Do you have any store credit cards? Do you use them regularly? I have a couple accounts that I'm sure have long since been closed by the company due to inactivity (i.e. Slumberland for a 0% financed furniture purchase 9+ years ago). I don't carry any cards in my wallet other than my three credit cards and my check card that I currently use for everyday expenses and then pay off in full each month (got to get that caveat in there!).
However, last night when I stopped at Target quickly for some groceries I grabbed a flier promoting their Target Red Card. Did you know that on October 17th they are changing the terms of their Red Card so that you can now receive 5% off every purchase (with exceptions of course like pharmacy, optical, gift cards, etc.). We spend around $200 each month at Target and now that our local store has groceries, we're probably going to be spending even more there in the future. We would typically use our credit cards and get 1% cash back for those purchases.
A big selling point for me on this program? It's an immediate 5% discount at check out when you use your Target Red Card. It's not points or a cash back balance where you have to request a reward check be mailed to you like most credit card companies have. I do think we will be opening a new Red Card account for us! We'll use the new Visa card only at Target stores and use our other credit card (currently using the Chase Sapphire card) for all other everyday purchases to get that 1% cash back.
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I don't have any store cards but I do have a Visa that gives cash back. I put everything on it and so far have earned $152 in cash in just the last 2mths. I figure that by the end of July/11 (that's when they'll give me my money) I'll have enough to pay for the home insurance when it comes due. And yes...we do pay the card in full every month.
Is the Target Red Card good on groceries?
Here are some highlights from the fine print:
"Every time you use your Target Credit Card, Target Visa Credit Card or Target Debit Card you will receive 5% off your purchases at Target stores and Target.com (emphasis mine).
...5% discount does not apply to the following: prescriptions, Target Clinic services and Target Optical eye exams; Target gift cards and prepaid cards; previous purchases; Target credit account payments, Target Debit Card cash back and cash advances on the Target Visa Credit Card; Target Commercial Interiors purchases; Target Mobile Solutions purchases; gift wrap and shipping and handling charges on Target.com purchases; or where otherwise permitted by law."
So yes - it is good for groceries!
Target isn't issuing visas anymore, it's just a store card now. The credit limits on these cards tend to be low as well so you may end up with a high utilization which might affect your credit score. Other than that it sounds like a great rewards program.
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