Microsoft's cheapest Windows 10 smartphone just got a whole lot cheaper, as the Lumia 550 now costs just $99 with a T-Mobile SIM kit.

The price of the handset itself marks an $80 price cut, or 44 percent off its normal retail price, while the T-Mobile SIM kit marks another $40 savings. It's only a limited-time deal, however, good only for today.

"Offer valid only on June 20, 2016, while supplies last," reads the fine print on the Lumia 550 product page on the Microsoft store.

The deal is valid in Microsoft online and retail stores all across the United States. It's also available in Puerto Rico as well as in Canada. It does not apply to prior orders or purchases, it can't be transferred, it can't be combined with other offers, and only limited colors and quantities are available. Microsoft also set a limit of three units per customer.

That said, the deal is still quite attractive and allows for significant savings. If you're looking for a top-of-the-line smartphone with the latest specs and features on board, the Lumia 550 is not it. The Lumia 550 is a budget handset with decent specifications for its category, but don't expect any stellar performance.

As a reminder, the Microsoft Lumia 550 launched back in December 2015 as the cheapest smartphone to run Windows 10 out of the box, complete with popular software such as the Office suite, Cortana, OneDrive, Skype and Outlook.

However, the handset is rather modest in terms of hardware specs, sporting a 4.7-inch HD display, a Snapdragon 210 quad-core processor clocked at 1.1GHz, and just 1 GB of RAM.

Other specifications include a meager 8 GB of internal storage capacity, but the handset supports microSD cards of up to 200 GB. A 5-megapixel rear camera with LED flash and a 2-megapixel selfie cam cover the photography sector, a removable 2,100 mAh battery keeps things up and running, while 4G LTE brings fast internet speeds.

A notable feature the Lumia 550 has to offer comes in the form of Glance Screen, which allows users to quickly check the time, notifications or calendar entries at a glance, without having to activate or unlock the phone.

All in all, the Microsoft Lumia 550 is a modest smartphone, but at $99 and with a free T-Mobile SIM kit it's a pretty good bargain. As previously mentioned, the deal expires at the end of the day, so interested customers might want to hurry and grab it while they still can.

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