RedCard is the credit card offered by Target to use at all its retailers or to make purchases through its online store. It is an excellent option because it has a 5% discount on all your purchases, no annual fees, and you enjoy 30 days for any return or exchange.
Although its interest rate is higher than 20%, the secret is to know how to use it properly; you must take care of your expenses and avoid having recurring high balances. Eventually, they will eliminate any savings from the discount.
Steps for requesting the RedCard
You can choose to request your RedCard via email or online; online, you only have to fill out the form on the website and submit the personal information requested in the requirements. Depending on what you submit, you may receive an immediate response, or it may take some time to review.
The deadline to get the approval of the RedCard is usually between seven and ten days; here, they will evaluate your credit history, and if they find errors, they will most likely reject your application. The recommended FICO credit score is 615 or higher.
Part of the requirements is to be 18 years of age and have a U.S. address. Also required is your social security number and an ID that can be a driver’s license, military or state ID.
How the Target credit card works
There are different types of Target credit cards; you find the traditional store credit card and the MasterCard. You can also access a debit card drawn from your checking account. Target has partnered with a financial institution to offer you a branded credit card.
Interest and fees will be split, and you are responsible for paying them. For now, the cards are issued through TD Bank USA, NA, recognised as one of the largest banking institutions in the country.
When you purchase the RedCard, you can use it at any retail store or make online purchases; the latter comes with free shipping to your home. You have up to 30 days to return or exchange merchandise.
The benefits of the RedCard
The mission is to attract customers’ attention to use the cards constantly; from the moment you acquire the RedCard, you start to have rewards, earn points or get cash back on some purchases.
Let’s not forget the 5% discount on all your purchases; it is an incentive that will help you receive immediate rewards with discounted prices in stores. Another benefit is that there are no annual fees, and you can access exclusive offers for Target cardholders.
On important dates, you get gifts; you will enjoy different sign-up bonuses that change every month and an additional 30 days for your exchanges or returns of purchases. It should be made clear that the stated discount does not apply to prescription drugs.
Beware of fees in case of inconveniences with your RedCard
Every credit card has additional charges; in some circumstances, the RedCard almost always includes a very low minimum payment that you can pay back over a long period. Now, you must take care of the charges in case of late payments; for each one, you will have to pay an additional $24.
As for the subsequent late payment, charges are positioned at $38; they will remain until you make the required minimum payment. The returned payment fees are also; you will be charged an additional $27 whenever your bank does not accept the check or any other payment order.
Another point to keep in mind is that you authorise the company to store all the information related to your purchases whenever you use Target credit cards. The data provided by the card is the data that Target will use to send you coupons or ads tailored to your tastes.