topic Re: Target debit to cc? in Credit Cards

Target debit to cc?

Anonymous — Sun, 01 May 2011 06:42:35 GMT

Does anybody know...when you get a target debit card does it help later on to get the store card?

Re: Target debit to cc?

Anonymous — Sun, 01 May 2011 11:59:00 GMT

@Anonymous wrote:
Does anybody know...when you get a target debit card does it help later on to get the store card?

Well, I just did a little research on this card as I've never heard of it (the Target Debt Card that is).

It looks like its obviously tied to your bank acct. which can be a scary issue if somehow someone used the card fraudulently because the money comes straight out of your bank account verses a CC that has protection and I'm sure the Debt card does too, however if the card is used fraudulently, you're out the money instantly and could have checks bounce, ACH withdrawals declined by your bank due to insufficient funds etc.......

You will have to wait for the bank to track down the fraudulent activity and hope they will be able to prove it and refund your money (and that whole time you're out that money) whereas with a CC If there is a fraudulent charge to my credit card, I just don't pay it. The credit card company investigates and removes the charge (hopefully). But at no time am I actually out that money, even temporarily.

With all that said, the nice thing about the Target debt card is that you will save 5% on all purchases instantly, and the same with the Target CC.

And finally, to answer your question, IMO I do not think having the Target debt card will help you to get the Target CC later on because the debt card will not be listed on your credit reports, hence showing nothing positive about that acct on your reports, so when you apply for the credit card later on, I do not think the system will take into consideration your previous history with the debt card. I very well may be mistaken, but this is just my opinion.

Hopefully someone with more knowledge will chime in and help you out.

Best of Luck!!

Re: Target debit to cc?

Anonymous — Sun, 01 May 2011 14:58:51 GMT

OK, so I went a step further and downloaded the application for the Target Debt Card, I wanted a little more info and at the very bottom of the app it says this...........

Important Information about the Target Debit CardTM
The Target Debit Card is issued by Target Corporation and can only be used at Target stores. If you’re approved for a Target Debit Card, we will withdraw the amount of your transaction at Target stores 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.

So it looks like there may be a chance that they might report your Debt Card usage to the CRA's, and that would be helpful when applying for the CC in the future. I would have never thought they would report a "Debt Card" to the CRA's.

Re: Target debit to cc?

Anonymous — Sun, 01 May 2011 14:35:38 GMT

Just b/c they reserve the right, doesn't mean that they will. Best way to find out for sure would be to just call them.

Re: Target debit to cc?

Anonymous — Sun, 01 May 2011 14:57:07 GMT

@Anonymous wrote:
Just b/c they reserve the right, doesn't mean that they will. Best way to find out for sure would be to just call them.

I agree with you 100%, I was only trying to give the OP as much info as I could come up with.

Re: Target debit to cc?

Anonymous — Sun, 01 May 2011 16:32:32 GMT

Alright thanx I'll call right know and be back with an update

Re: Target debit to cc?

Anonymous — Sun, 01 May 2011 17:01:48 GMT

Alright I called and they say ...when you apply for the red card cc it does show that you are a debit card holder BUT your credit report is what has more power in their decision!

I think it does have some kind of power because if you mess up with debit it'll show that you can't handle the cc and vice versa?! IMO right?

Re: Target debit to cc?

Lil_Me — Wed, 04 Jan 2012 17:49:28 GMT

Well I opened my debit account with Target and I too am hoping that it will help me when I do apply.

Re: Target debit to cc?

JusdoNit — Wed, 04 Jan 2012 17:59:21 GMT

This has not been the case for me. I have the debit card and good scores and did not receive the store card (2x) because of too many inquiries. I also only use it about every two months and only for household supplies.

On another note, you have to have a pin # to use it. Just like a debit card. In the beginning it took days for the funds to be taken from my checking account, but now it only takes about 2 days max.

Also, so far, I have not seen it affect my credit.

Hope this helps, but if not toss.

Re: Target debit to cc?

Lil_Me — Wed, 04 Jan 2012 18:08:47 GMT

Thank you!

Re: Target debit to cc?

steve23111 — Wed, 04 Jan 2012 22:14:33 GMT

The CRA reporting provision is likely there in case you mishandle the account. Say you close the linked bank account or don't have enough funds available to cover a transaction. You would be subject to returned check fees (as explained in the terms) and you can also take a hit on your credit.

They do not perform a credit check to get the card. A soft pull did show up on my report and as best I can tell it's simply for identity verification. I applied by mail about 6 months ago and they must have fat-fingered something during the application process as they sent me a letter saying they couldn't verify my identity. They requested I send in a copy of my driver's license via mail or fax. I declined, and later applied in store without any hassle. I never saw a pull for the first app, but the in-store debit app did result in a soft pull.

I doubt anything you do with the debit card will ever help you get a credit card with them, but I could be wrong. I have no interest in their credit card personally.