Here is the fine print: “Take 50% off any Apple Watch — including Series 5: 50% off via monthly credits, applied within 2 bills. Reqs. 24-month Installment Billing agreement, new watch plan activation, and 1 active handset on account. Early termination results in remaining balance due. Taxes due at sale. Excludes 44mm Stainless with Milanese loop band.”
See the deal live on their site here.