in more than 30 million by the end of the year. The Galaxy Note 2 will also hit U.S. stores later this year.

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