topic Re: Target RedCard Upgrade? in Credit Cards

Target RedCard Upgrade?

Mike1014805 — Mon, 31 Jan 2022 05:45:43 GMT

So, about 3 weeks ago I applied for the Target RedCard on a whim because I shop there so frequently. To my, happy surprise, I was approved with a $1200 starting limit. My friend, who's worked at Target for 10+ years, said she was shocked I got approved for a $1200 starting limit, because most of the people who apply, usually get $200-$500 starting limits.

I don't plan on using more than 20% of the limit at a time, because it can be dangerous and I'll waste all my money at Target otherwise...

However, I was curious about a few things:

How long is the time-frame (roughly) to get the upgrade to the Mastercard version?
Does TD Bank give automatic CLI? Or do I need to call and ask?
Do I need to use the card heavily to get an increase, like with Capital One (for example)?
Finally, does the card report to all 3 bureaus?

Re: Target RedCard Upgrade?

SUPERSQUID — Mon, 31 Jan 2022 06:11:54 GMT

I can answer a couple of your questions.

cli's are decided by td bank as to when and how much. you cant request a cli however legend has it an income update triggers an automatic revue.

The card reports monthly to all 3 bureaus.

Re: Target RedCard Upgrade?

bigseegar — Mon, 31 Jan 2022 18:23:50 GMT

@Mike1014805 wrote:
So, about 3 weeks ago I applied for the Target RedCard on a whim because I shop there so frequently. To my, happy surprise, I was approved with a $1200 starting limit. My friend, who's worked at Target for 10+ years, said she was shocked I got approved for a $1200 starting limit, because most of the people who apply, usually get $200-$500 starting limits.

I don't plan on using more than 20% of the limit at a time, because it can be dangerous and I'll waste all my money at Target otherwise...
However, I was curious about a few things:
How long is the time-frame (roughly) to get the upgrade to the Mastercard version?
Does TD Bank give automatic CLI? Or do I need to call and ask?
Do I need to use the card heavily to get an increase, like with Capital One (for example)?
Finally, does the card report to all 3 bureaus?

I can tell you my experience with the Red Card. First, ys it does report to all 3 CRA's, Second, you cannot request a CLI, they are "automatic" only and very, very, very rare. I've had it 3 years and it's still at the SL with never a CLI. I keep my salary updtated as suggested, I have good credit scores and numbers, I use the card and both PIF and have even carried small balances as well trying that. Nothing has triggered a CLI or the Mastercard version and I've seen dozens and dozens of other with the card say they have experienced the exact same as well.

The few folks that I have seen post about a CLI or an upgrade to the MC version it took years, 5 years or more for that to start happening.

I consider it one of the absolute worst cards I've ever had due to the things I listed and that almost no one gets CLI's.

Re: Target RedCard Upgrade?

TheRedHat — Mon, 31 Jan 2022 18:55:38 GMT

Why do people want a high credit limit on this card or for it to upgrade to a Mastercard? To the best of my knowledge, the card has no rewards/bonuses outside of Target. With an APR over 20%, if you carry a balance it would cancel out any initial discount you may have had.

Re: Target RedCard Upgrade?

PullingMeSoftly — Mon, 31 Jan 2022 18:57:54 GMT

@Mike1014805 wrote:
However, I was curious about a few things:
How long is the time-frame (roughly) to get the upgrade to the Mastercard version?
Does TD Bank give automatic CLI? Or do I need to call and ask?
Do I need to use the card heavily to get an increase, like with Capital One (for example)?
Finally, does the card report to all 3 bureaus?

@Mike1014805 Unfortunately, there's no established rhyme or reason. My account, for example, is at 2 years and still at the SL, no dice so far. DP's on the effect of spend are mixed, as are the effects of regular or occasional use. After reading every post I can find on the topic, I believe the most sound recommendations are to update your income monthly, and let your balance post every statement and then PIF.

