Friday, September 17, 2010

Target’s New 5% Off Every Day Program – Is it a Good Deal?

Change is good.

As you probably know Target has a very successful program where when you earn 1,000 points on your Target Credit Card, Target Visa Card or Target Check Card you receive a certificate which enables you to get a day of Target shopping at 10% off.     You earn 1 point for every $1 spent at Target and in the case of the Target Visa Card you earn 1 point for every $2 dollars spent someplace other than Target.

Pretty good deal, right? 

I took advantage of this not that long ago.  We were buying a new patio set for about $400, so we ended up saving $40. 

I hope you liked this program, but as of October 17th it is no more! 

Target is introducing a new program where you save 5% every time you use your Target Credit Card, Target Visa Card or Target Check Card at Target or at Target.com.   Right away!  No waiting!

But is this a better deal than the old program?  Let’s run the numbers.

In the old program you needed to spend $1,000 before you were eligible for the 10% discount.  In this case, you get 5% off every Target card purchase.  

Under the new program, if you spend $1,000 you have already saved $50. 

With the old program, you would have to spend over $500 on your 10% off day to match that savings.   I guess if you would regularly charge $600 or more on your 10% off day, then you will miss the old program.

I found that I probably spent about $200-$300 on my 10% of days.  So, I will definitely be better off in the new program.   The other drawback to the 10% off days was you never knew when they were coming.  Once you reached the 1,000 point threshold it was a few weeks to a month before you received your 10% off certificate AND it expired in about a month (as I recall – seemed like it wasn’t very long).  So you couldn’t always wait for your 10% off day to save on big purchases. 

So the final word on this new Target program is… it’s a great deal.

October 17th can’t come fast enough.

2 comments:

david boyington said...

this does sound like a very nice deal.

Heather said...

This lil tidbit of info might just be what puts me over the edge to get a Target card. For so long I've been avoiding it.