Red card sign up11/15/2023 ![]() ![]() If you are someone that is working to repair your credit or had a past experience that has recently lowered your credit, you may have more trouble qualifying for the Target Red Card even though the spending limit would be much lower. I don’t want to act like just anyone can get a standard credit card, but the requirements are lower. Requires a High Credit Score: I would argue that this could be considered a pro or a con, but if you are after the Target Red Card perks, you will have to have a good to excellent credit rating (690-850). I feel like this can’t be overstated, but please only get a credit card or store card if you plan to pay the full balance each month. For the Target Red Card, the APR is 22.9% which means you will quickly lose any benefit of the card if you carry any amount of a balance from month to month. High-Interest Rates: This holds true for almost any credit or store card, but interest rates are through the roof. Store cards have much lower limits and won’t allow unnecessary spending, which is great, but it can negatively affect your credit just like opening a standard credit card. I don’t want to exaggerate and act like opening one or two store cards is going to kill your credit, but it is something that you want to monitor. Remember, every time you sign up for a credit card (store card or not), your credit is still being hit and brought down if you aren’t careful. Trust me, I get that some folks are extreme deal seekers and will sign up for every store card to save 10 or 15 percent, but I don’t personally see the value in that. Yes, there are some perks at that specific store, but sometimes the hassle of so many cards and so many different payments isn’t worth it to me. Below are some of the Target Red Card perks, but I will also cover some of the negatives as well.Ĭan Only Redeem at Target: For me, I really struggle with store cards because you can only use them at that location. So, if you’re going to be spending money there (like me), you might as well consider their store card. My wife often finds “deals” she can’t resist. Not only do they offer home goods and grocery items, the quality of the clothing is very good, which makes Target a legit “one-stop-shop”.Īs a husband and the one who puts the budget together, I often joke about how much I dislike Target. If your house is anything like mine, I feel like Target is one of the places where my card is swiped the most. Now that we have that out of the way, today I want to really cover the Target Red Card perks, and how the store credit card can be a benefit to you. I apologize for the credit card usage rant above, but when talking about something that can be destructive, I always want to cover the downside. Always remember to only buy what you can afford to pay off at the end of the month. While credit cards can be a huge convenience, they can lead to bad habits. If you lose your wallet or purse with a credit card in it, not only can you cancel the card, but most credit card companies also have strong fraud protection and you will be made whole.Ĭredit cards certainly have their downsides, with the biggest concern being the interest that can rack up if you only make minimum payments. Think of it this way: if you have $250 in your wallet or purse and leave it at a store, that money is as good as gone. Why carry cash when everywhere takes a credit card? Not only can you get points for your purchases, but you also have way less risk. If I have more than $20 on me, that is a miracle. ![]() If someone tried to steal my wallet, they would be disappointed. Yes, there are a few older folks around that still always have $500 to $1,000 on them, but most are like me. ![]() No, I don’t mean that cash can’t buy you things or doesn’t have monetary value, but in today’s society, almost no one has it. In today’s world, the value of cash is almost zero. As with any financial decision, it’s best to weigh all options. Consumers have a ton of options when looking for new payment options. ![]()
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