@Xiao et al
Consider where your credit rating is at and where you want it to be.
Applying for a Redcard credit card WILL result in a hard inquiry to assess your credit worthiness. Using it will also affect your credit rating.
Applying for a Redcard debit card will not result in a hard inquiry, and it must be attached to your personal checking account. The debit card will not affect your credit either way; it won't help either.
So IMHO, unless you are trying to increase your credit rating, I would suggest going with the Target debit card option. I believe it includes all the same benefits as the credit card does.
Both my wife and I have a Target credit card (separate accounts). We only use it when at Target. I use another card when shopping elsewhere.
@cweiner31 Target usually sells their gift cards for 10% off in December. The largest size available in the past was $300 (your cost $270). This past year, they increased it to $500 (your cost $450). I have bought them several times, always the max. I add it to my Target Circle app and it is used for my purchases each time I go to Target. It takes me five or six months to use it up.
When the gift card is used, I am not earning 5% since it isn't on my Target credit card, but the app credits me 1% for purchases paid with cash or gift card. So, I am actually earning 11% when using the gift card.
@Rickibotta I don’t think so. IMO it’s not worthwhile for people that carry a balance on credit cards, I got it because it for the 5 % cash rewards which is higher than Bank of America Platinum Honors
Exactly, I have the debit card so the money comes out just like I had used my bank debit card except I get an extra 5% off. Most sources say you can qualify for the $40 off $40 with either the debit or credit version. My problem is remembering that the red card has a different PIN than my actual debit card. lol
Before trying this deal, verify with Target to see if offer still valid.
For starters, what I am seeing is that you can get $40 for either the credit or debit RED CARD. I would suggest you do not do the CREDIT since it is a hard hit on your credit. Plus having a DEBIT card encourages you to not overcharge as you may on a credit card.
But: I am seeing that perhaps this deal ended on applications submitted on July 17. And the $40 reward has to be used by August 28.
So just check with Target to see if offer still valid. If so, verify if you can get $40 via debt card.