topic Re: Target Upgrade in Credit Cards

Target Upgrade

JayTee1 — Wed, 14 Jun 2017 02:19:04 GMT

So weird to me, anyway ... have had this card over two years, started at $300, got up to $1300 within the first couple months and stayed there.

I've had small balances the last two months and I've received two CLIs (limit now $3000) and got a letter today indicating I'll be upgraded to a Mastercard in August.

My habits with this card haven't changed at all except that I pay the bill after the statement now instead of shortly before it.

Don't get me wrong, it's good news, I guess I just don't understand why all the CLIs and upgrades suddenly. My credit profile has certainly improved over the last two years, so there's that too.

Anyway, maybe someone will find this information useful.

Re: Target Upgrade

Anonymous — Wed, 14 Jun 2017 03:06:50 GMT

Congrats. DH had the same pattern as yourself. His started at $300 when to $800, then $1300, then $1700 then sat. I used it a few times while out of town.....Came home statement cut...got a notice online that CLI went to $4000 and got two letters in the mail yesterday confirming the CLI and Upgrade to the MC. Target is weird but I guess they really do vet you and how you use your card before making CLIs and upgrades. His card just turned two years in May

Re: Target Upgrade

Total80sKid — Wed, 14 Jun 2017 03:10:39 GMT

Congrats!

Target had been showing a lot of us around here some love.

I had mine since 2011 and got my first increase 5yrs later. Have received 4-5 increases since then and have always carried a hefty balance.

With my last increase, I am now under 50% UTI, which is really nice.

I must add that I got my first increase after not using my card for 2 months.

Re: Target Upgrade

AndySoCal — Wed, 14 Jun 2017 03:27:06 GMT

Fiirst congrats to all who gotten CLi's from Target. I see I am not the only who is receiveing these upgrade notices. I have had my Target card for 5+ years with a 3K limit no increases. I have never asked for one either. Today I get the notice of the upgrade to my account and a CLI to 7K. This was a surprise to say the leasr.

Re: Target Upgrade

Anonymous — Wed, 14 Jun 2017 03:42:37 GMT

Target seems to be handing out goodies for some reason...loss of shares maybe?

Re: Target Upgrade

xvassagox — Wed, 14 Jun 2017 05:28:07 GMT

Just got 2 letters from Target, 1 for a $3,900 CLI to $7k and the other was an upgrade to the Redcard Mastercard.

Re: Target Upgrade

JayTee1 — Wed, 14 Jun 2017 11:18:31 GMT

Congrats to everyone!

Anyone know if the MC Is a new tradeline. If so, I won't be taking it.

Re: Target Upgrade

securingourfuture — Wed, 14 Jun 2017 13:49:36 GMT

Congratulations!

Target has been on the ball lately. I was hoping for an upgrade back in January, a few months after they bumped me up to $1,500. But no dice. I figured maybe they were no longer upgrading cards. Good to know they are back at it. Enjoy!!!!!!!!!

Re: Target Upgrade

Anonymous — Wed, 14 Jun 2017 13:55:03 GMT

Congrats on the upgrade.

Target is in trouble lately -- their stock has gone from nearly $80 to around $50 in just 6 months and they're bleeding out slowly but getting faster.

I'm guessing their analysts have told them to take a higher risk of chargeoffs by trying to tempt people into spending more money. Not sure what their profit is on MC versions of their cards but I'm assuming that they get something back from the creditor even if people shop elsewhere, and this may help their bottom line enough to hopefully boost their bottom line.

The last thing they want to do is close stores, so getting people to spend more may at least put that off until they find a road to recovery.

You think credit rebuilding is tough? Try keeping a national brand with thousands of stores afloat when income goes into the cellar...

Re: Target Upgrade

securingourfuture — Wed, 14 Jun 2017 13:59:46 GMT

@JayTee1 wrote:
Congrats to everyone!

Anyone know if the MC Is a new tradeline. If so, I won't be taking it.

I don't think it is a new tradeline. The redcard is already 16 digits and begins with a 5, so Target may just flip the card to a MC. Not sure though.

Anyone know??

Re: Target Upgrade

Anonymous — Wed, 14 Jun 2017 14:03:17 GMT

@Anonymous wrote:
Congrats on the upgrade.

Target is in trouble lately -- their stock has gone from nearly $80 to around $50 in just 6 months and they're bleeding out slowly but getting faster.

I'm guessing their analysts have told them to take a higher risk of chargeoffs by trying to tempt people into spending more money. Not sure what their profit is on MC versions of their cards but I'm assuming that they get something back from the creditor even if people shop elsewhere, and this may help their bottom line enough to hopefully boost their bottom line.

The last thing they want to do is close stores, so getting people to spend more may at least put that off until they find a road to recovery.

You think credit rebuilding is tough? Try keeping a national brand with thousands of stores afloat when income goes into the cellar...

