User Rating: Excellent
Web Site Experience:
Pros:5% off purchases, easy to use in store, keeps Target purchases on one card
Cons:high interest rates, difficult customer service representatives
The Bottom Line: The Target Red card is definitely worth having if you frequent Target and plan to pay of your balances soon after purchase.
While making a $200 purchase at Target I was hounded by yet-another sales associate to sign-up for a Target credit card and save 5% off my purchase. If you have ever shopped at Target, it is very likely that you too have grown tired of hearing this sales pitch. The problem was though, on this particular shopping trip, I fell for the pitch and went over to customer service to fill out the paperwork for one of the cards. You need to have another credit card with your name on it as well as a photo ID to complete the application process.
Recommend this product?
It’s quite easy to apply for one of these Target Red Cards and it seems equally easy to get approved for one. The interest rate assigned to you and the credit limit on that particular card seemed to be where each of the customers will end up differing. I didn’t get a very high credit limit, nor did I get a very good interest rate, but getting the 5% off of a $200 purchase meant I was getting $10.00 back in my pocket that instant. I figured that I could then pay off the balance of the card as soon as I got home.
The web site for the Target credit and debit cards is easy enough to peruse and I made the payment with absolutely no hassle. It lays out the different types of rewards that you can qualify for with repeated use of the card and they make a very big deal about letting you know that you can get free shipping by using the card on the web site.
As for the rewards, you can enroll in a pharmacy program where once you have filled five prescriptions at the store you receive a coupon for 5% off a day of shopping at Target. This can be used in addition to the 5% discount with your Target card. You can also sign up for an education program they have running that will donate 1% of your purchase to schools of your choice that qualify. They aren’t bad benefits at all, as longs as you are making sure to pay off your balance.
One problem that I did come across with the Target card is that if you don’t use it within a specific period of time they can shut it off. I had that experience and it was very difficult to get connected with a customer service representative on the phone that knew how to handle the problem. That was a frustrating experience and I had to go through the process of re-applying for a new Target card.
For Target addicts, of which I know a few, this particular card can become a beneficial tool. Saving 5% every time you go to the store is a nice benefit to having the card, but it is extremely important to keep on top of your balance to make sure that you aren’t racking up too many charges. Target lays out a pretty strict policy about over-spending your account and not paying it on time, so make sure that you are keeping a close eye on your statements if you go to the store often. If you are going to pay off the card early each time, then this could become a well-used credit line.