topic Re: Target Debit RedCard Questions in Credit Cards

Target Debit RedCard Questions

Anonymous — Thu, 30 Jun 2011 06:55:51 GMT

I have a couple quick questions about the Target Debit RedCard that I hope you all can confirm from your exerience:

1) When you apply, there is no hard pull? This one appears to have been answered in previous posts, but I'd like to confirm it from someone with more recent experience.

2) Assuming you keep the account in good standing, Target does not reporting anything about the account to CRAs. Is this correct? 

3) When does Target do the ACH transfers (i.e. once a week, once a month, X days after the purchase)?

4) Other than protecting myself by linking the card to a checking account solely used for this purpose (that has no overdraft protection), is there any other advice you'd like to share about the card.

Re: Target Debit RedCard Questions

Anonymous — Thu, 30 Jun 2011 08:44:18 GMT

1) No hard pull for me

2) Nothing reporting on any of the three major credit reports specifically related to this card

3) 2-4 days after every purchase

4) never thought about protecting myself, might go ahead and see if i can link it to another checking account as you mentioned. not much to say about the card. you can add authorized users, it uses a pin for purchases, 5% on all purchases, and thats about it

Re: Target Debit RedCard Questions

RockinRay — Thu, 30 Jun 2011 11:59:50 GMT

+1 -

Same for me.

Nice to get that 5% at the register.

In my mind, worthwhile - I have one.

Ray

Re: Target Debit RedCard Questions

hyprble — Wed, 16 Nov 2011 23:46:08 GMT

I was thinking of signing up for the RedCard DEBIT account. If I link it to my credit union checking account will I have fees from the transactions?

I think it's great to get the 5% off store purchases - I'd sign up for the VISA, but I do NOT want any hard pulls on my report. Does the debit card offer the free shipping at Target.com also?

Re: Target Debit RedCard Questions

Anonymous — Thu, 17 Nov 2011 00:03:58 GMT

@hyprble wrote:
I was thinking of signing up for the RedCard DEBIT account. If I link it to my credit union checking account will I have fees from the transactions?
I think it's great to get the 5% off store purchases - I'd sign up for the VISA, but I do NOT want any hard pulls on my report. Does the debit card offer the free shipping at Target.com also?

Please someone correct me if I'm wrong but I believe the Target Debit card can only be used in store.

Re: Target Debit RedCard Questions

spartanspirit — Thu, 17 Nov 2011 00:41:59 GMT

target isn't offering the target visa card at this time, just the store card and the debit card. i was instantly approved, all i had to do was bring in a blank check and my driver's license, but you do have to enter your social security number. you are issued a temporary pass until your card comes which did for me in like 7 days. i think you have to have a pretty clear checking account record, like no checksystems or telecheck issues. my sister applied as well and she was not approved due to checking account issues. I just checked target's website and you can use the debit card both in store and online.

Re: Target Debit RedCard Questions

Anonymous — Thu, 17 Nov 2011 01:12:52 GMT

I have the Target Red Card. Only benefit I can see: 5% savings on register. It's a so-so card.

Re: Target Debit RedCard Questions

UFGuy2006 — Fri, 18 Nov 2011 18:33:45 GMT

@Anonymous wrote:
I have the Target Red Card. Only benefit I can see: 5% savings on register. It's a so-so card.

Correct.

Re: Target Debit RedCard Questions

RockinRay — Fri, 18 Nov 2011 18:42:42 GMT

For me, I started with the debit card. Used it weekely at Target for groceries / stuff. Then, I decided to apply for a Red Card and was instantly approved with a $2500 line. Prior to this, I had a Red Card with a $300 line that I closed.

Point is, I think although they do not report debit card, they do get your social when you sign up. Then they must keep track internally how you spend and handle the debit card.

In my case, we already had the Target Visa card and I wanted a card in my name. It worked out quite well!

Depending on how much you shop at Target, the 5% can add up quickly.

