The Target Prepaid REDcard

[hvaces42]

If you think so then start running around finding target stores like the days we ran around for CVS stores
also 1.75 cpp is usage value, these sell for 1.5 MAX

Ok so youre only making...

Whats really bothering you? That youre late to this party? Really, your comments are nonsense.

[SearchGuy]

Ok so youre only making...

Whats really bothering you? That youre late to this party? Really, your comments are nonsense.

You say I'm late to this party... I'm probably in this party before you... and I just wanted to share my 2 cents and anyone can do whatever he wants, but don't cry when "stores" change their policy while in other area's in the US the fun will continue with no problems, you have to understand neither the cashier nor the CSR are made to stand and make sure you finish liquidating all your GC's, that's not what they are paid for, if they will see this happens a lot they will stop it, period.
When there was the AA 100k promo I did 3 cards in 2 months using 2 BB accounts and 30K in VR's, this was extremely simple for me, since they stopped taking CC MS went down, Now RC came in I did a 3BM with Amex made over 20K spend in no time, why do things have to change for bad reasons? for the few bonus miles (max 200k per year) it's worth killing millions of potential miles?

[hvaces42]

You say I'm late to this party... I'm probably in this party before you... and I just wanted to share my 2 cents and anyone can do whatever he wants, but don't cry when "stores" change their policy while in other area's in the US the fun will continue with no problems, you have to understand neither the cashier nor the CSR are made to stand and make sure you finish liquidating all your GC's, that's not what they are paid for, if they will see this happens a lot they will stop it, period.
When there was the AA 100k promo I did 3 cards in 2 months using 2 BB accounts and 30K in VR's, this was extremely simple for me, since they stopped taking CC MS went down, Now RC came in I did a 3BM with Amex made over 20K spend in no time, why do things have to change for bad reasons? for the few bonus miles (max 200k per year) it's worth killing millions of potential miles?

However long I or you are here is irrelevant. U seem to be late to the RedCard party. Still not getting what you're saying.

Are you saying that one should apply for more cards and get bonuses and meet the spending threshold with RedCard MS? Thats quite obvious. Because the signup bonus landscape isnt what it used to be there are innovative ways of creating "signup bonus like" returns through GC loads.  Your AA card signup boasting is proof that what was, is now over. Amex went to once in a lifetime bonus. Citi put the brakes on churning AA cards. Others will follow that route too. 

No one will ruin this through GC loads. BTW i havent loaded one GC so i have no skin in this game other than the ability to continue with cc load. I'm manufacturing enough points to satisfy my current needs.

[ckmk47]

I used GCs at Target today. (They weren't $200 or $500 GCs.  They were old Tiger Direct rebate GCs of odd amounts.) If there isn't a line behind you most cashiers wouldn't have a problem with it.  A more tedious part of checking people out, but that's the job.
I ended up using only 2 GCs each time I was at a cashier and put the rest on cc.  I didn't want to hold up the line. So I kept things as short as I could. But the cashiers didn't seem to mind.

[Traveller]

I see a lot of talk about loading up the Redcards, but not much about the unloading off of them...
1. Is it safe to transfer the balance straight back to your bank account or will that cause tax issues (5-10 tousand dollars per month)?
2. To pay your cc bill do you just search for chase credit cards and type in your cc number, then will it pay it towards your bill?

Additionally even if you do the FT method, let's say you do it for more than one red card in a row won't it cause fraud alerts to your cc? Is that risky and how can you prevent that?

[ckmk47]

I see a lot of talk about loading up the Redcards, but not much about the unloading off of them...
1. Is it safe to transfer the balance straight back to your bank account or will that cause tax issues (5-10 tousand dollars per month)?
2. To pay your cc bill do you just search for chase credit cards and type in your cc number, then will it pay it towards your bill?

Additionally even if you do the FT method, let's say you do it for more than one red card in a row won't it cause fraud alerts to your cc? Is that risky and how can you prevent that?

1. Tax is tripped by 200 transactions AND $20,000 a year.  So shouldn't be a problem.
2. That's how I pay my cc bill.  Or if a company you want to pay is not listed, just write in their address - then pay.


Even with the FT method, a bank may not think it's you spending $2500 at Target, but yes, a few charges of $2500 in a row may set off some alarms. Try it.  If it's blocked, try to unblock the fraud alert.  Or use more than 1 card. Or spread it out into visits to Target over a few days.

[Traveller]

Thanks a lot!

