Verdict: The Target Visa is an overall good store credit card (if there is such a thing) however as with all store cards, it’s far from the best rewards card out there. For Target shoppers I highly recommend the Discover More Card which is by far the best rewards card out. With Discover More you can earn 5% back on all of your Target purchases online through the ShopDiscover portal as well as 5% cash back on all gas, travel, groceries and drugstore purchases. You then also earn 1% back on all other purchases.
A decent store card that offers high credit limits as well as plenty of bonuses when you shop at Target or Target.com. The Target Visa card even donates a portion of proceeds to a K-12 school of your choice. If you aren’t a regular shopper at Target, however, another reward card may be better suited to you.
Overview:
The Target Visa card has no annual fee, high credit limits, and is a great choice for Target shoppers. Instead of a cash back program, the Target Visa card offers points that you may redeem for discounts to shop at Target. This card also donates a portion of the purchases to a school of your choice.
How This Card Works:
Once your account is opened you will receive two coupons in the mail for 10% off purchases at Target. This card earns one Target reward point for every $2 you spend, which may be redeemed later for a Target rewards certificate, entitling you to a discount on merchandise.
Target will also donate 1% of the purchases made at Target and .5% of the purchases made elsewhere to an approved K-12 school of your choice. Your credit card bill may be payed online, as well as in-store. There is a 25 day grace period to pay. Target Visa also offers an optional program called SafetyNet. This option means that should you become disabled, lose your job, are hospitalized, or pass away, SafetyNet will pay off your Target Visa balance up to $10,000.
Travel and Shopping Benefits:
The Target Visa card earns one point for every $2 spend, redeemable for a discount at Target once you reach 1,000 points, or spend $2,000 dollars. This is the only shopping benefit offered by this card.
Fees:
There is no annual fee for this card. The average daily balance is used to calculate the balance for purchases and fees. The standard APR is 11.99% but may go as high as 20.99% based on credit review. The default rate is 27.99%.
Cash advances may be made with an APR of 23.99% at any ATM that accepts VISA cards. There is a minimum charge of $10 and a fee of 3% to use the cash advance option.
The grace period for the Target Visa card is 25 days, after which time a late fee may be charged. Balances less than $99.99 will be charged a late fee of $15 while balances of $350.00 or more will be charged a $39 fee. The $39 fee also applies if the account is in default.
Pros:
- No annual fee.
- Rewards for Target shoppers.
- Donations made to school of your choice.
- High credit limits
- Easy to pay.
Cons:
- Only Target rewards are offered.
- High default rate APR.
(3 votes, average: 4.67 out of 5)
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Comments:
May 4th, 2009 at 11:59 am
[...] Shout presents Target Visa Card Review posted at [...]
August 27th, 2009 at 5:35 pm
I have had the most harrowing experience at the hands of Target’s credit card department. In 2004 I moved to Minneapolis and shopped for ~$75/- at a Target store in Eden Praire, MN where the store check out clerk offered my a Target Credit card application. I filled this out and got the 75$ bill on to the account with assurance from the store clerk that I would get the physical possession of the card soon. I never got the card and hence never had an account number or card number to pay off the bill. A few months later I got a call from a collections agency stating that I had a balance due (nicely enhanced over the 75$ tab with fines and what not) on a Target credit card (which I never ever received). So I paid the agency in full and asked them to close the account with Target. A year later in 2005 I got another call for another collections agency stating that I had $300/- balance pending on the Target card. I was shocked but had to pay and this time made it clear that I’d fight if the account was not closed. So finally in 2005 after paying several times over the shopped account for $75 I had shopped I got rid of Target and thier credit card which I never recieved. Or so I thought… I applied for a loan a couple of days back and was shocked to learn that it was denied on the basis of my credit report. I called them up and they confirmed that I had a pretty clean record except for the (you guessed it) the Target Credit Card… They said that they knew the account was closed and I owed zero balance but I had to get it off the credit score to qualify. So I call up Target and after being pushed around 4-5 customer support agents and 2 supervisors I was finally pushed to someone higher up.. I assume she was higher up in position cause she really knew how to talk down on customers so much for the customer service aspect of a retail business. Anyways I go about telling her the whole story (I’ve told it 4 times before to their reps) and she starts fighting that its my fault and not Target’s that I opened the card and didn’t pay off the 75 dollars. She says Target tried to find me for 7 months to send the bill and the card but couldn’t and even though I never had an account number or physical card it is my fault for not getting the card. I wonder how Target’s collection agencies (based in California) could find me but not Target (based in Minneapolis). By law the company can stop reporting on my credit report if it acknowledges that it is the company’s fault. But she flatly said that there is no way Target will stop reporting on my credit score because I am at fault for a card I never possessed. So now I have to suffer negative monthly reporting on my credit report for the next 5 years (the account was closed in 2005 and Target will report negatively for 7-10 years after an account closes) and pay higher interest rates on loans for a 75$ purchase on a card I never got from a company that couldnt find me or send me a bill. I am seriously contemplating legal action, I shall get back I shall post this on every website and forum blog possible and Target shall never see a penny from my earnings again… I’ll make sure Target loses at least 10 times as much in value by convincing friends and family and who ever cares to listen about this, this I promise…. Siddharth Sinha
September 28th, 2009 at 6:03 pm
Target Visa is the WORST credit card I ever had. The worst customer service, high interest rate, and this company reduced my credit limit without any reasons. I guess Target company in much more financial problems then everyone else thinks.
http://www.marketwatch.com/story/targets-credit-card-problems-could-lead-to-jp-morgan-role
December 23rd, 2009 at 10:14 am
Target Visa is the most HORRIBLE credit card I have ever had. They keep reducing my credit limit for no reason. I’ve been a card holder for 8 years, paid the card off twice; pay on time, pay more than the minimum due and this is how they treat card holders in good standing. They have the worst customer service. Don’t open an account with Target Visa unless you would like your credit score to plummet.
January 23rd, 2010 at 9:05 pm
My daughter paid her card off with cash at Target. Today the card was declined. They claimed it looked like money laundering as so denied her card when she tried to use it at off all places…Target.
Don’t get a Target card. They are weird. Last time I checked money was legal tender in the USA. I asked at customer service if they had a policy of warning Target card holders if they tried to pay their credit cards with cash, the lady said they didn’t have a warning. So, for using cash, they tried, convicted, and punished her for a crime she didn’t even commit. This company makes great commercials but are terrible in all other respects!
March 17th, 2010 at 2:02 am
This card raised my interest from 11% to 20% for no reason. Do not get this card!!!
June 22nd, 2010 at 9:48 pm
I also had my interest raised from 11% to 20.99% for no reason. I’ve had the card for many years and have never been late with a payment. Customer Service had no explanation, just that they are not lowering interest rates at this time. Don’t get this card!!!
August 7th, 2010 at 5:13 pm
[...] CreditShout has given an unbiased review of Target Credit Card [...]