It's a 30-month payment plan with AT&T for the full retail price of the phone, with $0 down and 0% financing, and sales tax paid up front (during the purchase at Target).
I would normally consider it a rebate on the purchase price from Target, if I was buying the item outright from them. But I wasn't sure, since Target gave the gift card on the purchase, but the entire purchase price was financed through the AT&T payment plan and service contract.
