The Target AmEx REDcard is a recent newcomer to the game and it is a great addition for those who have a Target nearby. It is hard to get, because it is not available in every Target store, but they are are expanding the number of stores that offer them. If you do have a card though, you can load it at any Target location.
Crash Course: What is the REDcard
REDcard is a prepaid product offered by American Express, that works on the same system as Serve and Bluebird. It offers a lot of great features and it is aimed at the “bank-less” but it is greatly useful for our hobby as well. It’s a great new tool that offers another outlet for manufactured spending. You can also pay bills, buy groceries, and shop online. Your Card gives you 5% off at U.S. Target stores and Target.com with Free Shipping. And, it works virtually anywhere American Express Cards are accepted.
Fees and Limits of the REDcard
No fees. Yes, that’s correct, there are no fees at all for the REDcard, so let’s enjoy it as long as we can. The card as expected, does come with limits though. Here is a run down on how much you can load:
- In-Store Cash, Card, or Debit: $1,000 per transaction, $2,500 per day and $5,000 per month.
- Online Debit Loads (NO GC): $200 per day and $1,000 per month.
- Checking Account Loads: $2,000 per month.
- ATM Withdrawals: $750 per day and $2,000 per month.
How to Use It
Loading – You can load your REDcard with a credit card, a debit card, a gift card (Visa, Mastercard, Amex), or a prepaid card. You just cannot use a Target gift card. The credit card option is the main point here, as it enables your to do a minimum spending requirement of $5,000 in just two days (3 transactions per day), without any fees.
Unloading – Unloading with REDcard is pretty similar to Bluebird and Serve. You can pay your bills, send yourself a check, pay your credit cards, withdraw money to your bank, and/or withdraw cash at an ATM. I pay my credit cards most of the time (I prefer not to do a closed loop) and have also tried withdrawing money in two occasions.
How Can I Get It?
Well first you have to make sure that there is a Target store nearby that sells them. Check the map here. Otherwise you might have to ask friends and family to get you one, or even buy one on Ebay. They can use their own personal information when purchasing the temporary card and then you can enter your own information when registering online for the permanent card. The fee at stores varies between $0 and $5.
There has been reports of a few sightings in Florida, and the Google map mentioned above hasn’t been updated in a while, so it doesn’t hurt to check out your local Targets. If you find any new locations that are offering it, please let us know in the comments below. I have yet to see them in Targets in NYC and the surrounding areas as of Feb, 23rd 2015.