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Target Debit

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w003ptr
Contributor

Target Debit

Any reason not to have this card?  I always thought both the debit and credit required a HP, which is why I don't have either of them (I rarely shop at Target).  But I've searched the boards and it seems like the debit card does not require a HP and therefore is pretty much a "free" 5% discount everytime..  Almost seems too good to be true.

 

What's the catch?  What am I missing?

Last App 12/8/13 - BoA Better Balance Rewards

Wallet: Discover IT $4500, Chase Freedom $3k, Citi Forward $3000, AmEx BCE $2k

Sock Drawer: Citi Diamond Preferred $10500, BoA BBR $7500, Citi Platinum Select $2200, AmEx Clear $2k, J.Crew $1850, US Bank Platinum $500

12/2013: TU = 763, EX = 791, EQ = ??
Message 1 of 15
14 REPLIES 14
missjae
Established Contributor

Re: Target Debit

I have the debit card and it did not require an HP. I don't see any downside to it.
Message 2 of 15
parkman
Regular Contributor

Re: Target Debit

What is this Target debit card you speak of?
All I have for this forum is bubblegum and anecdotal evidence, and I'm all out of bubblegum.
Message 3 of 15
w003ptr
Contributor

Re: Target Debit


@parkman wrote:
What is this Target debit card you speak of?

http://www.target.com/redcard/main

 

It seems to have all the same benefits as the credit card.

Last App 12/8/13 - BoA Better Balance Rewards

Wallet: Discover IT $4500, Chase Freedom $3k, Citi Forward $3000, AmEx BCE $2k

Sock Drawer: Citi Diamond Preferred $10500, BoA BBR $7500, Citi Platinum Select $2200, AmEx Clear $2k, J.Crew $1850, US Bank Platinum $500

12/2013: TU = 763, EX = 791, EQ = ??
Message 4 of 15
lg8302ch
Senior Contributor

Re: Target Debit

yep no downside found - no HP and does not cut your AAoA and gives 5% and FREE SHIPPING...this is the reason I wanted only the Target debit card Smiley Happy

 

edit: and if you app in store you get instant approval with temporary card and can use it immediately. (just bring ID and blank check)

Message 5 of 15
w003ptr
Contributor

Re: Target Debit


@lg8302ch wrote:

yep no downside found - no HP and does not cut your AAoA and gives 5% and FREE SHIPPING...this is the reason I wanted only the Target debit card Smiley Happy

 

edit: and if you app in store you get instant approval with temporary card and can use it immediately. (just bring ID and blank check)


Awesome, thanks.  I saw some complaints on the internet about having to transfer money to the card?  What's up with that?  I assumed you would just link the debit to your checking account just like your bank debit card.

Last App 12/8/13 - BoA Better Balance Rewards

Wallet: Discover IT $4500, Chase Freedom $3k, Citi Forward $3000, AmEx BCE $2k

Sock Drawer: Citi Diamond Preferred $10500, BoA BBR $7500, Citi Platinum Select $2200, AmEx Clear $2k, J.Crew $1850, US Bank Platinum $500

12/2013: TU = 763, EX = 791, EQ = ??
Message 6 of 15
lg8302ch
Senior Contributor

Re: Target Debit


@w003ptr wrote:

@lg8302ch wrote:

yep no downside found - no HP and does not cut your AAoA and gives 5% and FREE SHIPPING...this is the reason I wanted only the Target debit card Smiley Happy

 

edit: and if you app in store you get instant approval with temporary card and can use it immediately. (just bring ID and blank check)


Awesome, thanks.  I saw some complaints on the internet about having to transfer money to the card?  What's up with that?  I assumed you would just link the debit to your checking account just like your bank debit card.


Target requires a check when you apply as they link this debit card to your checking account. So far no issues but I have no idea what Target would do if I would try to buy something for like 5K... Target withdraws the money only several day afterwards from your checking account. So you should not have a low balance on your checking account and forget what you purchased at Target .. Since their credit card quite often comes with a toy limit I have no clue what they would do with the debit card purchase with a higher amount. I have not seen a limit on my card but honestly would not want to try it for a higher amount as I cannot imagine they would approve it just like that. After all there was no credit check and they do not instantly get the money.  Wonder if anybody has tried to charge an amount over 2K on the debit card?

 

edit: when I searched the internet I found quite a few comments when people used the Target debit card, forgot about their purchase or were thinking it had been taken out of their checking account immediately  and then when Target tried to withdraw the money from their account the balance was too low. ....but if you monitor your accounts then this should not be an issue Smiley Happy

Message 7 of 15
myjourney
Super Contributor

Re: Target Debit

Why take a HP when the debit gives the same rewards..Target needs to re-think their CC

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 15
w003ptr
Contributor

Re: Target Debit


@lg8302ch wrote:

@w003ptr wrote:

@lg8302ch wrote:

yep no downside found - no HP and does not cut your AAoA and gives 5% and FREE SHIPPING...this is the reason I wanted only the Target debit card Smiley Happy

 

edit: and if you app in store you get instant approval with temporary card and can use it immediately. (just bring ID and blank check)


Awesome, thanks.  I saw some complaints on the internet about having to transfer money to the card?  What's up with that?  I assumed you would just link the debit to your checking account just like your bank debit card.


Target requires a check when you apply as they link this debit card to your checking account. So far no issues but I have no idea what Target would do if I would try to buy something for like 5K... Target withdraws the money only several day afterwards from your checking account. So you should not have a low balance on your checking account and forget what you purchased at Target .. Since their credit card quite often comes with a toy limit I have no clue what they would do with the debit card purchase with a higher amount. I have not seen a limit on my card but honestly would not want to try it for a higher amount as I cannot imagine they would approve it just like that. After all there was no credit check and they do not instantly get the money.  Wonder if anybody has tried to charge an amount over 2K on the debit card?

 

edit: when I searched the internet I found quite a few comments when people used the Target debit card, forgot about their purchase or were thinking it had been taken out of their checking account immediately  and then when Target tried to withdraw the money from their account the balance was too low. ....but if you monitor your accounts then this should not be an issue Smiley Happy


Ah I see.  I thought for a second that you had to transfer money from your checking to the target card (kind of like a gift card) or else you would "overdraft" the target card and get slammed with a fee.  Makes sense!  I'm going to app the next time I go to Target Smiley Happy  

Last App 12/8/13 - BoA Better Balance Rewards

Wallet: Discover IT $4500, Chase Freedom $3k, Citi Forward $3000, AmEx BCE $2k

Sock Drawer: Citi Diamond Preferred $10500, BoA BBR $7500, Citi Platinum Select $2200, AmEx Clear $2k, J.Crew $1850, US Bank Platinum $500

12/2013: TU = 763, EX = 791, EQ = ??
Message 9 of 15
user5387
Valued Contributor

Re: Target Debit

The downside is the same as with other debit cards -- potentially more of a problem with fraud, and potentially less protection when fraud occurs.

 

In contrast to a debit card, a credit card is not directly tied to a pool of money sitting in an account.

 

One way around this problem is to set up a low-balance online checking account, and tie debit cards to such an account, rather than using your main checking account.

 

You might also be able to find a prepaid card account that supports auto debits, and tie your Target debit card to that.

 

Message 10 of 15
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