Re: Target RedCard Upgrade?

rooeez — Mon, 31 Jan 2022 20:05:03 GMT

I opened my RedCard back in 2016 as just a store card and got a SL of $2K. When it was upgraded to the MC a couple of years later they increased it to $7K. From there, I got auto CLI's to $9k, $13.5k, $14K, and then the current $14.5k. I only use the card at Target and my monthly spend is not very much, except around the holidays. I always let the balance post on the statements and PIF.

Hopefully those data points help, but it has always seemed hit or miss with others I've read about.

Re: Target RedCard Upgrade?

FinStar — Mon, 31 Jan 2022 20:39:00 GMT

@Mike1014805 wrote:
So, about 3 weeks ago I applied for the Target RedCard on a whim because I shop there so frequently. To my, happy surprise, I was approved with a $1200 starting limit. My friend, who's worked at Target for 10+ years, said she was shocked I got approved for a $1200 starting limit, because most of the people who apply, usually get $200-$500 starting limits.

I don't plan on using more than 20% of the limit at a time, because it can be dangerous and I'll waste all my money at Target otherwise...
However, I was curious about a few things:
How long is the time-frame (roughly) to get the upgrade to the Mastercard version?
Does TD Bank give automatic CLI? Or do I need to call and ask?
Do I need to use the card heavily to get an increase, like with Capital One (for example)?
Finally, does the card report to all 3 bureaus?

Approvals for >$1K are not unusual despite what your friend reported. They're not as common as the run-of-the-mill ones that get approved anywhere from $200>$900, but they're out there.

Others have answered your other questions. But, as far as the MC upgrade, getting approved for $1K doesn't place you any closer to the finish line than others who were approved for less. Time will tell when/if an upgrade comes your way.

Re: Target RedCard Upgrade?

FinStar — Mon, 31 Jan 2022 20:42:10 GMT

@TheRedHat wrote:
Why do people want a high credit limit on this card or for it to upgrade to a Mastercard? To the best of my knowledge, the card has no rewards/bonuses outside of Target. With an APR over 20%, if you carry a balance it would cancel out any initial discount you may have had.

@TheRedHat - why not? Everyone has different options as to how they use their Target MC and any accumulated rewards. Just because the card comes with an astronomical APR, it doesn't mean everyone is carrying balances month to month or accruing finance charges.

Re: Target RedCard Upgrade?

K-in-Boston — Tue, 01 Feb 2022 02:09:18 GMT

Adding to FinStar's post, the MasterCard version does earn rewards for purchases outside of Target. Perhaps not wonderful compared to many other cards on the market, but it earns a respectable 2% back on dining and gas purchases and 1% everywhere else which can be redeemed for Target gift cards once you hit $10 or more in rewards. IIRC the card also has no foreign transaction fees. As far as the APR goes, yes it is on par with most retail cards but with its 5% off at Target you would still do better using this to carry a balance for a few months than even a very low APR credit union card, even something like 5.99%. Another reason someone may want the upgrade is that the card would report as a revolving bankcard rather than a retail card, which may have some advantages with insurance industry scores for example.

Receiving a CLI is very much YMMV. My personal experience was that I got the card in 2002 with a $1200 SL several lenders ago, it was upgraded to a Visa and simultaneously received a decrease to $800 in 2005 (even though I have never had any negative credit history with any lender), then it sat at $800 for years. When TD Bank acquired the portfolio, the card was changed from Visa to MasterCard.

After using the card monthly, letting the balance report on my statement, paying it in full each month, and "updating" my income to the same amount every now and then, I finally got my first CLI in June 2016 and received regular CLIs every June and December through 2019 until I was at $10,300. They stopped for a little while and then resumed November 2020, and I also received them in May and November last year. I don't think I've "updated" my income in probably a year, so that particular data point may just be coincidental.

Re: Target RedCard Upgrade?

W261w261 — Tue, 01 Feb 2022 02:13:21 GMT

I got a 500 card about 2 years ago. I used it sporadically, always PIF. After about 18 mos, I bought about $400+ with it, paid it off, and shortly thereafter received a CLI to $2k and an upgrade to Mastercard. Contrary to an upstream post, the M/C has a reward structure of some kind, I don't recall what it is, nothin special.

