Shopping Black Friday sales at Target? Here’s the best way to pay

Select’s editorial team works independently to review financial products and write articles we think our

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

With Target’s wide array of home décor, beauty items, accessories, toys, electronics and more, it’s easy to stock up on many household items. So when Black Friday comes around, something that’ll make your Target shopping experience even better is making sure you get as many discounts and rewards as possible.

Using the right credit card can really make a difference when you make a purchase — especially when it comes to potentially saving big on your holiday shopping this season.

Select analyzed dozens of credit cards to find the top picks for Target Black Friday purchases. Here are the details of the benefits you should know about before you place your next order.

Target Black Friday sales: Here’s how to pay

Target RedCard™

Information about the Target RedCard™ has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

    5{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} discount at checkout on most purchases in-store and at Target.com

  • Welcome bonus

  • Annual fee

  • Intro APR

  • Regular APR

  • Balance transfer fee

  • Foreign transaction fee

  • Credit needed

Pros

  • No annual fee
  • Instant 5{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} discount at checkout
  • Free two-day shipping on most items
  • Extra 30 days for returns

Cons

  • Card can only be used in-store at Target or at Target.com
  • High 22.90{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} variable APR

CNBC Select didn’t calculate estimated rewards for store cards.

You won’t receive cash back or rewards points, but the Target RedCard does offer a 5{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} discount on every purchase made (excluding some items like prescriptions and Target Optical™ eye exams; read our full review of the Target RedCard for the full list of exclusions). So every time you purchase a gift, you’ll automatically receive the discount when you pay with the RedCard. And if you’re doing your holiday shopping online at Target.com, you’ll receive free two-day shipping without the $35 minimum purchase amount required for non-cardholders. Just keep in mind that if you upgrade your shipping method, shipping fees will apply. 

Best card for cash back

Wells Fargo Active Cash℠ Card

On Wells Fargo’s secure site

  • Rewards

    Unlimited 2{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} cash rewards on purchases

  • Welcome bonus

    $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months

  • Annual fee

  • Intro APR

    0{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} APR on purchases and qualifying balance transfers for the first 15 months from account opening

  • Regular APR

    14.99{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} to 24.99{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} variable on purchases and balance transfers

  • Balance transfer fee

    Introductory fee of 3{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} ($5 minimum) for 120 days from account opening, then up to 5{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} ($5 minimum)

  • Foreign transaction fee

  • Credit needed

Pros

  • Unlimited cash back
  • $200 welcome bonus
  • No annual fee
  • Introductory APR period for first 15 months
  • Access to Visa Signature Concierge
  • Get up to $600 cell phone protection

Cons

  • 3{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} fee charged on foreign transactions

The Wells Fargo Active CashSM Card allows cardholders to earn 2{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} cash rewards on all eligible purchases and there’s no limit to how much cash back you can earn. Because of this, the card can be a great way to maximize your earnings for purchases you need to make during the holidays and beyond. Plus, there’s also a welcome bonus without spending too much money: You’ll earn $200 in cash back after you spend $1,000 on purchases in your first three months from account opening. And to top it all off, the card has no annual fee so it won’t cost you anything to own.

Best 0{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} APR period

Wells Fargo Reflect℠ Card

On Wells Fargo’s secure site

  • Rewards

  • Welcome bonus

  • Annual fee

  • Intro APR

    Introductory 0{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} APR on purchases and qualifying balance transfers for the first 18 months from account opening; extension of up to 3 months (totaling 21 months) with on-time minimum payments during the intro and extension periods

  • Regular APR

    12.99{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} to 24.99{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} variable APR on purchases and balance transfers

  • Balance transfer fee

    Introductory fee of 3{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} ($5 minimum) for 120 days from account opening, then up to 5{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} ($5 minimum)

  • Foreign transaction fee

  • Credit needed

Pros

  • No annual fee
  • Long introductory APR period up to 21 months on purchases and qualifying balance transfers
  • 3{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} intro balance transfer fee ($5 minimum) for first 120 days
  • Access to Visa Signature Concierge
  • Get up to $600 cell phone protection
  • Access to Wells Fargo Deals to earn cash back in the form of a statement credit when shopping, dining

Cons

  • No rewards
  • No welcome bonus
  • 3{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} fee charged on foreign transactions

For those looking to finance their purchases with no interest, consider a credit card with an introductory 0{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} APR period. The Wells Fargo Reflect Card gives cardholders an introductory 0{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} APR on purchases and qualifying balance transfers for the first 18 months from account opening. You can receive an intro APR extension of up to three months with on-time minimum payments during the intro and extension periods (totaling 21 months). After the introductory period, the interest rate will increase to 12.99{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} – 24.99{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} variable APR thereafter. Balance transfers made within 120 days qualify for the intro rate and fee.

