10% off PS3 w/ a new Target REDcard

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z1ggyp00p

CAG Veteran
If you've ever shopped at target, you're likely aware that every time you check out they ask if you want to "save 10% on your entire purchase today by signing up for a target credit card". The PS3 price drop had me thinking that the thing was getting dangerously close to affordable, but that $500 figure was still sticking in my craw. Today I suddenly put 2 and 2 together, and gots me a 60GB PS3 for $450 bucks.

Technically, I suppose it's not a new deal, but I was surprised to find out that the discount was valid on consoles, so I figured it might help someone else justify the purchase price to anyone else who has a say in the finances. If you shop a lot at target, it seems like a decent credit card to have anyway (the 10% discount repeats for every 1000 points you accrue, something about target making donations to schools, etc).

Now if they only made worthwhile games for it...
 
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I work at Target, so I used my redcard 10% off and my team member 10% off and paid about $405 for a PS3. ($433 after tax)

It's probably the only good thing about working there.
 
I remember the apr on it being somewhere around 20%. So unless you really got the cash to pay it off immeadiately, it's not worth it.
 
[quote name='CocheseUGA']Just a warning, retail cards don't show up as positive as bank cards do as credit ratio/lenders go.[/QUOTE]

Oh crap really?! I have a Best Buy credit card... would cancelling it help up my credit rating?
 
[quote name='PikaPichu']Oh crap really?! I have a Best Buy credit card... would cancelling it help up my credit rating?[/quote]

Don't cancel it. Creditors like to see a well balanced portfolio of credit. If you close your card out, not only will it change your utilization (a very important part) but also the average age of accounts for your credit.
 
[quote name='TrueBlueLS']Don't cancel it. Creditors like to see a well balanced portfolio of credit. If you close your card out, not only will it change your utilization (a very important part) but also the average age of accounts for your credit.[/QUOTE]


Off topic, but anywhere to read about all this? Credit is confusing. I keep my cards and monthly statements paid, but I need to know the nuances.


on topic: this isn't a deal, they have always had this and it's not worth a new card just for 10% off a PS3. You would be better off finding a non-retail card with better benefits and better APR. hell, I would trade that 10% off for a few months without APR.
 
retail cards don't show up as positive as bank cards do
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[quote name='PikaPichu']Oh crap really?! I have a Best Buy credit card... would cancelling it help up my credit rating?[/quote]

I think there's a slight misunderstanding to the original quote:

retail not AS positive as bank cards (visa/mastercard/amex/etc.) Cancelling a retail card won't help your credit. He's saying that it's better to get a major credit card.

Incidentally, I got a Target card right before buying a firepit for the 4th to save the 10%. Not only is it a major credit card (visa), but the rate was only about 13% for me. Both the rate and major/retail will vary depending on who applies. Some will only qualify for the Target-only retail card.

As for the rewards, I think they're crap compared to any other card out there today. spend $1,000, get a one-day 10% off shopping spree certificate. That means I HAVE to spend at least $100 on that day to get my 1point=1penny industry standard. I have an amex citicard (strange how they're merging everyone now) that gives me anything points, I would much rather get a $100 gift card for 10,000 points (I think the Target option is only 6,000 points for $50 GC, though, they don't have the $100 for 10k option for all retail stores :oldman: ).

As for sign-up incentive? The citicard amex I got gave me 10,000 points (up to $100 value) with my first purchase, and 5 points for every dollar I spend in the first year (like getting 5% back in gift cards). I personally dislike citibank, but love amex...so this card is a rather unique love/hate relationship with the best rewards I've seen in a long time (I recently got a $50 Amazon.com gift certificate with 6,000 of my points).

To sum up or: read only this if you're skipping the rest: major credit cards are much more credit-building than retail, but if you don't have any major credit cards, keep using the retail ones, they're still good and helpful for your credit. Don't always necessarily pay the entire balance in full if there's no interest involved (best buy usually gives you a few months without interest), and NEVER pay late or do cash advances without a special promotion.
 
You think this Target Card will ruin my credit score if I've never used a credit card for any purchase before and I only have one unactivated credit card?
 
[quote name='magnawiz']You think this Target Card will ruin my credit score if I've never used a credit card for any purchase before and I only have one unactivated credit card?[/quote]

I'd be surprised if you are approved. Unless your income is high.
 
[quote name='magnawiz']Don't they check my Debit account if I don't have a credit history?[/quote]

I can't say with any certainty... But I would think that debit accounts don't really count towards your credit history.

I mean, you're not borrowing money. It's all right there in your account, almost as if you were paying cash.

Granted, debit cards often have a major credit card company backing them... My Target card and my debit card both have Visa logos on them. So I'm not entirely sure how that works. Perhaps it's just to make sure that stores accept them?
 