Re: Target RedCard Upgrade?

FinStar — Tue, 01 Feb 2022 02:18:36 GMT

Ahhh, the memories @K-in-Boston. Mine started as a Visa back in 2001. I can't remember if they gave a choice between the Visa or store version back then when applying.

At any rate, it would be nice if their UW policies were to change so that folks would have the option to obtain the MC version out of the gate vs just the store card. Same for requesting CLIs.

Re: Target RedCard Upgrade?

Guyatthebeach — Tue, 01 Feb 2022 02:25:11 GMT

Mike1014805,

Congratulations on getting approved for the RedCard! I believe that is the largest starting CL I've seen on a Target store card.

Here your answers:

1. TD Bank will upgrade your card to the Target MC when they want too. Some get it upgraded in a few years. It took me 6 years to get the upgrade.

2. TD Bank does give CLI's. Just use it regularly and wisely. Also if they ask you to update your income, do it, because it means they may be reviewing your account for a CLI. Don't ask for a CLI,they typically don't get approved, and you will waste a HP.

3. From my personal experience, I got high CLI'sc when I used the card regulary( every other week), and PIF when the statement cut. Also I never let my balance go ever 10%.

4. Yes, the RedCard reports to all 3 CB's as TD Bank USA/Target.

Hope this helps.

Guyatthebeach

Re: Target RedCard Upgrade?

K-in-Boston — Tue, 01 Feb 2022 02:29:00 GMT

@FinStar wrote:
Ahhh, the memories @K-in-Boston. Mine started as a Visa back in 2001. I can't remember if they gave a choice between the Visa or store version back then when applying.

At any rate, it would be nice if their UW policies were to change so that folks would have the option to obtain the MC version out of the gate vs just the store card. Same for requesting CLIs.

They did not give a choice back then; I don't think they ever did. I can't remember who the original issuer was. Somehow I do remember that whatever bank ended up with it around 2005 when mine changed to Visa was later acquired by Target itself and changed to Target National Bank at some point and then later sold the portfolio to TD Bank.

Re: Target RedCard Upgrade?

Mike1014805 — Tue, 01 Feb 2022 02:32:10 GMT

@Guyatthebeach wrote:
Mike1014805,

Congratulations on getting approved for the RedCard! I believe that is the largest starting CL I've seen on a Target store card.

Here your answers:
1. TD Bank will upgrade your card to the Target MC when they want too. Some get it upgraded in a few years. It took me 6 years to get the upgrade.

2. TD Bank does give CLI's. Just use it regularly and wisely. Also if they ask you to update your income, do it, because it means they may be reviewing your account for a CLI. Don't ask for a CLI,they typically don't get approved, and you will waste a HP.

3. From my personal experience, I got high CLI'sc when I used the card regulary( every other week), and PIF when the statement cut. Also I never let my balance go ever 10%.

4. Yes, the RedCard reports to all 3 CB's as TD Bank USA/Target.

Hope this helps.

Guyatthebeach

Thanks for the reply. I'm in the middle of trying to buying a house right now in this crazy market. The bank gave me the OK to apply for the card because I let them know beforehand. Anyway, I'm not letting any of my credit cards report a balance, so I've been paying them all in full (sort of like they're debit cards) because I can't have any outstanding debt, so my debt to income ratio won't change. Plus, with the very high 20% apr, I don't plan on ever carrying a balance on this card. But I will stay in the 10-20% TOTAL monthly usage on the card just to be safe.

Re: Target RedCard Upgrade?

NoMoreE46 — Thu, 03 Feb 2022 04:34:17 GMT

Congratulations @Mike1014805 as $1,200 is very good initial limit. The data I collected a while back has the average at $600. @blindambition had the highest at $2,500 per my spreadsheet.

The MC upgrade occurs typically when your limit reaches $4,000. How to get to that $4,000 is a mystery though. It typically takes 2 to 3 years for the upgrade. Good luck.

PS the plateau is $20,000.

Re: Target RedCard Upgrade?

