Oh my god, Becky…
You ever hear that story of that guy who bought dollar coins online from the government with his credit card? He just kept repeating the cycle of buying dollar coins, cashing them in at his bank, using that money to pay off his credit card bill, and earning hundreds of thousands of free points.
I’ve always been jealous of that guy. Anyways, today I discovered something almost as equally as good, even though it came out a year ago. It is called the Target Prepaid REDcard aka “RedBird”. Don’t get this card confused with the Target Credit or Target Debit cards.
Basically it’s a prepaid Target card that gives you 5% off everything at Target and free online shipping from Target.com. But that’s not all… it allows you to load it by charging your credit card AND allows you to withdraw money from it directly to your bank account… FOR FREE!!
So yea… you can basically just get a ton of free credit card points this way. It’s also a really easy way to hit any spending requirements you might have.
Some quick highlights:
- No fees to add/withdraw money
- Add money with your credit card
- Withdraw online directly to bank account
- Withdraw cash from participating ATM’s
- Benefits of regular checking account with bill pay and everything (but really not necessary)
- Swipe $2,500 per day (max $1,000 per swipe)
- Swipe $5,000 per month max
- Need to apply with SSN
- No credit check
- 5% off all target purchases (added bonus)
- Free shipping from Target.com
- Does NOT charge your credit card as a cash advance but regular purchase
So yea, this is a pretty easy way to get 60,000+ points a year in whatever credit card of your choice for free.
Now here’s the bad news:
The Prepaid RedCard is not available in California. Actually it’s not really available in a lot of places at the moment.
The not so bad news though is that you can load the card anywhere. So I just ended up buying the card on e-bay and was able to register it to my name.
My experience getting and using the card.
After buying the temporary card on eBay, I registered it using my real name and social security number; I left the date of birth blank as directed by the seller. About a week later the real card came in the mail. I activated it and then linked my checking account just to see if it would work. It did. Then I drove over to Target and proceeded to load $2,500 (daily limit). I need to hit $2,000 on two new United credit cards I just got, so I charged $500 on one card and $2000 on the other (two $1,000 swipes). The lady at guest serices seemed pretty familiar with the card and the whole process took less than two minutes. It was so quick that I didn’t even need to pay for my parking!
Immediately after the transactions, I got three e-mails from Target telling me that they were successful. Then, I came home, went online and cashed it out.
See screenshots below:
So… yea, there it is. Pretty freaking easy if you ask me. Too bad the limit is only $5,000 a month. I think I’m going to ask my parents if I can them get cards too and “manage” it for them.
For more Q and A see this: Frequent Miler