Target gives a 5% discount on all gift cards if you use the Red Card EXCEPT for Target gift cards.
The once a year deal is in December, as noted. I bought one last year (maximum of $500 for $450). I use it whenever I shop at Target. I still have about $250, but I add the occasional $5 Target gift card to my account and these are used first.
It sounds like Target is offering 5% off for Target gift cards and 15% off other cards. I will pass since I still have plenty in my Target Wallet.
@Tetelestaiif you are a Target Circle user, when you makes purchases using another form of payment (cash, debit/credit, giftcard), you earn 1% back in rewards. While I do prefer to use my Redcard at checkout, sometimes I cash out my various rebate/survey apps for a Target GC. At least I can earn a little something back that accumulates and I can toggle to redeem when I choose.