Target Red Card 5% Savings

The new Target ad pictured above is what prompted me to write today. It promotes a 5% savings on all purchases made with the Target Red Card. As a thrifty spender this is huge! Target has three version of the Red Card,

• Target debit card is linked directly to a bank account, usually has the lowest credit limit but even people with poor credit scores are getting accepted.
• Target store credit card, APR of 21%
• Target Visa card, highest credit limit, APR 21%

You can look up information for the Target Red Card here.

The fine print in the LA Times ad reads, "5% discount applies to eligible purchases minus any other discounts and the value of any promotional Target gift cards received in the transaction." This means 5% off after coupons and free Target gift cards.

A school can be designated to receive 1% of all card purchases and I've heard that Target Card holders get store coupons in the mail that can be combined with manufacturer coupons for extra savings.

A mail-in application is available online but it's easiest to apply for the Red Card in-store. Sometimes the cashiers get bonuses for credit applications, so pick a cashier that looks like they need a pick-me-up. The extra money in his/her paycheck just may make her day.

UPDATE 12/2: I caved and got the Target card. I needed to get comforters for all the kid's beds, I had a coupon for a free $15 gift card w/ $150 purchase and I went for it. The application process was pretty easy, I handed the cashier my driver's license and entered my social security number on the keypad. The only thing I didn't like was I had to give my phone number and agree to recorded telephone messages from Target, there was no way to say no on the screen. An extra bonus was that after I charged my purchase to my new Target card a $5 off any purchase coupon printed with my receipt.