The Target Prepaid REDcard

[jmansour]

This past Sunday or the upcoming one?

Past

[clear thinker]

Would you like to reconsider?

From the RedCard User Agreement:

"12. Your Liability...
...
b. Taxes.
As a result of new IRS rules, we may be required to report to the IRS and to you on Form 1099K the gross amount paid to you and received into your Account and, as applicable, Sub-Account(s). In order to carry out this required reporting, We will require your correct legal name and correct and valid Taxpayer Identification Number (usually your Social Security Number or Employer Identification Number) and, in some cases, a valid and complete Form W-9. Where you do not supply correct information, the IRS notifies us that it does match its records, or as otherwise required by Applicable Law, we will be required to back up withhold 28% of gross payments made to your Account. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive and amounts you need to collect, report, or remit to the appropriate tax authority."

IRS 1099-K reporting requirments:

1099-K Reporting Requirements for Payment Settlement Entities
Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions:
All payments made in settlement of payment card transactions (e.g., credit card);
Payments in settlement of third party network transactions IF:
-Gross payments to a participating payee exceed $20,000; AND
-There are more than 200 transactions with the participating payee.

So it's 20k AND 200 transactions to "1" payee??

[zlt123]

so any update? is it dead?

[D.]

so any update? is it dead?

It's over. Everyone please turn in your RedCards to me immediately.

[ckmk47]

So it's 20k AND 200 teansavtions to "1" payee??

no. 20K AND 200 transactions in any 1 account.


Most won't hit the 200 transactions, but all of us want to hit 60K in a year.
If it's 3 swipes (1K,1K,$500)  X 2 each month, that's just 72 swipes a year.  But if you start loading with $200 GCs, your #s are way higher.  $2500 requires 13 swipes of $200. X 2/ mon is 26 per month, or 312 a year.

[hvaces42]

no. 20K AND 200 transactions in any 1 account.


Most won't hit the 200 transactions, but all of us want to hit 60K in a year.
If it's 3 swipes (1K,1K,$500)  X 2 each month, that's just 72 swipes a year.  But if you start loading with $200 GCs, your #s are way higher.  $2500 requires 13 swipes of $200. X 2/ mon is 26 per month, or 312 a year.

+1
You are absolutely right!!! I did not take that into account when i calculated transactions earlier. So for those of us who manage multiple RC's it would be prudent to spread your GC's out.

On the other hand, you max out GC utilization at 50k so in theory you could only do 250 transactions per RC to get the full benefit of Ink 5x. Unless your Ink to RC ratio is more than 1:1.

Too much math for tonight? 

[sam i am]

Some and some, you mean?

I load and get 5% off my other purchases in 1 transaction.

[etech0]

I load and get 5% off my other purchases in 1 transaction.

Just to clarify - you pay for stuff, and load your RC, from (let's say) a CC, and get 5% off for using your RC?
Or do you have some other CC that gives 5x points at target, and that's what you're talking about?

[Cappy]

Any update on Atlantic?

[Cappy]

Btw do atm transactions and purchases using the card to get an additional 5% considered part of those 200 transactions?

[Barryg]

Still trying to figure out, that if Target were to send a 1099 for whatever reason... What would it say?? Target didn't pay anyone a salary (except a select few in Baltimore)...

[Barryg]

I dont know his name. But he was very friendly, and eager to help me. As are all thye cashiers. The trick is to go when the lines are empty. Case the joint, and you'll see when those times are. Late at night...early on some days...
The last thing you want to do is hog the line, so if a line forms, complete that transaction and move aside.
Or if you see that the cashier thinks you are doing something fishy (which you are NOT), just move over to the next line, or go upstairs, if there is one.

Location: Cleveland.

Look for a young male African American. really nice guy.

+1
If it's the same guy I'm thinking of...
Was once at Target doing multiple transactions, buying stuff, loading, getting new cards for relatives etc. and I offered to do one transaction let next person go next transaction etc. (this works even better sometimes by CS as they can use two registers) Turns out this guy knew every person in the line behind me (none of whom would know what a RedBird is). Apparently this guy has many friends and will shortly make many more... (To further confirm - was he shorter/avg height, skinny...)

[sam i am]

Just to clarify - you pay for stuff, and load your RC, from (let's say) a CC, and get 5% off for using your RC?
Or do you have some other CC that gives 5x points at target, and that's what you're talking about?

There is more than 1 way to do what I described. I can't say more than that.

[AharonInIsrael]

no. 20K AND 200 transactions in any 1 account.


Most won't hit the 200 transactions, but all of us want to hit 60K in a year.
If it's 3 swipes (1K,1K,$500)  X 2 each month, that's just 72 swipes a year.  But if you start loading with $200 GCs, your #s are way higher.  $2500 requires 13 swipes of $200. X 2/ mon is 26 per month, or 312 a year.

I disagree. Loading with multiple gift cards does not make it a separate transaction : you're just paying multiple ways as part of one transaction. If you look at your Red Card home page will it show multiple $200 transactions, or 1 $1000 one? (I'm honestly asking - haven't loaded with gift cards, but that's what it seems it should be)

[Marco Polo]

Just got this email anyone know what it's about and if i should worry?

Hello

During a recent review of your Target Prepaid REDcard® Account we noticed unusual activity. You may experience limitations while using your Account.

In order for us to authorize you and continue to service your Account safely and securely, please call Account Protection Services at 1-800-555-4318.

Thanks,

Target Prepaid REDcard by American Express

I just called in and had to verify some attempted ATM transactions. Initially i took out $400, but it would not let me take out any more. I tried to take out different amounts a few times which triggered an alert.

The sky is not falling...

[benjie1305]

I just called in and had to verify some attempted ATM transactions. Initially i took out $400, but it would not let me take out any more. I tried to take out different amounts a few times which triggered an alert.

The sky is not falling...

I wonder if its the ATM for others as well. Certainly good to know. But no issues otherwise? Did they just ask you to confirm and then move on with your business?

[Marco Polo]

I wonder if its the ATM for others as well. Certainly good to know. But no issues otherwise? Did they just ask you to confirm and then move on with your business?

Just had to confirm the attempts, nothing else.

[avromie7]

I just called in and had to verify some attempted ATM transactions. Initially i took out $400, but it would not let me take out any more. I tried to take out different amounts a few times which triggered an alert.

The sky is not falling...

OK good because I've had the same thing so I assume that's all it is

[benjie1305]

OK good because I've had the same thing so I assume that's all it is

Call them and let us know

[lunatic]

Just loaded in my oot target.... Only smiles and helpful cashier