No, it's the statement balance. Most cards have a 20-25 day grace period where interest isn't charged on new transactions. As long as you pay the entire balance off once per month you'll pay $0 in interest.
There are several reviews that note similar things. I was just pointing out that it would be wise to actually read the terms since I don't think the grace period is a legal requirement.
10yrs ago and probably a different product.