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Thanks, Target Visa!

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Valued Contributor

Thanks, Target Visa!

Dear mauve,

 

Congratulations! We have reviewed your account and have decided that you qualify for a lower interest rate of 22.90%!  This is effective immediately and is variable with the prime rate.

 

Really full of ourselves,

Target Visa

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 1 of 13
12 REPLIES 12
Super Contributor

Re: Thanks, Target Visa!

 


@mauve wrote:

Dear mauve,

 

Congratulations! We have reviewed your account and have decided that you qualify for a lower interest rate of 22.90%!  This is effective immediately and is variable with the prime rate.

 

Really full of ourselves,

Target Visa

 


Lol!  They sent me a letter referencing a rate reduction too.    l wonder if they really are planning to do away with the Target Visa. 

Message 2 of 13
Valued Contributor

Re: Thanks, Target Visa!

 

What's your interest rate?

 

They lowered me from 23.24% To 22.90%.  It's irrelevant anyway - I have a $9.96 monthly charge that I auto bill to that card and pay off within 48 hours of it posting every month.  I'll probably eventually close that account. Figured I'd wait til I'm in the 800 club, ask for a CLI and an interest rate reduction and if they don't give me decent terms i dump them then.  I've got a $1k CL, which I was really happy to get when they upgraded me from the store card ($200) to the Visa, but I'm past that now.  They're my second oldest card, though, so there's some history there. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 3 of 13
Valued Contributor

Re: Thanks, Target Visa!

Their interest rates are outrageous!

 

You might as well hold on to the card since there is no AF ties to it.

 

Target NB is no longer issuing the Visa.... So, from that perspective your card is "cool" value attached!

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **
Message 4 of 13
Frequent Contributor

Re: Thanks, Target Visa!


@mauve wrote:

 

What's your interest rate?

 

They lowered me from 23.24% To 22.90%.  It's irrelevant anyway - I have a $9.96 monthly charge that I auto bill to that card and pay off within 48 hours of it posting every month.  I'll probably eventually close that account. Figured I'd wait til I'm in the 800 club, ask for a CLI and an interest rate reduction and if they don't give me decent terms i dump them then.  I've got a $1k CL, which I was really happy to get when they upgraded me from the store card ($200) to the Visa, but I'm past that now.  They're my second oldest card, though, so there's some history there. 


If you shop at Target I'd keep the Visa because you now get an instant 5% discount when you pay with your Target Visa.

Message 5 of 13
Super Contributor

Re: Thanks, Target Visa!

It's interesting Target keep the Visa card interest rates high.  They treat it as if its a store card which traditionally have high interest rates. 

Message 6 of 13
Valued Contributor

Re: Thanks, Target Visa!

My wife works for Target Corporate. She has told me Target has a ton of charge offs and that is "one" of the reasons their rates are so high.

 

I am sure there are many others too. But, who cares as long as you PIF!

 

I think my Red Card is like 22.90% interest.....

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **
Message 7 of 13
Established Contributor

Re: Thanks, Target Visa!

I can't back this up with facts or sources, but I remember reading that Target doesn't really want to have a card division anymore.  I view their terrible rates and low, low credit limits as incentives they are giving their customers to drop out of the Target credit card family.  Sort of like making guests feel unwelcome in your home until they get the hint and leave.

 

My husband's Target VISA in perfect standing and always has been, yet the lowered the limit from $1,000 to $500 and apparently won't budge on that.  The rate went up from whatever to 23% or so, with no end to that in sight (unless he gets the honor of stepping down to 22.9, LOL) and we use it as a PIF card.

 

I think he's getting ready to close the account ASAP because it's making his CR look bad, having such a low limit and all.

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 8 of 13
Super Contributor

Re: Thanks, Target Visa!

 


@RockinRay wrote:

My wife works for Target Corporate. She has told me Target has a ton of charge offs and that is "one" of the reasons their rates are so high.

 

I am sure there are many others too. But, who cares as long as you PIF!

 

I think my Red Card is like 22.90% interest.....

 

Ray


Was it you who said Target may convert all Visa cards back to the Store card?

Message 9 of 13
Super Contributor

Re: Thanks, Target Visa!

 


@ChesterPDexter wrote:

I can't back this up with facts or sources, but I remember reading that Target doesn't really want to have a card division anymore.  I view their terrible rates and low, low credit limits as incentives they are giving their customers to drop out of the Target credit card family.  Sort of like making guests feel unwelcome in your home until they get the hint and leave.

 

My husband's Target VISA in perfect standing and always has been, yet the lowered the limit from $1,000 to $500 and apparently won't budge on that.  The rate went up from whatever to 23% or so, with no end to that in sight (unless he gets the honor of stepping down to 22.9, LOL) and we use it as a PIF card.

 

I think he's getting ready to close the account ASAP because it's making his CR look bad, having such a low limit and all.


I started with a $200 CL in 1996 before being upgraded to the Target Visa in 2001.  They increased my CL to $1500.  In May 2009 they decreased my line to $1000.  I figured their actions were due to my not using the card.  After seeing my CL lowered, I called to have them reduce it to $500.   I only keep the card open because its my oldest card. 

Message 10 of 13
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