Why are these paying $95? What is involved in this that would substantiate such a high fee?

I did one about 3 years ago. You basically can only do one since you have to get a credit card. The cashier is supposed to prompt you to apply. You then apply at the register and collect all of the paperwork. I think that there was some follow-up through the first billing cycle. I have thought that the high fee reflects the fact that so many people already have a Target credit card. That makes it hard to find anyone who is willing to apply and get one. That is my theory anyway.

@big_sky_thunder wrote:

Why are these paying $95? What is involved in this that would substantiate such a high fee?

Because it’s a pull on your credit report and you’re required to get the credit card. Both can potentially adversely affect your credit score. I’m not sure if there’s an annual fee for the credit card. The pull should be a very short-term ding, but having additional credit isn’t always a good thing, even if it lowers the percent utilization. Nor is opening and closing credit cards. Neither of these is a big deal if you have outstanding credit, but it could be a factor for some people.

@big_sky_thunder wrote:

Why are these paying $95? What is involved in this that would substantiate such a high fee?

If you are willing to open a credit card, there are better deals out there. $200 is a fairly standard bonus, but they can go as high as $800, depending on how much money you spend in the first 3 months. Chase Freedom Flex and Chase Freedom Unlimited give $200 plus other perks, if you spend $500 in 3 months. The higher paying bonuses will generally require $1k+ over 3 months ($4k for a Citi $700).

If you can't spend $500 in 3 months, then the Target card would be a good deal, otherwise, I would go for a higher bonus.

If anyone ever wants to sign up for Chase Unlimited or Flex, I'll give you half of the referral bonus, which would make it a $250 bonus for you.

The Target credit card does not have an annual fee. It also offers a 5% discount every time you use it at Target. Currently, you also get a coupon for $40 off of a future Target purchase of $40 or more. If you regularly shop at Target, getting paid $95 to get a Target credit card is nice.

To clarify for anyone unfamiliar with these deals, you can already get a 5% discount at Target with their debit card, which doesn't require a credit check, as it just links to your existing checking account. Also, the Chase cards I mentioned dont have annual fees, and the Flex has rotating 5% cashback categories each quarter (gas stations, Walmart, Amazon, utilities, etc.), as well as 1% back on everything.

There is a whole community of people who "churn" credit card offers/perks, and it's crazy how many cards some of them go through. If your credit is good, and if you can refrain from overspending, you can get some nice returns. I opened 3 credit cards about 7 months ago, and made around $1200 with sign up bonuses, plus I continue to make money with their cashback rewards. My credit score took a slight hit, but it's now back up to where it was before I opened them (790'ish).

Checking/savings account bonuses are even better, because they rarely impact your credit score, and are easier to qualify for. Swagbucks/Mypoints often run promotions, and sometimes they stack with the bank's offer. I do these quite often, and generally look for them to be at least $100 to open. Most require a payroll direct depost for 1-3 months, but some just require a single cash deposit. Off the top of my head, an easy one right now is the Fidelity bonus that has no credit check, no fees, and pays $100 for a single $50 cash deposit.

The website "Doctor of Credit" is a great resource for these deals, and they keep track of the best credit card/checking bonuses... they also have a very active and helpful community.

Of course, do your own homework on any deals like this, and dont take on credit cards unless you can control your spending.

My sister and I both opened Target credit cards as shops online without ever leaving the house.

You have to provide screen shots of each page of the application process. Then when the card arrives in the mail, you have to upload scans/pictures of all the information sent to you.

As myst4au said, you get a $40 coupon with your card. Just make sure you use it quickly because i think it expires in about 45 days.

Now Target has sent my sister a letter asking her if she wants to cancel her card since she stopped using it. I never used my card and never got such a letter.

I wonder if she could do another shop after a month or two if she cancels her current card?

I did the open the Target CC quite a few years ago. I rarely used the card and they sent me a letter that if I didn't use it by xxx, they were going to cancel the card. I forgot about it and yup, they cancelled the card. No great loss to me, but I'm wondering if I can do it again, not that I really want to have the card. The 5% off was negligible considering what I buy in that store which is not a lot.

The $40 coupon promotion is no longer available, but these promotions come and go frequently.

I did some research on the Redcard, and there is a lot of feedback on the Doctor of Credit site. Whenever Target runs the $40 (or whatever) bonus, you can also get it for signing up for a DEBIT Redcard, and according to the posters on DOC, there is only a 90 day waiting period (from close) to be eligible for the bonus again. Many people also stated that the bonus can be used twice... once online, and once in store... which would make it an $80 bonus.

If you aren't a heavy Target shopper, I think the best move is to cancel your Redcard, and then sign up for a new debit card when the next promotion is offered... then cancel, and repeat after 90 days. This way you can keep churning the Target bonus, without impact to your credit score.

If you are willing to get a credit card bonus, I wouldn't do it for a $80-$100 mystery shop bonus, as there are better deals out there, as I discussed earlier.

@MsJudi wrote:

I did the open the Target CC quite a few years ago. No great loss to me, but I'm wondering if I can do it again, not that I really want to have the card.

The MSC guidelines I'm reading state that you can not be a current or former Redcard credit card holder.