topic Target Redcard Question in Credit Cards

Target Redcard Question

leoment — Tue, 08 Jan 2013 00:57:34 GMT

Does anyone on here have both the Target store card AND the debit card? I have the store card, but I've been thinking of SD it and only using it every few months or so. I'd much rather use the debit card, since they did away with the 10% coupons a while back. I would close it, but it's my oldest account (got it right after turning 18 in 2008).

Also this forum is addicting! I still want to app for my BCP in 2 weeks, as well as the Cash+ in March, but now I've been considering the TYP from Citi so I can get a true 1:1 redemption on all gift cards rather than just a few of them (for only $100 at that). I've also been considering the Capital One Cash Rewards card, since I'm preapproved for it (just to have a 1.5% card for anything). I think in March after app'ing I'll just garden away instead

Re: Target Redcard Question

Mike360 — Tue, 08 Jan 2013 01:00:46 GMT

I have both and i use the debit card one in a blue moon for big purchases. they offer the same benefits. i'm tired of my $200 target card i wish i could get some increase in 5 years!

Re: Target Redcard Question

Chaos122 — Tue, 08 Jan 2013 01:37:16 GMT

I had both until i canceled the credit card (the low limit made it unusable for me). I still use the debit card so i can save 5%

Re: Target Redcard Question

leoment — Tue, 08 Jan 2013 02:42:20 GMT

@Mike360 wrote:
I have both and i use the debit card one in a blue moon for big purchases. they offer the same benefits. i'm tired of my $200 target card i wish i could get some increase in 5 years!

Yikes - I thought my $1k was bad! That has to get annoying, especially if you do bulk trips there!

Re: Target Redcard Question

leoment — Tue, 08 Jan 2013 02:44:37 GMT

@Chaos122 wrote:
I had both until i canceled the credit card (the low limit made it unusable for me). I still use the debit card so i can save 5%

Thanks. Now that I know, I'm going to keep the credit card open for the sake of my AAoA, but switching over to the debit the next time I head in store (can't beat the 5% off directly )

Re: Target Redcard Question

Mike360 — Tue, 08 Jan 2013 02:48:01 GMT

If you think about it it really is a horrible store card since they offer no financing options ever and the benefits you do get with that card you can also get with the debit version so why not just go for that version. I only keep mine open because i don't close accounts that have no AF even if i don't use 'em but if you are thinking about doing so it wouldn't be a horrible decision either way.

@Anonymous Buy started me out @ $3K a year ago and within a year i was at $6K so Target really doesn't get any of my electronic purchases which in my household is alot of money.

@leoment wrote:

@Mike360 wrote:
I have both and i use the debit card one in a blue moon for big purchases. they offer the same benefits. i'm tired of my $200 target card i wish i could get some increase in 5 years!
Yikes - I thought my $1k was bad! That has to get annoying, especially if you do bulk trips there!

Re: Target Redcard Question

Anonymous — Tue, 08 Jan 2013 02:52:36 GMT

@Mike360 wrote:
I have both and i use the debit card one in a blue moon for big purchases. they offer the same benefits. i'm tired of my $200 target card i wish i could get some increase in 5 years!

I believe this is why I don't care if I have the card. The five percent is an incentive, but I'm not wanting a low limit card. I've closed all my capital one accounts except my MTV card (i.e. only because I love the moon guy) because of no growth in CLI's. For example, I had the 1% Capital One Journey card for about 14 months, with initial $500 and $750.00 credit steps -- my cash rewards on my last statement before closing was $102.xx -- that's over $10,000.00 and they didn't one time get interest or late payment... just hated the low limit. Everytime I would use the card within two or three days I had to make a payment to refresh the CLI availability. Trust me, with three kids, cash back on weekends adds up... but keeping CLI not drained does too. Pain the who haha.

Re: Target Redcard Question

Anonymous — Tue, 08 Jan 2013 03:07:53 GMT

@Mike360 wrote:
If you think about it it really is a horrible store card since they offer no financing options ever and the benefits you do get with that card you can also get with the debit version so why not just go for that version. I only keep mine open because i don't close accounts that have no AF even if i don't use 'em but if you are thinking about doing so it wouldn't be a horrible decision either way.

@Anonymous Buy started me out @ $3K a year ago and within a year i was at $6K so Target really doesn't get any of my electronic purchases which in my household is alot of money.