Best card for travel rewards

The Platinum Card® from American Express

On the American Express secure site

  • Rewards

    10X points on eligible purchases on the card at restaurants worldwide and when you shop small in the U.S., on up to $25,000 in combined purchases, during the first six months of Card Membership, 5X points on flights booked directly with airlines or with American Express Travel (starting January 1, 2021, this applies on up to $500,000 per calendar year), 5X points on prepaid hotels booked with American Express Travel, 1X points on all other purchases

  • Welcome bonus

    100,000 Membership Rewards® points after spending $6,000 within six months of account opening

  • Annual fee

  • Intro APR

  • Regular APR

  • Balance transfer fee

  • Foreign transaction fee

  • Credit Needed

Pros

  • Up to $200 in annual airline fee credits
  • Up to $200 in annual Uber savings
  • Complimentary Global Lounge Collection access with more than 1,200 airport lounges across 130+ countries
  • $200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card
  • $240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card at your choice of one or more of the following providers: Peacock, Audible, SiriusXM and The New York Times (enrollment required)
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card (cost includes $12.95 plus applicable local sales tax)

Cons

  • $695 annual fee
  • No special financing offers on new purchases

The Platinum Card® from American Express is a luxury travel card that comes with a ton of benefits, including TSA PreCheck/Global Entry credits, airport lounge access, travel credits and more. The $695 annual fee may be costly for some (see rates and fees), but the card’s benefits pretty much make up for it. New cardholders can also take advantage of the generous welcome bonus: You’ll earn 100,000 Membership Rewards® points after spending $6,000 on purchases within the first six months of account opening. Plus, the Platinum card offers great purchase and return protection.

Other shopping benefits to consider for Target Black Friday sales

Shopping portals

A shopping portal is a service offered by affiliates of Target to bring in more customers through special offers, usually by offering cash back or points. Typically, all you need to do to earn additional rewards is download the browser extension for your desired shopping portal, log-in and make sure it’s activated when you’re shopping on the Target website.

Rakuten is one shopping portal that gives shoppers the chance to earn cash back when shopping on Target.com (and hundreds of other websites). CashBackMonitor is another shopping portal aggregator you can use for finding rewards opportunities at Target and other retailers.

Credit card shopping benefits

Unfortunately, there are cases where items purchased from Target are damaged, defective or they’re stolen from your doorstep when ordering online. In these cases, there are credit cards with shopping protections which can help consumers who find themselves with lost or damaged gifts. These benefits include purchase protection, return protection and extended warranty.

However, for coverage to kick in, the purchase must be made with the credit card that offers the benefits. Check with your credit card provider to see what protections your card offers. A few examples of credit cards with these benefits are the Amex Platinum, Chase Sapphire Reserve® and the Chase Freedom Unlimited®.

BNPL with Target

Target offers buy now, pay later services through Affirm and Sezzle, which might come in handy for those who want a little more repayment flexibility when it comes to holiday shopping. With Affirm, shoppers can spread out their payments over three to 48 months for orders over $50. While there are no hidden or late fees when using Affirm, you could be charged up to 30{df277fece0e332513078d4db57f50d7f29a9f255adc120b3235ad73f23ad2e97} interest when financing purchases.

Sezzle, on the other hand, splits each purchase into four interest-free payments over the course of six weeks. And for even more flexibility, the service allows you to reschedule one payment date for free so you can create a repayment schedule that works with your finances. However, if you reschedule a payment a second or third time, you will be charged a fee. You will also be charged a fee if you don’t pay an installment on time.

Make sure you understand the terms before signing up for either buy now, pay later service.

Bottom line

Shopping Black Friday sales can be both exciting and stressful, especially when it comes to the money management side of things. So if Target is where you’ll be doing the vast majority of your Black Friday shopping, be sure you’re paying with the best credit card possible to earn rewards and protect your purchases.

Catch up on Select’s in-depth coverage of personal financetech and toolswellness and more, and follow us on FacebookInstagram and Twitter to stay up to date.

For rates and fees of the Platinum Card® from American Express, click here

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


https://www.cnbc.com/select/black-friday-sales-target-best-way-to-pay/