topic Re: Target Redcard worth it? in Credit Cards

Target Redcard worth it?

recruiter89 — Mon, 17 Nov 2014 17:48:04 GMT

anyone have experience with this?

Re: Target Redcard worth it?

chalupaman — Mon, 17 Nov 2014 17:52:11 GMT

If you're looking for a card that will grow, I suggest you pass on that card. The 5% discount is nice though.

Re: Target Redcard worth it?

Anonymous — Mon, 17 Nov 2014 17:52:58 GMT

I've had one for about six months. Measley $300 limit. Highest usage I've had was about 80% but I always PIF every month, usually before statement cuts. I've consistently used it at least once a month, in the hopes of getting a CLI; I've heard that this card will only give auto CLIs to people that use it consistently (don't quote me on that though).

Till this day, no CLI, and no option to request a CLI.

My sister has it too. She's got great credit, zero usage across all her accounts, hasn't applied for any new credit in three years. Her limits are average 14k. They gave her a 1,300 limit and haven't provided her with a CLI either.

My personal overall feeling: waste of an application/inquiry. Then again, I'm sure YMMV; these are just my experiences with it.

Re: Target Redcard worth it?

recruiter89 — Mon, 17 Nov 2014 17:53:24 GMT

meaning CL? I was considering because of 5%

Re: Target Redcard worth it?

jamesdwi — Mon, 17 Nov 2014 17:55:06 GMT

very INQ and new account sensite, 3 years ago, one month after recieving my first AMEX revolver card with a 6k CL, I applied for the target card and recieved my lowest CL ever $200, used it occausionally... but really who wants to play UTL games on a card with $200 CL and thier customer service isn't that great anyway.. 3 years later the card still sits at a $200 CL, the AMEX that is 1 month older and now has a 15k CL. YMMV, but unless you love target and want a low limit card best to avoid them... if your scores are good enought might as well get a prime card with a signing bonus.

Re: Target Redcard worth it?

Anonymous — Mon, 17 Nov 2014 17:55:38 GMT

CL = Credit Line

CLI = Credit Line Increase

The 5% is nice if you shop there often or if you're in the market for large purchases that you can get at Target (i.e. tools or a TV). I personally don't shop at Target enough to warrant another credit card to manage in exchange for a 5% discount. I regret getting it.

Re: Target Redcard worth it?

MACFRME — Mon, 17 Nov 2014 18:03:39 GMT

I would say that the worth of this card is really defined by how cheap you are. I say this because they give out small limits. Obviously, the discount is what you're getting the card for. For example, my card has a $300 limit with them. I average about $150 a month in spending at Target (and I always PIF). This means that I save about $7.50 a month by using the card. Over a year, I save about $90 by using the card. Sometimes I have to just use another card, if I am at my credit limit, or if they are holding my payments. This literally costs me more money. I would say pass on this card, unless the $90 or however much you'd think you could save using the card is a big deal to you. One month of carrying a balance on this account could really offset any savings you might have gotten throughout the year as well, because the APR is around 24%. I'm keeping mine because I already took an HP, and will let the account age, even if I don't ultimately use it a lot. Honestly though, it is more of a headache than it is worth.

Re: Target Redcard worth it?

Anonymous — Mon, 17 Nov 2014 18:05:00 GMT

I went the debit card rout because I wasn't interested in a new line of credit. The benifits are the same without the hardpull. It does take me a lttle longer to go through the checkout since I have to type in a pin and reject cash back.

Re: Target Redcard worth it?

mikelo22 — Mon, 17 Nov 2014 18:50:54 GMT

@recruiter89 wrote:
anyone have experience with this?

The 5% is nice, but since I have the SallieMae, I already get 5% CB anyway. Though I guess this would depend on whether your Target carries groceries. (Do all Target's have groceries now?). If it does, SallieMae and other cards which cover 'Grocery Stores' would cover Target. SallieMae is only good up to $250/month though so if you're a heavy spender, you may cap it out. If that's the case, an AMEX BCP may be a good option with 6% CB but with an AF.

