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I Went Red

January 2nd, 2011 at 02:34 pm

I applied for the Target RedCard today. I was procrastinating quite a bit. It is really hard for me want to use revolving credit. I decided that it was worth saving 5% everytime we shop there because we shop there ALL THE TIME. The store is less than three minutes from my house!

Yes, I was approved with a $2500 credit limit at 13.25%. That interest rate is scary. But I'm the type to pay off a credit card in full every month. And this one can only be used at Target.

Please don't make me change my SA screen name. Smile

4 Responses to “I Went Red”

  1. crazyliblady Says:

    I think you have the discipline enough to pay it off every month in full. Maybe you could direct the 5% savings towards some goal??

  2. Digging out of the hole Says:

    As long as you have the discipline to pay it off immediately, it makes sense to get the savings. Especially if you shop there frequently.

    Personally, I think the credit limit is scarier than the interest rate!

  3. Petunia 100 Says:

    Do you use bill pay? You could set it up as a payee. Each time you use it, immediately (in the next day or two) set up a payment. There, no debt at all and you get the 5% savings.

  4. creditcardfree Says:

    @Petunia 100, yes I will likely pay it the day I charge anything to the card with online bill pay. Isn't that the best!

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