I imagine paying directly to the cc bill would avoid this issue anyways but if you said that bank accounts get tripped for taxes if you deposit 20,000 a year, wouldn't depositing 5-10,000 each month add up to more than that?

[bznt]

20,000 "AND 200 transactions" not which ever comes first

[Mplace]

20,000 "AND 200 transactions" not which ever comes first

200/12 is 16-7 a month..
Is that deposits payments, both?

[12HRS]

20,000 "AND 200 transactions" not which ever comes first

Where do these #s come from?

[BarryLincoln]

1. Tax is tripped by 200 transactions AND $20,000 a year.  So shouldn't be a problem.
2. That's how I pay my cc bill.  Or if a company you want to pay is not listed, just write in their address - then pay.


Even with the FT method, a bank may not think it's you spending $2500 at Target, but yes, a few charges of $2500 in a row may set off some alarms. Try it.  If it's blocked, try to unblock the fraud alert.  Or use more than 1 card. Or spread it out into visits to Target over a few days.

If using Staples $200 GCs, then it appears you may have a problem.  $5k per month, 25 transactions of $200 per month, 300 transactions a year, $60k per year.  Appears that one would trigger a 1099 filing.  Am I missing something?

[yitzyul]

I see a lot of talk about loading up the Redcards, but not much about the unloading off of them...
1. Is it safe to transfer the balance straight back to your bank account or will that cause tax issues (5-10 tousand dollars per month)?
2. To pay your cc bill do you just search for chase credit cards and type in your cc number, then will it pay it towards your bill?

Additionally even if you do the FT method, let's say you do it for more than one red card in a row won't it cause fraud alerts to your cc? Is that risky and how can you prevent that?

What is the "safest" and best way to cash out?
1) send money to myself via email (different email account)?
2) Add myself as a bill payee name?
3) Pay directly a credit card? can it be the same credit card that did the charge (risky)? or maybe a different credit card to pay? (can use each red card to pay an opposite red card funded credit card)?

SOme good write up would be greatly appreciated?

[username]

If using Staples $200 GCs, then it appears you may have a problem.  $5k per month, 25 transactions of $200 per month, 300 transactions a year, $60k per year.  Appears that one would trigger a 1099 filing.  Am I missing something?

Yes. you dont deposit it in increments of $200.
But where are these numbers from?

[noturbizniss]

Where do these #s come from?

Irs rules did payment processors. Applies more to eBay or amazon. If you have 20k in said AND 200 storage transactions (read: payments to you-nir counting transfers to banks), they need to report it.
A. I'm not sure this counts as a third party processors, and b. There's no reason to have more than 12 or 24 transactions a year.

[Mplace]

Irs rules did payment processors. Applies more to eBay or amazon. If you have 20k in said AND 200 storage transactions (read: payments to you-nir counting transfers to banks), they need to report it.
A. I'm not sure this counts as a third party processors, and b. There's no reason to have more than 12 or 24 transactions a year.

in your bank?

[noturbizniss]

in your bank?

Transferring from red card. For any given red card.

[Mplace]

But what about other transactions, I hope redcard is not the only $ in your account...

[BarryLincoln]

Yes. you dont deposit it in increments of $200.

Do people typically load $1000 worth of $200 Staples GCs and swipe 5 times?  Or 5 x $200 loads? NM being 1 x $1000 transaction or 5 x $200 transactions?

[noturbizniss]

But what about other transactions, I hope redcard is not the only $ in your account...

The bank doesn't report ins and outs, unless it's a sar. The 1099 would be from RedCard if at all. Like I said I don't think they'd report because there is no sale here. Everyone is getting worked up for nothing. I transferred thousands into my account with bb and mvd no problem

[ckmk47]

What is the "safest" and best way to cash out?
1) send money to myself via email (different email account)?
2) Add myself as a bill payee name?
3) Pay directly a credit card? can it be the same credit card that did the charge (risky)? or maybe a different credit card to pay? (can use each red card to pay an opposite red card funded credit card)?

SOme good write up would be greatly appreciated?

Perhaps I'm not the best one to answer your question, because I barely consider it a question(s).
RC expects you to pay bills.  So do so.  Pay rent/ mortgage, tuition, car, insurance, etc. Anything that doesn't allow you to pay with a cc (or has large cc fees).  I guess I'm here long enough to have gone through this discussion on the BB thread.  Since loading RC shows up on your cc statement as Target, there is no problem using it to pay that cc or any other one.


Since many young people here don't have much in the way of bills there are other possibilities: Paying your loved ones or even yourself via bill pay. transferring to a bank -my opinion is not to do that with the majority of the funds.