Target Card Automatic Mastercard Upgrade

[Anonymous]

Hi- This isnt really an approval, but i just received a letter in the mail stating that on 8/28 my Target card will be upgraded to the Target Mastercard!  This came to me as a surprise seeing how I've only had the card for 7months as of July.  They do give you the option of opting out of it, but I am not sure who would do that.  I wonder if its because my credit limit was recently raised (last billing cycle) automatically to $1000.00.  Maybe they dont allow the store card to have such a 'high' limit.  Either way, I am pretty excitied even thought I dont use it often.

[RonM21]

Congrats on the upgrade! It may be more that they thought your profile was good enough for it. Target surely has been busy.

[Anonymous]

Congrats! Thats awesome!

[Anonymous]

Congrats, OP.

My letter (following a VERY NICE CLI last week) just arrived today.

Not a lot of benefts of the MC, but keeps all of the Target benefits (also appears to have no FTFs)

[muslc2]

I also got the upgrade letter and they raised my CL to $5,000, will the mastercard upgrade mean a new account?

[CreditUnionFan]

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@Anonymous wrote:

Hi- This isnt really an approval, but i just received a letter in the mail stating that on 8/28 my Target card will be upgraded to the Target Mastercard!  This came to me as a surprise seeing how I've only had the card for 7months as of July.  They do give you the option of opting out of it, but I am not sure who would do that.  I wonder if its because my credit limit was recently raised (last billing cycle) automatically to $1000.00.  Maybe they dont allow the store card to have such a 'high' limit.  Either way, I am pretty excitied even thought I dont use it often.

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I don't think we have enough data points yet to know how TD will report the upgrade. Obviously it will be a new account number. The new account may have the original account opening date, or may retain the original account opening date. That's a key part we don't know yet until someone gets upgraded and reviews their credit report.

A subtle point in FICO scoring is the mix of credit cards versus charge cards. As a store-only card, it may be coded differently on the credit report, and having a mix of credit types is considered a positive factor in FICO scoring. If you have other store cards this is less of a factor to consider.

Personally I wish that they would offer more benefits to use the Mastercard outside of Target. I could speculate that the conversion of accounts to Mastercard may be partially due to the CVS Pharmacy inside of Target, and perhaps CVS will at some point stop accepting the Redcard that works in Target only. My RedCard MC doesn't see the light of day outside of Target.

[SunriseEarth]

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@CreditUnionFan wrote:

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@Anonymous wrote:

Hi- This isnt really an approval, but i just received a letter in the mail stating that on 8/28 my Target card will be upgraded to the Target Mastercard!  This came to me as a surprise seeing how I've only had the card for 7months as of July.  They do give you the option of opting out of it, but I am not sure who would do that.  I wonder if its because my credit limit was recently raised (last billing cycle) automatically to $1000.00.  Maybe they dont allow the store card to have such a 'high' limit.  Either way, I am pretty excitied even thought I dont use it often.

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I don't think we have enough data points yet to know how TD will report the upgrade. Obviously it will be a new account number. The new account may have the original account opening date, or may retain the original account opening date. That's a key part we don't know yet until someone gets upgraded and reviews their credit report.

A subtle point in FICO scoring is the mix of credit cards versus charge cards. As a store-only card, it may be coded differently on the credit report, and having a mix of credit types is considered a positive factor in FICO scoring. If you have other store cards this is less of a factor to consider.

Personally I wish that they would offer more benefits to use the Mastercard outside of Target. I could speculate that the conversion of accounts to Mastercard may be partially due to the CVS Pharmacy inside of Target, and perhaps CVS will at some point stop accepting the Redcard that works in Target only. My RedCard MC doesn't see the light of day outside of Target.

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My Target card has always reported as "credit card" instead of "charge card," so the upgrade probably wouldn't have any effect on my reporting.   I'm not sure how common that is for everyone, however.   As for the different account numbers, they did begin issuing 16-digit account numbers beginning with 5 when they began upgrading to the chip cards, so you might theoretically be able to keep your account number, if it's a valid MC number.   As for CVS no longer accepting a redCARD, that would be unprecedented.   Starbucks inside Target have never had an issue accepting the card and applying the discount.   Personally, I think they just want more swipe fees to help out the bottom line.  

[Anonymous]

Congratulations!

[Anonymous]

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@Anonymous wrote:

Hi- This isnt really an approval, but i just received a letter in the mail stating that on 8/28 my Target card will be upgraded to the Target Mastercard!  This came to me as a surprise seeing how I've only had the card for 7months as of July.  They do give you the option of opting out of it, but I am not sure who would do that.  I wonder if its because my credit limit was recently raised (last billing cycle) automatically to $1000.00.  Maybe they dont allow the store card to have such a 'high' limit.  Either way, I am pretty excitied even thought I dont use it often.

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Congrats on your upgrade!

I would unless it prevented my credit limit from increasing. Even then I would have to seriously think about it. I have other major credit cards so an upgrade is not important to me.

[injustifiiable]

Hmm...are they still sending out upgrade letters? I'd love one. My limit with them is $2,200 and increasing almost quarterly lol.