Debit cards have nothing to do with your credit history. Despite the fact they have a Visa or MC logo, the money is pretty much already there since it's debited out of your checking account. You really aren't putting anything on "credit" when you use them.

Things that effect your credit are when you actually borrow money from somewhere, or purchase something on a line of credit.

For Example: Student Loans, Mortgages and Car Loans, Credit Cards, etc.

These are the things that effect/help you build (or destroy) your credit. :p

Your chances of getting any kind of retailer card like a Best Buy or Target card are pretty much 0 if you have poor or no credit history. It's probably for the best though since the interest rates are ridiculously high on most of them. You can get burned pretty quick if you aren't careful.
 
I've payed student loans before...

All I'm wondering is whether the risk of losing a few points on my credit rating is worth the $50 off PS3.
 
[quote name='magnawiz']I've payed[/quote]paid! paid!
student loans before...
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What?!?!?! *see above*

All I'm wondering is whether the risk of losing a few points on my credit rating is worth the $50 off PS3.
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No! Why would you do that? Wait until next year when the PS3 has real games coming out.

Don't jeopradize your credit rating over a PS3.
 
cant u just order the ps3 online and get 10% off without all this hassle? lol that AAA code i saw somewhere...
the shipping costs are better then risking your credit score lol
 
[quote name='magnawiz']All I'm wondering is whether the risk of losing a few points on my credit rating is worth the $50 off PS3.[/quote]

...no.
 
Oh okay thanks for clearing that up for me Kerig. :)

Back on topic. The tax rate here in SoCal is 8.25%. The Target card wouldn't be all that worth if if I can buy a PS3 from Amazon with no tax and free shipping. The card could be good for other stuff though I guess.
 
Folks shouldn't make blanket statements when it comes to credit.

It very much depends on an individual's situation. Specifically their age, income and credit history.

There's only a couple of things that are true for everyone:

1. Missing payments is bad. Never miss a payment. Always pay the minimum at least. This applies to credit cards, student loans and honestly most bills.

2. Try not to carry a balance. I don't say never here because there are times when having a balance makes perfect financial sense.

The best kinds of debt to have are housing or student loans. Why? Because you can write-off the interest paid.

The worst kind of debt to have is credit card debt. Even at a modest 8% interest rate this is just throwing away money. It makes everything you buy more expensive.


Now, is this PS3 a good deal at Target with 10% off? No.

Why? Taxes. Unless you live in a no tax state your better off buying from Amazon or another internet dealer.

The Math:

$499 and free shipping is Amazon's cost.

$450 + $27 Tax = $477 is Target's cost.

You should really only open credit cards that have good terms. And the Target terms are crap. The interest rate is ok, if you qualify, but the rewards are terrible.
 
You dont need to sign up for a card to get 10% off, there are a couple other deals with the same discount.

AAA has a 10% discount through their site, which isnt real helpful if you arent a AAA member.

And if you are going for the 10% off and irony points, Xbox Live Diamond members get 10% off Target Online orders.

It isnt really hard tracking down a login for Xbox Live Diamond if you look at Gamertags people put in their sigs. Lots of those members are Xbox Live Diamond users, and there isnt any "Discount ID" that I can see.

I ordered a PS3 for $457.99 with the Xbox Live Diamond discount.
Looking forward to getting it, though most of my friendslist wont be seeing Squishy24 for a while. Cause that is my Gamertag, mind you... Squishy24.
 
why would having a card hurt your credit score unless you dont pay it off i was dumb and signed up for it in 2004 but it was just the target only card and ive seen my credit report and no body has even been like wow this is hurting your credit so i dont understand
 
[quote name='Animal7390']why would having a card hurt your credit score unless you dont pay it off i was dumb and signed up for it in 2004 but it was just the target only card and ive seen my credit report and no body has even been like wow this is hurting your credit so i dont understand[/QUOTE]

Each time you have a inquiry about your credit (to rent a house, buy a car, open a credit card, etc), your credit score is negatively affected. The lower ratio of money::available credit makes your score higher in the long term.

Clark Howard was talking about one time if you have the choice to open a credit card versus a store card, with EVERYTHING else being absolutely the same (rate, rewards, etc), the store card is always worse. For whatever reason, lenders view store cards in a more negative light than credit cards.

Now if it has a MC or VISA logo, that arguement doesn't apply.
 
see the word negative when talking to people about credit even used in the very sense that you used it is not a good idea in this case i understand but for better terms you might want to edit it to say a visa is regarded more highly as opposed to using the word negative in anyway shape or form
 
[quote name='Animal7390']see the word negative when talking to people about credit even used in the very sense that you used it is not a good idea in this case i understand but for better terms you might want to edit it to say a visa is regarded more highly as opposed to using the word negative in anyway shape or form[/QUOTE]

Creditors don't exactly see a bunch of credit cards as positive.
 
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