The one benefit you get with the credit card over the debit card is the predictability of a single payment coming out of your checking account, rather than multiple small purchases being debited whenever they feel like it. The debit card trips up a lot of people with overdrafts who don't balance their checking accounts and live paycheck to paycheck.

I very rarely shop at Target these days though -- I only haven't closed mine yet because I'm waiting to see what TD bank does with CLIs once they control the account.

Re: Target Redcard Question

leoment — Tue, 08 Jan 2013 03:15:47 GMT

@Anonymous wrote:
@Mike360 wrote:
If you think about it it really is a horrible store card since they offer no financing options ever and the benefits you do get with that card you can also get with the debit version so why not just go for that version. I only keep mine open because i don't close accounts that have no AF even if i don't use 'em but if you are thinking about doing so it wouldn't be a horrible decision either way.

@Anonymous Buy started me out @ $3K a year ago and within a year i was at $6K so Target really doesn't get any of my electronic purchases which in my household is alot of money.
The one benefit you get with the credit card over the debit card is the predictability of a single payment coming out of your checking account, rather than multiple small purchases being debited whenever they feel like it. The debit card trips up a lot of people with overdrafts who don't balance their checking accounts and live paycheck to paycheck.

I very rarely shop at Target these days though -- I only haven't closed mine yet because I'm waiting to see what TD bank does with CLIs once they control the account.

Wait, the debit card doesn't just withdraw at the end of the day? I assumed it worked like the debit card we offer at my job (higher end clothing retailer) - that card deducts all of your purchases at the end of the day at one time. Nonetheless, I don't spend nearly enough to worry about cleaning out my bank account when I go to Target

Re: Target Redcard Question

jsucool76 — Tue, 08 Jan 2013 03:18:47 GMT

Jbunton:

Was that the total after 14 months, or did you accumulate that much every month?

Re: Target Redcard Question

Mike360 — Tue, 08 Jan 2013 03:21:07 GMT

@Anonymous wrote:
@Mike360 wrote:
If you think about it it really is a horrible store card since they offer no financing options ever and the benefits you do get with that card you can also get with the debit version so why not just go for that version. I only keep mine open because i don't close accounts that have no AF even if i don't use 'em but if you are thinking about doing so it wouldn't be a horrible decision either way.

@Anonymous Buy started me out @ $3K a year ago and within a year i was at $6K so Target really doesn't get any of my electronic purchases which in my household is alot of money.
The one benefit you get with the credit card over the debit card is the predictability of a single payment coming out of your checking account, rather than multiple small purchases being debited whenever they feel like it. The debit card trips up a lot of people with overdrafts who don't balance their checking accounts and live paycheck to paycheck.

I very rarely shop at Target these days though -- I only haven't closed mine yet because I'm waiting to see what TD bank does with CLIs once they control the account.

It does take a few business days to actually post to one's checking account so i could see how this could be a issue if you are living paycheck to paycheck. I wouldn't suggest the debit card version if you happen to be living this way because of the delay in payment's posting.

Re: Target Redcard Question

Anonymous — Tue, 08 Jan 2013 03:24:23 GMT

@leoment wrote:
Wait, the debit card doesn't just withdraw at the end of the day? I assumed it worked like the debit card we offer at my job (higher end clothing retailer) - that card deducts all of your purchases at the end of the day at one time. Nonetheless, I don't spend nearly enough to worry about cleaning out my bank account when I go to Target

Sometimes it batches all of a day's transactions together, sometimes it doesn't. Either way, the funds can take up to 5 to 7 business days to actually show up as debited from your checking account, depending on your bank. I know plenty of Target team members who couldn't qualify for the credit card and opened the debit card, only to close it later after they overdrew their checking accounts one too many times. Like I said though, these are people who live paycheck to paycheck, keeping a very low balance in their bank accounts and using online banking for instant gratification of account balance without diligently accounting for transactions that haven't posted yet.

Re: Target Redcard Question

Anonymous — Tue, 08 Jan 2013 03:25:52 GMT

@jsucool76 wrote:
Jbunton:

Was that the total after 14 months, or did you accumulate that much every month?

I'm sure it compounded a little, but only on previous months balance if I am remembering correctly... used the card alot.