Here is the legalese, “promotional period” refers to the 6 or 12 month offers: Offer applies only to single-receipt qualifying purchases No interest will be charged on the promo purchase if you pay the promo purchase amount in full within promotional period. If you do not, interest will be charged on the promo purchase from the purchase date. Depending on purchase amount, promotion length and payment allocation, the required minimum monthly payments may or may not pay off purchase by end of promotional period. Regular account terms apply to non-promotional purchases and, after promotion ends, to promotional balance. For new accounts: Purchase APR is 29.99%; Minimum Interest Charge is $2. Existing cardholders should see their credit card agreement for their applicable terms. Subject to credit approval. We reserve the right to discontinue or alter the terms of this offer any time.
In layman’s terms: Deferred interest means that if you pay off the purchase within the defined 6 or 12 month promotional period, and you don’t make any late payments, you won’t be charged interest. If you do not pay it off within the promotional period, or you are late with a payment, you will be charged interest from the beginning of the financing.