Target Redcard question/Concern
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Sorry if this isn’t in the correct forum, but I guess I’m late to the party and am now considering a Target redcard. More than likely the debit card version. Are there currently any concerns about connecting the card to your bank account? I realize I could possibly open a very basic account with minimal funds just for purchases but I’d rather not do that unless it’s strongly advised.
My research lands on a Target breach some years ago, but nothing recent, and I even recall receiving a notice from them about it. Along with possibly some length of credit monitoring or something.
I guess I’m a bit hesitant about things since over the last few weeks my TDBank credit card has been compromised twice. In the second event, I had literally just received a replacement card and decided not to activate it when I received notice an attempt was being made to use the card. It was literally still in the mailing envelope.
So advice on obtaining a Redcard? I hope they offer the $40 credit on a $40 or greater purchase again soon is also an incentive.
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@rick505 we have had both Target cards for years. Never had an issue with either of them.
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Whereas consumers are only liable for a maximum of $50 in the case of credit card fraud, liability with debit cards could be 0% to unlimited depending on how quickly you report fraudulent charges. This means that if someone hacks your debit card, they can drain your bank account, and the bank doesn’t have to give you back a single penny if it took you too long to discover suspicious activity. This is true whether or not you have a physical debit card since scammers only need to figure out your debit card info to use it to make online purchases (they don’t need the actual card in hand).
Some banks let you set up alerts whenever a charge is made to your account. Mine does not. That’s why I cancelled all debit cards years ago. I’m not going to be logging into my bank every two days to babysit my account/monitor transactions.
While opening a bank account just for a debit card and only keeping enough money in it for planned purchases on that debit card may be an option, you could still be liable for bank fees for insufficient funds/bounced check fees as well. If you have any other accounts with that bank, some banks may automatically transfer funds from your other accounts to cover overdrafts (i.e., to cover your hacker’s shopping spree). You need to carefully check your bank’s terms for each debit card you own. Personally, I don’t think debit cards are worth the risk, but to each his own.
Here are Target’s RedCard debit terms, including:
UNAUTHORIZED EFTS
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You will tell us AT ONCE if you believe your Card, Card number, or PIN has been lost or stolen. Telephoning us is the best way of keeping your possible losses down. You could lose all the money in your Deposit Account (plus your maximum overdraft line of credit) that can be accessed by the Card. You agree to assist us in determining the facts relating to any theft or possible unauthorized use of your Card, Card number, or PIN and to comply with the procedures we may require for our investigation.
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You will not be held responsible for unauthorized use of your Card, Card number, or PIN if you have exercised reasonable care in safeguarding your Card, Card number, and PIN from loss or theft. If you did not exercise such reasonable care, the following liability limitations for unauthorized use apply:
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If you tell us within four business days after you learn of the loss or theft of your Card, Card number, or PIN, you can lose no more than $50 if someone used your Card, Card number, or PIN without your permission.
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If you do NOT tell us within four business days after you learn of the loss or theft of your Card, Card number, or PIN, and we can prove that we could have stopped someone from using your Card, Card number, or PIN without your permission if you had told us, you could lose as much as $500.
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Also, if your statement from the Depository Bank shows EFTs that you did not make, you must tell us at once. If you do not tell us within 90 days after the statement was mailed to you, you may not get back any money you lost after the 90 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
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If you believe your Card, Card number, or PIN has been lost or stolen call us toll free at (888) 729-7331, or write: Target Corporation, c/o Financial and Retail Services, P.O. Box 9491, Minneapolis, MN, 55440.
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$40 Off $40 Purchase Coupon for New Debit or Credit Target RedCard Holders thru Aug 27, 2022 (coupon valid through Sept 17, 2022)
PLUS:
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Save an extra 5% every day on Target purchases when you pay with your REDCard – in-store AND online!
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Store your REDcard info in the Target app for a faster checkout experience!
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FREE 2-day shipping on most items on Target.com – no minimum purchase!
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Early access to special events, products & promotions – just for REDcard holders!
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Extended returns – additional 30 days, excludes Optical and non-returnable items!
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Exclusive extras, including special items & offers!
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Save 5% off specialty gift cards for travel, restaurants, movie tickets, and more!
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Save 5% when you use your REDcard at any in-store Starbucks location!
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Thanks all…seeing the $40 off $40 deal in this week’s ad prompted me to action. I took the “safe” approach and opened a second checking account at Ally and will basically fund it for Target Redcard purposes. Just finished the process of reporting their minimal deposits and debit to the account moments ago. Yay, one more PIN to remember!
