What's better than a cash rebate? How about five percent off every time you shop at Target?
Who the Target REDcard Is For
- People who shop at Target and want to save money.
Credit Rating Required
- Fair to Excellent (660+)
About the Target REDcard
- Automatic discounts on purchases at Target.
- Automatic enrollment if you already have a Target card.
- Discount only applies to Target purchases.
- Not available on prescription purchases (although they have their own program).
- Not available everywhere.
- Five percent discount on purchases at Target stores when you use a Target credit or debit card.
- 13.25 to 22.9 percent, depending on credit history.
- No annual fee.
- Late payment fee: Up to $35.
- Returned payment fee: Up to $25.
Target REDcard Review
Target has come up with a great idea just as the Christmas shopping season is starting to kick off. Now, when you use a Target-branded credit or debit card to make purchases at its stores, you get an automatic five percent discount on everything you buy right then and there.
While limited to Target purchases only, this deal is even better than a cash rebate: You essentially get five percent back, not one or two percent like most cash-back cards. And you get it immediately, right at the checkout. The discount is good whether you use a Target retail card, a Target Visa card, or a Target debit card (although you can't use the debit card on Target.com).
The program does have its limitations. You don't get the five percent discount on prescription purchases at Target pharmacies. However, after you use your REDcard to fill five prescriptions at Target, you get a voucher for a five percent discount for one full day of Target shopping. That's in addition to any other five percent REDcard discounts you might have earned. Target Pharmacy rewards are not valid in New York and New Jersey or on drugs purchased through a government program (think Medicare and Medicaid).
While perhaps not as enticing as a rewards program, an automatic five percent discount is even better. And if you already have a Target store card, Visa card or debit card, you don't have to do anything to enroll.
I wouldn't recommend this card if you're not going to pay the entire balance off at the end of the month. The APR is too high and will negate your savings.