@Skye12329 wrote:
@chan85 wrote:I heard that Target is switching to Mastercard over the next year or so....
Have any current cardholders received any updates on them converting your cards over yet? I might be a little early....
I want the credit card version and the fact that they will now have it as a Mastercard makes it better since I'm trying to phase out cards that limit me to only their stores. Wanted to apply sometime this year but not sure when the conversion will take place. But since don't know the time frame, not sure if I will be able to apply for the MC or if I should go ahead and get the card before and then let them convert to MC which I assume they are doing with the current cardholders?
I think only the Visa branded cards are being switched to MC. Not all cards, so if you apply now i think they will still only be offering the store card. However i dont know this for 100% but it does sound like only the Visa brand cards will be the ones switched to MC. All cards from my understanding though will have the chip and pin including their store cards.
I agree with this.
@chan85 wrote:
@maiden_girl wrote:
@chan85 wrote:
@SunriseEarth wrote:
@Skye12329 wrote:
@chan85 wrote:I heard that Target is switching to Mastercard over the next year or so....
Have any current cardholders received any updates on them converting your cards over yet? I might be a little early....
I want the credit card version and the fact that they will now have it as a Mastercard makes it better since I'm trying to phase out cards that limit me to only their stores. Wanted to apply sometime this year but not sure when the conversion will take place. But since don't know the time frame, not sure if I will be able to apply for the MC or if I should go ahead and get the card before and then let them convert to MC which I assume they are doing with the current cardholders?
I think only the Visa branded cards are being switched to MC. Not all cards, so if you apply now i think they will still only be offering the store card. However i dont know this for 100% but it does sound like only the Visa brand cards will be the ones switched to MC. All cards from my understanding though will have the chip and pin including their store cards.
+1
Store cards will remain store cards, debit cards will remain debit cards, and VISAs will become MCs.
They've made no announcement yet about issuing new MCs on application or doing upgrade to existing store cards, but it would be nice if they did.
Do we know why they stopped issuing the Visa versions in the first place?
Sometime in 2010.
Yes I know when, I mean WHY though?
I think the card's profitability took a big hit during the downturn and so they just removed the offering. They also sold their card portfolio. I think.
Anyhow, I really believe no one will be getting any upgrades or anything like that - it's just a straight 1:1 conversion to MC, and this only because they have to be extra vigiliant after their security breach.
@TiggerDat wrote:I imagine the first thing that will happen is that the Visas will become MCs. Later, as TD bank monitors the accounts and reviews the history of accounts they will offer upgrades to the MC. I imagine they will deal with it in the same way that GE deals with the Walmart cards. With history, usage, and good scores you can get an upgrade.
I really hope you are right, but Target's card portolio hasn't issued a new Visa version of the RedCard in over four years...and TD has had control of the underwriting for over a year now, and this still has not changed. I'm just not that confident this will happen - but like I said, I hope I'm wrong. I would be thrilled if my store-only Red Card I've had for over five years turned into a real MasterCard (with an EMV no less!). I mean, they don't even have a process for requesting a CLI - and I've had periods where I've used that Store Card heavily, and no auto-luv or anything. I'll never close it because it's my oldest open TL, has no AF, and gives 5% off on Target, but it doesn't see much use.
@blackandgray wrote:
@nj23 wrote:I really hope you are right, but Target's card portolio hasn't issued a new Visa version of the RedCard in over four years...and TD has had control of the underwriting for over a year now, and this still has not changed. I'm just not that confident this will happen - but like I said, I hope I'm wrong. I would be thrilled if my store-only Red Card I've had for over five years turned into a real MasterCard (with an EMV no less!). I mean, they don't even have a process for requesting a CLI - and I've had periods where I've used that Store Card heavily, and no auto-luv or anything. I'll never close it because it's my oldest open TL, has no AF, and gives 5% off on Target, but it doesn't see much use.
This might be changing. I've had a Target REDcard for 5 years now. I intially had a credit limit of $1000 with them, then about a year and half after having the card, I received a letter in the mail from Target telling me that they were doing a CLD on my account due to "economic reasons". They brought my CL to a stinkin' $200! I've never received a CLI since.
However, last week I decided to call Target with the intention of closing my account. The man I spoke to looked over my account and said that I've never missed a payment and was wondering why I wanted to close my account. I didn't hold back any punches - I flat out told him that the credit limit on my REDcard is an insult, considering that all of my other cards have high limits. He agreed that my limit is very low, and he also went on to explain how TD Bank acquired their card portfolio and that he recently got a memo that they will be offering a way for consumers to call in and request a CLI. He doesn't know exactly when it will be available, but he was told that it should be available by the end of this year. So after hearing that I decided not to close my REDcard. I will give it a little more time and see where things go.
On a side note, when I told the man how I wanted to close my REDcard and instead get their debit card because I was under the assumption that the debit card had no limit and was only limited by what you have in your checking account, he went on to explain that the debit card has its own limits as a security precaution. You just can't win with Target it seems.
I've come to the conclusion that Target really doesn't want people to take advantage of the 5% savings for using their REDcards on expensive purchases because they have to eat the loss. This is why I think they are very stingy with credit limits.
Yes, I think you could be right with the 5% & expensive purchases...and I'm still hoping I can get a real MC eventually, but until then a CLI system would be nice. 
Even with the 5% savings, state sales tax is 6% so I still pay above ticket price anyway - but savings are savings.
