What's your Redcard credit limit?

[Far from newbie]

You are not liable for ANY purchases that YOU did NOT make.
If it gets stolen, notify the issuer, they will remove any fraudulent charges.

 

[TargetsDaddy]

The red card is absolutely the worst credit card out there. High interest. No promotions. No rewards.

No thanks

Actually you get a yearly 10% coupon that stacks with TM discount etc. Mine happens to come around Black Friday so that helps.

 

[GRC]

It is unwise to carry a 15k+ limit on a store charge card. I will take the few point hit instead of taking that risk.

How is that any different from a non-Redcard with a 15k limit?

 

[NKG]

Actually you get a yearly 10% coupon that stacks with TM discount etc. Mine happens to come around Black Friday so that helps.

There's no additional discount so not worth it 💁‍♀️

 

[Mikuhl]

Contrary to popular belief, having more credit cards is better for your credit score. I love collecting them like Pokémon, because I know I have self control. I am proud to have never touched cash my entire adult life. The merchant is actually the one paying for your credit card rewards, so merchants usually price in these fees for products. So if you are paying cash, you are paying someone else's fee, and getting nothing from it.

And then there's Bitcoin, but that's for another day.

 

[sprez]

I have 12+ credit cards (due to sign up rewards mostly) but opted for the debit red card for simplicity. Never paid any interest on credit cards, I just enjoy all the benefits.

 

[jackandcat]

The correct answer for high credit score:
1) Keep at least one or two credit cards for many years, longevity of a line of credit is important to building a high score
2) Avoid using more than 50% of the credit line; the highest credit score is when you use under 10% of the credit line
3) Pay your cards on time, avoid late payments at all cost
4) Be careful to pay other credit types on time as well - this includes vehicle loans, lines of credit, home loans, home equity loans etc.

My FICO score, given by four different places I use including Target Credit Union, runs around 828, but two places show I'm at an 850.

 

[JohnSith373]

$9,000 Mastercard currently, signed up for credit with $800 limit in 2017.

Tips for credit score
1) Pay the statement balance of credit card, don't pay it immediately after purchase as it won't report to the credit bureaus
2) Try to use under 10% of your credit limit for each card
3) Keep your non-annual fee credit card open as long as possible
4) Every 1.5 years, ask for a credit line increase

Fico score around 750 from each credit bureau , credit history of 5 years with a vehicle loan, student loan, and 13 credit cards.

 

[Luck]

Contrary to popular belief, having more credit cards is better for your credit score. I love collecting them like Pokémon, because I know I have self control. I am proud to have never touched cash my entire adult life. The merchant is actually the one paying for your credit card rewards, so merchants usually price in these fees for products. So if you are paying cash, you are paying someone else's fee, and getting nothing from it.

And then there's Bitcoin, but that's for another day.

This is true, but it is also true that a store card is worse than a real CC, and you can only safely apply for so many CCs ina time period.
So while opening a Target credit card isnt inherently bad, it is much worse than another card you could have opened instead.

 

[Formina Sage]

Years ago Target closed my 5k limit card because I hadn’t used it in some time and my score took a dip and I begged them to re-open it but they wouldn’t and it pissed me off so much I never bothered applying for a new one lol

 

[redeye58]

I opened an acct when I first started working there & had a decent limit after several years ($3K).
Several years later husband decided to open an acct so he could get the (then) 10% off on a large purchase & they gave him a $5K limit right out of the gate.
We had put down the same 'family income' amt for both applications so I closed my acct & we used his which now has a $10K limit (which we don't even use.

 

[gsa4lyfe]

The red card is absolutely the worst credit card out there. High interest. No promotions. No rewards.

No thanks

I mean it’s a good card to at least have if you buy things at target even for a normal person. 5% off is more than most cards offer for cash back. Average is like 2-3%. Not saying it’s the best card by any means but definitely worth having some sort of red card for anyone who shops at target.

 

[jackandcat]

I mean it’s a good card to at least have if you buy things at target even for a normal person. 5% off is more than most cards offer for cash back. Average is like 2-3%. Not saying it’s the best card by any means but definitely worth having some sort of red card for anyone who shops at target.

It's a great tool for reducing your cost of living. When you make a purchase with the TM discount, your purchase price becomes 90% of the original price. The RedCard 5% discount comes off the 90% price, so your combined TM+RC savings calculate out to 14.5% off, which is pretty impressive.