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Target REDcard Change of Terms

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Anonymous
Not applicable

Target REDcard Change of Terms

Just an FYI for those with Target credit products. I got notice of my very first ratejack! I'm so excited... Okay, I don't think it really counts as a ratejack if the rate was already somewhere in the ballpark of ridiculous. I think it was already 19.99% or something like that-- I'll have to go look. Doesn't matter one iota to me, as this has been & will always be a PIF card. But, this is a heads up for anyone who may be impacted. This was an independent notice, not in a statement, and is clearly indicating (on the outside back of the fold-out), in big bold print, that there is a change in terms.

 

Revised terms as of 1/23/10

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Purchases APR will be the Prime Rate plust 21.99%. So, the APR for purchases on 1/23/10 will be 25.24%. They've eliminated the Penalty APR. There's an opt-out date noted, and a blurb about the changes being due to new gov't regulations and adverse economic conditions that affect their ability & cost to extend credit.

 

Poor schmucks... still aren't getting a dime out of me.

Message 1 of 5
4 REPLIES 4
DI
Super Contributor

Re: Target REDcard Change of Terms

I first noticed Target jacked my rates back in 2008.  I assume it's the same time they decrease my limit.  Thankfully it's still open since I've had it since 10/2000. 
Message 2 of 5
Uborrow-Upay
Valued Contributor

Re: Target REDcard Change of Terms

I got my notice yesterday, too.  Same reaction, I PIF and don't use it much anyways, so no matter.

 

Got a kick out of the fact that there's no longer that Penalty APR...just the outrageously high, standard APR!  I notice they'll still charge a late fee, though.

 

 

 

 


Message 3 of 5
MarineVietVet
Moderator Emeritus

Re: Target REDcard Change of Terms


@Anonymous wrote:

Just an FYI for those with Target credit products. I got notice of my very first ratejack! I'm so excited... Okay, I don't think it really counts as a ratejack if the rate was already somewhere in the ballpark of ridiculous. I think it was already 19.99% or something like that-- I'll have to go look. Doesn't matter one iota to me, as this has been & will always be a PIF card. But, this is a heads up for anyone who may be impacted. This was an independent notice, not in a statement, and is clearly indicating (on the outside back of the fold-out), in big bold print, that there is a change in terms.

 

Well I guess congratulations are in order???!!!  Smiley Surprised
Message 4 of 5
Anonymous
Not applicable

Re: Target REDcard Change of Terms

First it was the ridiculous $100-$200 credit limits on the cards, but even with a super-high APR you can't make a lot of profit out of teeny balances that are easy to PIF off.

 

So, let's finally give out those CLIs (2 months ago they sweep the whole portfolio and bump a ton of people up $1,000) so there's some breathing room to get people to revolve.

 

Then voila... ratejack.

 

 


I know their computers in Minneapolis know I hold back on the Target Visa/Redcard and just run the transaction on a different credit card (which I PIF that one, too).   - edited to scale back the tone. - llecs, myFICO moderator

 

 

I've purposely bought $100 worth of stuff at Target, ring it up and charge it on other plastic, then take a pack of Trident from the checkout and ring it up separately on the RedCard and PIF it online the next day.    Probably ticks them off to no end.  Smiley Happy

 

 

And I always insist on having my statements mailed.   I like the personal touch.  Smiley Very Happy

Message Edited by llecs on 12-24-2009 12:10 PM
Message 5 of 5
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