Target Redcard worth it?

[recruiter89]

anyone have experience with this?

[chalupaman]

If you're looking for a card that will grow, I suggest you pass on that card. The 5% discount is nice though.

[Anonymous]

I've had one for about six months.  Measley $300 limit.  Highest usage I've had was about 80% but I always PIF every month, usually before statement cuts.  I've consistently used it at least once a month, in the hopes of getting a CLI; I've heard that this card will only give auto CLIs to people that use it consistently (don't quote me on that though).

Till this day, no CLI, and no option to request a CLI.  

My sister has it too.  She's got great credit, zero usage across all her accounts, hasn't applied for any new credit in three years.  Her limits are average 14k.  They gave her a 1,300 limit and haven't provided her with a CLI either. 

My personal overall feeling: waste of an application/inquiry.  Then again, I'm sure YMMV; these are just my experiences with it.

[recruiter89]

meaning CL? I was considering because of 5%

[jamesdwi]

very INQ and new account sensite, 3 years ago, one month after recieving my first AMEX revolver card with a 6k CL, I applied for the target card and recieved my lowest CL ever $200, used it occausionally... but really who wants to play UTL games on a card with $200 CL and thier customer service isn't that great anyway..  3 years later the card still sits at a $200 CL, the AMEX that is 1 month older and now has a 15k CL. YMMV, but unless you love target and want a low limit card best to avoid them... if your scores are good enought might as well get a prime card with a signing bonus.

[Anonymous]

CL = Credit Line

CLI = Credit Line Increase

The 5% is nice if you shop there often or if you're in the market for large purchases that you can get at Target (i.e. tools or a TV).  I personally don't shop at Target enough to warrant another credit card to manage in exchange for a 5% discount.  I regret getting it. 

[MACFRME]

I would say that the worth of this card is really defined by how cheap you are. I say this because they give out small limits. Obviously, the discount is what you're getting the card for. For example, my card has a $300 limit with them. I average about $150 a month in spending at Target (and I always PIF). This means that I save about $7.50 a month by using the card. Over a year, I save about $90 by using the card. Sometimes I have to just use another card, if I am at my credit limit, or if they are holding my payments. This literally costs me more money. I would say pass on this card, unless the $90 or however much you'd think you could save using the card is a big deal to you. One month of carrying a balance on this account could really offset any savings you might have gotten throughout the year as well, because the APR is around 24%. I'm keeping mine because I already took an HP, and will let the account age, even if I don't ultimately use it a lot. Honestly though, it is more of a headache than it is worth.

[flawesome]

I went the debit card rout because I wasn't interested in a new line of credit. The benifits are the same without the hardpull. It does take me a lttle longer to go through the checkout since I have to type in a pin and reject cash back.

[mikelo22]

---

@recruiter89 wrote:

anyone have experience with this?

---

The 5% is nice, but since I have the SallieMae, I already get 5% CB anyway. Though I guess this would depend on whether your Target carries groceries. (Do all Target's have groceries now?). If it does, SallieMae and other cards which cover 'Grocery Stores' would cover Target. SallieMae is only good up to $250/month though so if you're a heavy spender, you may cap it out. If that's the case, an AMEX BCP may be a good option with 6% CB but with an AF. 

Overall, I'd stay away from store cards. They are limited by nature, they tend to offer very small CL's, and they are usually stingy about CLI's. 

[recruiter89]

all good info from everyone. I appreciate it. I only asked because there is a Target opening up down the street. But I dont really want a store card just liked the 5%.