I agree. Looks like they are showing signs of loosening their approvals as well, giving higher SL.

Re: Target Upgrade

Anonymous — Wed, 14 Jun 2017 14:11:41 GMT

Yep.

One thing to note is that chargeoffs won't affect their bottom line for at least 180 days to that point, and who knows how many stock reporting cycles that covers?

So boost CLs now, with a risk of future chargeoffs, but the bonus of maybe boosting spending today. And who knows how Target reports spending on their Target MC outside of Target space? It all could be helpful to boost stock confidence like "Our Target REDcard spending is up 18% and our in-store spending is up 9% on REDcards" which doesn't carry the disclaimer that "some of these accounts will likely charge off as soon as 6 months from now."

Re: Target Upgrade

Themanwhocan — Wed, 14 Jun 2017 22:25:50 GMT

Who knows, some people might like using the Target Mastercard at other locations. Is it a true chip+pin card? That could be advantageous if true.

Re: Target Upgrade

Anonymous — Wed, 14 Jun 2017 22:44:35 GMT

TARGET refuses to give me a card. Last app, called in and reps says too much bad stuff on my report...Letter came...too many inq.

Re: Target Upgrade

CreditDunce — Wed, 14 Jun 2017 23:19:06 GMT

@Themanwhocan wrote:
Who knows, some people might like using the Target Mastercard at other locations. Is it a true chip+pin card? That could be advantageous if true.

Yes, a true pin-n-chip card is the only reason I would prefer the MC version over the store card.

While I am posting, I received the CLI (2,500->7,000) and upgrade letters too.

Re: Target Upgrade

Themanwhocan — Thu, 15 Jun 2017 00:48:45 GMT

@CreditDunce wrote:
@Themanwhocan wrote:
Who knows, some people might like using the Target Mastercard at other locations. Is it a true chip+pin card? That could be advantageous if true.
Yes, a true pin-n-chip card is the only reason I would prefer the MC version over the store card.

While I am posting, I received the CLI (2,500->7,000) and upgrade letters too.

Internet blogs seem to imply that the Target Mastercard is true chip+pin, and also has no foreign transaction fee. When someone gets their new card, it would be nice if they could check the paperwork to verify that this is correct.

Re: Target Upgrade

chfenton — Thu, 15 Jun 2017 00:51:28 GMT

Same here. 4 years stuck at $3,600 usually paid off balance each month (which hardly ever exceeded $500). Today increase to $7,500 and notice of MC upgrade for August 15th..

Re: Target Upgrade

Anonymous — Thu, 15 Jun 2017 03:36:15 GMT

I thought all Redcards (different versions) were moved to chip and pin. I've had to put mines in since the new chip card came (AU account) and enter a pin. At least my DH and my moms were for the SC. Went through the paperwork for the MC upgrade that came, there's no mention of a foreign transaction fee at all.

Re: Target Upgrade

Anonymous — Fri, 16 Jun 2017 16:52:46 GMT

I got bumped from $1700 to $3000 this statement cycle. Saw that online before I got the letter in the mail, and I figured it was a MC upgrade due to the size of the increase. I got the letter in the mail, and I was right. The upgrade will take effect in August.

One surprise I did get with that letter is that they are now offering a rewards program for non-Target spending. 2% back on gas, dining, and travel. 1% back everywhere else. These earnings come in the form of a Target gift card one per year. This is the first I've heard of this, and I'm curious to hear if anyone else has received this offer.

Personally, I probably still won't use this card outside of Target. Among my credit cards, this is the last one I'd use for non-category spending. There are also several cards I'd use over this for gas, dining, and travel. However, it is nice to know that they're offering something for non-Target purchases now.

Re: Target Upgrade

SunriseEarth — Fri, 16 Jun 2017 18:45:52 GMT

@Anonymous wrote:
I got bumped from $1700 to $3000 this statement cycle. Saw that online before I got the letter in the mail, and I figured it was a MC upgrade due to the size of the increase. I got the letter in the mail, and I was right. The upgrade will take effect in August.

One surprise I did get with that letter is that they are now offering a rewards program for non-Target spending. 2% back on gas, dining, and travel. 1% back everywhere else. These earnings come in the form of a Target gift card one per year. This is the first I've heard of this, and I'm curious to hear if anyone else has received this offer.

Personally, I probably still won't use this card outside of Target. Among my credit cards, this is the last one I'd use for non-category spending. There are also several cards I'd use over this for gas, dining, and travel. However, it is nice to know that they're offering something for non-Target purchases now.

Yes, my upgrade letter provided information on this. I think the rewards program has been in effect for a while, but I haven't seen much discussion on it until the recent round of upgrades. It could be useful when traveling internationally (Target has no FTF), but my Sam's Club also have no FTF and excels in all of the 2% categories. However, the chip-and-pin feature could also be handy.

I plan on rare use outside of Target, mainly to make sure it works.