› Budget101 Discussion List Archives › Budget101 Discussion List › Target National Bank
- This topic has 6 replies, 7 voices, and was last updated March 13, 2009 at 2:18 pm by .
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March 12, 2009 at 7:58 pm #271536
mmclean11
Hi All!
So, I got a notice from Target National Bank, issuer of the Target Visa and store card obviously. They informed me that they are raising their APR to 22.99% April 3. I can opt out of this by sending a letter stating that I do not wish to have the increased APR and to close my account.Now, I certainly do not want a 22.99% APR since I’m already paying 21.99% with the card. DH and I have an action plan as far as paying off debt and closing our cc accounts and Target is not on our priority list at this time and we weren’t going to close the account yet.
I hate to say this but I don’t care if closing the account will affect my credit report. Target is using the excuse of the bad economic status to increase their rates.
Thanks.
Michelle -
March 12, 2009 at 9:07 pm #417356
wilbe95
If it was me, I would send the letter and close the account. I know it is only 1% but that adds up over time and depending on the balance. You can get a much better rate on a different card.
Just my thoughts though. -
March 13, 2009 at 1:20 am #417374
denalowenberg
I just opened a target account – my first bill is this month actually, and I didn’t hear about the increase. We were planning on closing the account anyway but DEFINATLY now. Thanks for the info.
Dena -
March 13, 2009 at 1:22 am #417375
tsgal
But I would wonder how many times they have raised the rate in the past year on other customers. I stopped useing credit cards awhile back, the rates just keep climbing, and I was tired of paying more. So we just closed all accounts, and now we see it this way, if we can’t pay cash for it we don’t need it……….cc can be a real rip off, but on the other hand they can be handy too.
Depends on the person, if they are willing to pay a higher rate or not.
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March 13, 2009 at 3:26 am #417388
mmclean11
Dena, I used to love having the Target card. About 14 yrs ago, I started with a regular Target store card. Good rates, good customer service, good store.
Maybe about 4-5 years ago, they upgraded the card to the Target Visa and that’s when I started having problems with Target, the store and the bank. The card agreement kept changing, they would lower my available credit, then increase, then lower it once again. And NOTHING changed in our financial status to warrant this.
I sometimes hit the good sales but those seem few and far in between. I would use my Target Visa more at other stores than I would actually use it in Target!
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March 13, 2009 at 4:14 am #417391
Niddi
Are there any benefits to having this Target Visa card, like a special discount or promotion to cardholders??? If it benefits you to have the card and pay it off monthly with no interest charges, maybe you could use it that way and just pay the balance each month. If not, why keep it??
I have a few store credit cards I keep just to get the cardholder discounts mailed to me every other month or so and be on their mailing list but pay them off as soon as I charge something and get the bill.
I hate paying interest!!!! -
March 13, 2009 at 1:58 pm #417421
rtebalt
@mmclean11 111594 wrote:
Target is using the excuse of the bad economic status to increase their rates.
each company is using a different method to encourage holders to close out & pay off accounts. some companies are offering to pay card holders as much as $500 if they will close & pay off their accounts by a certain date. And then some companies are being really mean & charging “penalites” on people who have large balances for large periods of time.
Anyway, if I were you, I’d call the company & ask if they will give you an incentive to pay off the account immediately – like knock 10 or 15% off your bill. You never know! They may do it!
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March 13, 2009 at 2:18 pm #417425
justicemsb
Didn’t hurt our credit to do so. I agree with calling them and see if they have an incentive for you to do it.
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