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I have to agree with wolf and countingpennies. Hold onto it for a little longer and lets see how TD Bank is with the cards.
I've seen all the posts about low Target limits and no CLI since joining this forum. So I didn't even try Target, but took their RedCard debit card which is linked to my checking account, still gets the benefits (5% discount, free shipping of furniture...).
I had a Red Card from 1999 with a $1,000 limit. I stopped using it for quite some time, and it was closed a few years ago. I applied for a new Red Card in September 2006 and got a $600 limit. :/ I've used it heavily, and paid it in full every month, sometimes multiple times per month, since the limit is so low. I haven't gotten a single CLI, of course. The card is worthwhile to me, so I'm not going to close it, but it's annoying to have to manage the limit so carefully. I'd REALLY like a CLI, but I'm not going to hold my breath.
They probably realized, after 2006, that handing out larger limits like candy was a bad idea and have become a bit more reserved in their lending. Also, they apparently had an issue tracking down card holders if they were giving out three and four cards to a single person.
Eeeither waaay, I have a Red Card because I can't seem to leave Target without dropping at least $100 on seasonal housewares. I opted to not get the debit card because I'm a bit OCD when it comes to funds pending on my checking account and I have heard it takes a couple days to clear.
That would just drive me insane.
I think it's a good card if you can get the full effect of the instant 5%.
Think of sales tax added to your purchase. In MA the sales tax is 6.25% so the 5% does cancel the sales tax a bit but I shop in NH
Sales tax in NH = 0 % so i get the full 5% discount
Their CL's are not hte best. I started with $500 less that a year ago, charged some stuffs on the card and PIF and in January they gave me a CLI to $900. So with no AF and the 5%, that;s sufficient for me.
I don't thnk I will ever spend more than $300 at target at one time so my $900 CL suits me. I think we tend to get hung up on the CL. It would matter if you spend a lot there. In my case i could care less if they don't give me a CLI. Would be good to have a higher limit for overall utilization purposes but not required.
That's my 2 cents
I applied for the Target Visa back when they were still offering it and was instead given the store card with a 200 limit. I consider it the biggest mistake I've made regarding credit matters. I was very patient with them and used the card regularly and almost never carried a balance, and I never got my upgrade (before they stopped issuing Visas) or even a CLI. I closed it 2 years later after I asked for a CLI and was told they don't do customer initiated CLIs.
Fast forward to 2013... applied for Walmart Discover ($700) in January and today it was auto CLI'd to $2050. I hope TD Bank is much better with the Target credit cards.