Ray

Re: Target Debit RedCard Questions

Anonymous — Mon, 21 Nov 2011 15:55:59 GMT

I was interested in this card as well: Here is the info on the application though:

Important Information about the Target Debit Card

The Target Debit Card is issued by Target Corporation and can only be used at Target stores and Target.com. If you’re approved for a Target Debit Card, we will withdraw theamount of your transaction from your deposit account at another financial institution.
In connection with your Target Debit Card, we may request consumer reports from consumer reporting agencies, and we may report information about your Target Debit Card application, transactions, our experiences with you and how you have handled the Target Debit Card to consumer reporting agencies. You should read the Card Agreement for complete terms and conditions of the Target Debit Card.

Re: Target Debit RedCard Questions

Anonymous — Mon, 21 Nov 2011 20:44:17 GMT

@Anonymous wrote:
I was interested in this card as well: Here is the info on the application though:
Important Information about the Target Debit Card

The Target Debit Card is issued by Target Corporation and can only be used at Target stores and Target.com. If you’re approved for a Target Debit Card, we will withdraw theamount of your transaction from your deposit account at another financial institution.
In connection with your Target Debit Card, we may request consumer reports from consumer reporting agencies, and we may report information about your Target Debit Card application, transactions, our experiences with you and how you have handled the Target Debit Card to consumer reporting agencies. You should read the Card Agreement for complete terms and conditions of the Target Debit Card.

Even with the debit card, Target is technically offering you credit -- since they are allowing you to pay for goods prior to them getting paid.

I presume they do at least an identity soft inquiry on application, and that they might also check something like ChexSystems to see if you passed bad checks or electronic debits.

In addition, should your debit be declined, they will engage in some form of collection activity to collect the debt -- so they need to know who you are.

Re: Target Debit RedCard Questions

bichonmom — Mon, 21 Nov 2011 22:03:43 GMT

@RockinRay wrote:
For me, I started with the debit card. Used it weekely at Target for groceries / stuff. Then, I decided to apply for a Red Card and was instantly approved with a $2500 line. Prior to this, I had a Red Card with a $300 line that I closed.

Point is, I think although they do not report debit card, they do get your social when you sign up. Then they must keep track internally how you spend and handle the debit card.

In my case, we already had the Target Visa card and I wanted a card in my name. It worked out quite well!

Depending on how much you shop at Target, the 5% can add up quickly.

Ray

That's good to know, Ray. Target wasn't on my radar for a card, but I may get the debit card to eventually progress to the credit card, which if I'm right is 5% back everywhere. I know there's no guarantee, but it sounds like it may help and definitely couldn't hurt, as long as you keep the acct. in good standing.

Re: Target Debit RedCard Questions

trumpet-205 — Tue, 22 Nov 2011 03:52:47 GMT

5% discount right away, not 5% cashback. You get the savings right away, excluding gift cards.

If you have reusable bags bring them with you to save 5 cents per transaction.

Re: Target Debit RedCard Questions

UFGuy2006 — Tue, 22 Nov 2011 15:12:31 GMT

@trumpet-205 wrote:
5% discount right away, not 5% cashback. You get the savings right away, excluding gift cards.

If you have reusable bags bring them with you to save 5 cents per transaction.

Re: Target Debit RedCard Questions

RockinRay — Tue, 22 Nov 2011 15:40:32 GMT

And we also really play the coupon game with Target. They will stack their coupons with manufacturer coupons so you can save big time.

If you get prescriptions filled there and pay with a red card, after 5 refills, they send you a card good for an additional 5% for a day of shopping.

We have learned how to play the game here and most weeks, we save from $45 to $80.00!

Ray

Re: Target Debit RedCard Questions

Elated — Sun, 27 Nov 2011 17:06:51 GMT

Ray,

How long did you have your Target Debit Card before you applied for the Red Card? 2 days ago I was approved for their debit card, and am interested in applying for the Red Card in January once I close on my new home.

Your help would be most appreciated.

Thanks!

Re: Target Debit RedCard Questions

Elated — Sun, 27 Nov 2011 17:09:49 GMT

GP8, it can also be used at Target.com according to the employee who signed me up for the debit card 2 days ago.

I hope this helps!