Overall, I'd stay away from store cards. They are limited by nature, they tend to offer very small CL's, and they are usually stingy about CLI's.

Re: Target Redcard worth it?

recruiter89 — Mon, 17 Nov 2014 18:55:08 GMT

all good info from everyone. I appreciate it. I only asked because there is a Target opening up down the street. But I dont really want a store card just liked the 5%.

Re: Target Redcard worth it?

kdm31091 — Mon, 17 Nov 2014 20:00:22 GMT

I suggest the Target Redcard debit. Same benefits without any of the drawbacks. Also, if I had a credit line at Target I'm quite sure I would overspend. Lol!

Re: Target Redcard worth it?

SunriseEarth — Mon, 17 Nov 2014 22:05:19 GMT

@recruiter89 wrote:
anyone have experience with this?

I was approved instantly in March for a $1000 CL. It's currently my lowest CL, but I still like the card. You get 5% in-store and on the website. You also get free shipping for website purchases. Some prefer the debit card, but personally, I don't want something having direct access to my checking account. I prefer the safety and flexibility of credit. So no, it's not a good card if you need a UTIL buffer, but it's great for the deals if you don't mind the HP on EQ.

Re: Target Redcard worth it?

taxi818 — Mon, 17 Nov 2014 23:29:41 GMT

@chalupaman wrote:
If you're looking for a card that will grow, I suggest you pass on that card. The 5% discount is nice though.

Re: Target Redcard worth it?

taxi818 — Mon, 17 Nov 2014 23:32:56 GMT

@recruiter89 wrote:
all good info from everyone. I appreciate it. I only asked because there is a Target opening up down the street. But I dont really want a store card just liked the 5%.

You can get that 5% in many ways. Discover only shopping includes target to get the discount. But they are known for the 300 dollar limit. Now macys I the other hand. Generous.

Re: Target Redcard worth it?

manwoot — Tue, 18 Nov 2014 02:55:41 GMT

I've read about the Target REDcard not moving CLIs for years at a time. My wife and I both recently got CLIs on our cards (two seperate accounts).

My wife went from $300 -> $1000 SP CLI (~650 FICO). She's had the card less than a year.

I went from $1000 -> $1500 SP CLI (~740 FICO). I've had the card about 18 months.

Hopefully this helps

Re: Target Redcard worth it?

Anonymous — Tue, 18 Nov 2014 04:09:28 GMT

Ive had the card about a year maybe a little more and was recently CLI'd from 300--->800. I love the card because I love target but I always tell people not to get store cards unless they actually shop there regularly. If you do it benefits you but if you dont then it wont. If I could qualify for sallie mae I would dump it in a heartbeat though and thats on the real

Re: Target Redcard worth it?

Anonymous — Tue, 18 Nov 2014 06:00:45 GMT

I just got my Target Redcard last month, so I'm not sure on the CLI advice. But I was approved for $2000, and think that 5% savings at a store I go to regularly, and will probably always go to, is worth it. It's up to you though

Re: Target Redcard worth it?

TheGardner — Tue, 18 Nov 2014 12:29:22 GMT

This.

The credit card is worthless. Just use the debit card for the same discount.

Re: Target Redcard worth it?

recruiter89 — Tue, 18 Nov 2014 14:23:20 GMT

Thanks for all the advice. However after considering the 5%, isnt that pretty worthless? I mean I spend probably $200-$300 a month at Target but 5% just amounts to around $15?? I think I can get this through other cards. Do they offer specials and rewards to members carrying the card?

Re: Target Redcard worth it?

takeshi74 — Tue, 18 Nov 2014 14:35:39 GMT

@recruiter89 wrote:
anyone have experience with this?

Worth is always highly subjective regardless of topic. You can't just poll others on matters of worth. The card isn't worth it to me but that means nothing with regard to whether it is worth it to you. Read up on the card and determine if it suits you. If you have specific questions we're happy to help but we can't tell you if anything is worth it to you or not.