Target Red Visa Card Review | Target Credit Card
Target Red Card Visa Review
Reward Formula - .The Target Visa credit card allows you to earn one point for every dollar spent at Target stores. You earn one point for every two dollars you spend on other purchases. Once you have accumulated 1,000 points, you will be given a certificate that entitles you to a 10% savings for a day's shopping at Target. (certain items are excluded). You can only receive one certificate in a month. Unused points are rolled over. You can also enroll in Target's Pharmacy reward. Under this program, you will earn a 10% savings certificate for a day's shopping at Target after you use your Target Visa credit card for the first pharmacy purchase. After that, every tenth purchase at Target Pharmacy will earn you a 10% savings certificate.
For every dollar that you spend at Target, 1% will be donated to your designed K-12 school. For every dollar that you spend on non-target purchases, 0.50% will be donated instead.
Fees and Rates - The Target Red Card Visa has no annual fee. The APR varies depending on your credit profile (check pdf application page for details). The Target Visa uses the average daily balance method (including new purchases) of calculating balances and has a 25 day grace period if your previous is paid in full.
Verdict - The Target Red Card Visa will appeal to the frequent Target shopper. The one negative is that they only pay one point for Target purchases and essentially half point for every dollar spent on other non-Target purchases. However, bear in mind that 1% of Target purchases (and 0.5% for non-Target purchases) goes towards contributing to a K-12 school and that you are contributing to a good cause. But having said that, (depending on your spending patterns), it is not easy to get that 1 day 10% gift certificate. The other thing to bear in my also is that when you apply for a Target Card, you will be considered for a Visa Card. If your credit is not good enough, you will get the Target Store Card, which can only be used at Target stores or Target Online. This card cannot be applied on and you have to download this pdf application and send in by snail mail.
Alternative - If you are considering this card, I have an alternative to suggest. You should consider looking at the Discover� More(SM) Card. The reason is that you can earn 5% every time you shop at target.com if you go through your Discover account. This is how a Discover Card holder would navigate.
Firstly, you have to login into your account and click to the online shopping portal.
Then, just scroll down and search for Target.com. Discover has over 100 merchant partners so you can points not just from Target but from other retailers as well.
Then click on the Target button and it will take you to a page which list the terms and conditions and fine prints.
Once you click the shop now button, you will be taken to the Target.com site. Any purchase made on your Discover Card will earn you 5% rebates.
Apply for the Discover� More(SM) Card
|Target Visa Credit Card|
|Target Reward Formula||
Earn 1 point for every dollar spent on purchases at Target
Earn 1 point for every $2 spent on other purchases
|Caps on points||Get a 10% savings certificate once you have accumulated 1,000 points. You can only get one savings certificate in a billing cycle. Unused points are rolled over.|
|Target Pharmacy Reward Formula||
Get a 10% savings certificate upon first pharmacy purchase
Get 10% savings certificate after every 10th purchase at Target Pharmacy.
|Manage account online|
|Introductory rate||No introductory apr|
|Annual Fees||No annual fee|
|Purchase APR||Prime Rate plus 4.99%, 7.99%, 10.99% or 13.99%|
|Cash Advance APR||Prime Rate plus 16.99%|
|Penalty/Default Rate APR||Prime Rate plus 19.99%|
|Min Finance Charge||$1.00|
|Grace Period||25 days|
|Balance Calculation Method||Average Daily Balance (including new purchases)|
|Cash Advance fee||3% of cash amount, min $5.00|
|Late Payment fee||
$15.00 - up to $150
$29.00 - $150.01 to $1,000
$35.00 - more than $1,000