Target credit card, the RedCard, is a credit card that you can use in Target’s stores and online. Target RedCard benefits and features include a 5% discount when you shop at Target and no annual fees. You also have 30 days to return or exchange items.
The Target credit card’s annual percentage rate (APR), or interest rate, is above 20%. If you have high credit card balances for several months, interest charges can wipe out any savings.
Target offers a 5% discount on purchases. However, some credit cards offer cashback, which means that the card’s issuer refunds a portion of the purchase amount. This guide will help you determine if the Target RedCard is right for you. You can also use it to research other cards that offer cashback or rewards for your spending habits.
Target Redcard Features
Target cards provide a 5% discount on all purchases, in-store or online, and free shipping for most items. Target.com offer extended returns options that allow users to return their products for up to 30 days. This does not apply to Target mobile purchases, fixed return dates, and non-returnable products.
Target RedCard’s APR is 22.90%. This rate varies depending on the prime rate. Experian reports that the average variable credit card rate is 17%. A late payment fee of up to $40 is charged, and a return payment fee of up to $29. Customers who want to combine the RedCard benefits with a traditional credit card can apply for a Mastercard Incorporated RedCard at TD Bank USA.
The cards use PIN technology to make them more secure. Customers must insert their cards and then enter a PIN. This is a safer method of payment than using a swipe and signing. The use of PIN cards has significantly reduced the number of fraudulent charges and is widely used worldwide.
What Is Target Redcard?
Target RedCard debit or credit cards can be used just like any other payment card. The Target RedCard credit card and MasterCard are issued jointly by TD Bank USA. The Target debit card can be linked to your checking or savings account.
Target RedCard allows you to save 5% on all purchases when you use it. Only eligible items are eligible for this discount.
Target debit cards can be used at any retailer that accepts Visa cards. RedCard offers a 5% discount for Target customers who make in-store purchases. Target credit cards do not have annual or upfront fees. You will be charged 22.9% interest if you miss the payment due date.
Insufficient funds can cause your credit card payment to be rejected. This will result in a $29 penalty. Late payments on credit cards attract late fees of $40.
The Benefits Of A Target Redcard
- Target RedCard credit cards offer 5% off all purchases at Target and target.com.
- No minimum order is required for free shipping. Your RedCard allows you to get free shipping to most items on target.com.
- Get exclusive coupons and access to early offers. You’ll get coupons and early access for special events such as Black Friday. You’ll also have access to select sales and promotions that are not available to non-RedCard holders.
- Target offers an additional 30-day return policy. Target allows returns for purchases made with cash, standard credit cards, or money orders within 90 days. Returns are possible for purchases made with Target RedCard within 120 days of purchase.
- No annual fee Target Red Card does not have a yearly charge if your linked bank account is open and you use the card as directed.
- Two-day free shipping: Target RedCard holders are eligible for two-day free shipping on all orders on the site but subject to some restrictions. If you require expedited shipping, you will be charged an additional fee.
What Credit Score Is Required To Get A Target Credit Card
Target’s website does not provide specific information about the credit information that TD Bank uses to approve credit applications. Store charge cards tend to be more flexible with income and credit requirements than traditional credit cards. The credit limit for a charge card might be lower if you have poor credit. This is because it reduces the risk of financial loss for the bank issuing it.
Credit scores are a numerical representation of a person’s ability to manage their debts and make their credit card and loan payments on time. The credit score ranges of consumers may not be disclosed. However, credit scores are required to approve charge cards. Credit history can impact a person’s credit score. This includes how long they have had credit accounts open, the number of late payments made, and how much debt they have.
The credit score is a major factor in determining whether a person gets approved for a credit card or the interest rate they pay on any outstanding balances. Target does not specify what credit score is required, but it is common for people to have a credit score of 600 or higher to get approved for a credit card or charge card. However, some stores will approve cards for those with lower credit scores. Your credit score below 600 will likely result in a higher interest rate and a lower credit limit.
How Does The Redcard Compare With Other Store Credit Cards?
When choosing the best store credit card for you, it is worth considering other cards. Other retailers’ cards, like the Capital One Walmart Rewards Mastercard, offer a bonus cashback reward for purchases made in-store at Walmart within the first year. The reward does not apply to online purchases after the first year. Getting the Costco Anywhere Visa Card from Citi will be harder because it requires excellent credit scores and a Costco membership to qualify.
Instead, consider a non-store credit card. They often have lower APRs and better perks and can be used at multiple locations. The Wells Fargo Active Cash (r) Card, for example, offers 2% cashback on purchases, no annual fees, has a generous 0% intro interest rate for balance transfers and purchases, and includes Visa Signature protections.
The Blue Cash Preferred by American Express is a better option if you are looking for something that offers more rewards. There is an annual fee of $95 (with a zero introductory fee for the first year), but you earn 6% cashback at U.S. grocery stores (up to $6,000 annually, then 1%) and select U.S. streaming services. It also earns 3% at U.S. transit stations and gas stations. Cardholders would earn $120 in rewards for spending $2,000 per annum on groceries, which is more than enough to pay the annual fee. This is without considering the other bonus categories.
How Do I Manage My Target Redcard?
Target RedCard works similarly to other credit cards, but it is not designed for everyday use. The Target Mastercard can be used anywhere Mastercards are accepted. RedCards of other types are only accepted in Target stores. This will be reflected on your card when you make a purchase. The card can be used to make payments online or in person.
How Do I Get A Target Redcard?
You can apply online for a Target RedCard credit card. To apply for RedCard credit, you must verify your income and employment, read the terms and create a pin. Depending on whether Target approves you automatically, you might be approved immediately to shop online. However, you may need to wait for seven to ten business days before getting your card.
If you are not approved automatically, the website doesn’t give any information about how long it might take to approve for RedCard. You may not be approved due to credit scores or red flags. To be approved for a credit card, you must meet certain criteria. You may receive a notice if your application is not approved immediately.
The Bottom Line
Target’s RedCard is available for online and in-store ordering. Target collects data about customers once they sign up. This program offers generous discounts and community contributions, so it’s appealing to shoppers. The high-interest rate and late payment fees charged to users must be understood. This could lead to debt accumulation if not paid on time.