CS800 — Thu, 03 Feb 2022 06:07:53 GMT

I have had my card since 2012 with a limit of $500 back then. In 2017, i finally got a CLI to $800 then in January 2022 another CLI to 1200. I use the card every month and PIF. I do put a good amount on it every month but that mastercard upgrade remains a mystery to me. I have really good credit with low credit utilization (around 1%). I don't think that i will ever get that MC; doesn't matter though, i have the RedCard and plenty other credit cards with rewards to use.

Re: Target RedCard Upgrade?

FalconSteve — Thu, 03 Feb 2022 14:04:15 GMT

@Mike1014805 wrote:
So, about 3 weeks ago I applied for the Target RedCard on a whim because I shop there so frequently. To my, happy surprise, I was approved with a $1200 starting limit. My friend, who's worked at Target for 10+ years, said she was shocked I got approved for a $1200 starting limit, because most of the people who apply, usually get $200-$500 starting limits.

I don't plan on using more than 20% of the limit at a time, because it can be dangerous and I'll waste all my money at Target otherwise...
However, I was curious about a few things:
How long is the time-frame (roughly) to get the upgrade to the Mastercard version?
Does TD Bank give automatic CLI? Or do I need to call and ask?
Do I need to use the card heavily to get an increase, like with Capital One (for example)?
Finally, does the card report to all 3 bureaus?

The MC version takes at keast 2 years, but isn't a guarantee.

TD is auto-CLI only, but income updates and letting the balance post to the statement before you pay it (no interest needed, it just can't see if you pay before the statement cuts) boosts this.

Heavy use is absolutely not needed for CLI, but they do like to see some use (even a couple hundred twice a year will be enough for conversion in my experience).

Yes, it does report to TransUnion, Experian, and Equifax (not sure about the smaller bureaus)

BTW- I got approved for $2500, but I've also read about a lot of $200-500 approvals, I think it's very much YMMV.

Re: Target RedCard Upgrade?

FalconSteve — Thu, 03 Feb 2022 13:59:46 GMT

@TheRedHat wrote:
Why do people want a high credit limit on this card or for it to upgrade to a Mastercard? To the best of my knowledge, the card has no rewards/bonuses outside of Target. With an APR over 20%, if you carry a balance it would cancel out any initial discount you may have had.

I wanted the MasterCard upgrade because I couldn't have it despite a 800 credit score, there is not FTF, they are PIN PREFERRED (perfect backup for travel if my SoFi and AppleCards are not taken).

Why would 20% matter? You only pay that if you don't pif.

The MC does have rewards outside Target, including bonus categories.

Re: Target RedCard Upgrade?

FalconSteve — Thu, 03 Feb 2022 14:08:57 GMT

@K-in-Boston wrote:
@FinStar wrote:
Ahhh, the memories @K-in-Boston. Mine started as a Visa back in 2001. I can't remember if they gave a choice between the Visa or store version back then when applying.

At any rate, it would be nice if their UW policies were to change so that folks would have the option to obtain the MC version out of the gate vs just the store card. Same for requesting CLIs.
They did not give a choice back then; I don't think they ever did. I can't remember who the original issuer was. Somehow I do remember that whatever bank ended up with it around 2005 when mine changed to Visa was later acquired by Target itself and changed to Target National Bank at some point and then later sold the portfolio to TD Bank.

When my Dad got his Target Visa, he had two options,

1) Apply for the store card

2) Apply for the VISA and be considered for the store card if turned down for the VISA

Re: Target RedCard Upgrade?

FalconSteve — Thu, 03 Feb 2022 14:18:57 GMT

@CS800 wrote:
I have had my card since 2012 with a limit of $500 back then. In 2017, i finally got a CLI to $800 then in January 2022 another CLI to 1200. I use the card every month and PIF. I do put a good amount on it every month but that mastercard upgrade remains a mystery to me. I have really good credit with low credit utilization (around 1%). I don't think that i will ever get that MC; doesn't matter though, i have the RedCard and plenty other credit cards with rewards to use.

Do you wait until after you balance posts to make the payments?

Have you been updating you income on the website?