The REDcard Target has a number of striking similarities to the American Express for Target – which is one of my favorite tools to hit minimum spend and for Manufactured Spend. However, the American Express for Target card has been unavailable in many Target stores for months now. You HAVE to sign up in a store – you can't sign up online.
The REDcard Target CAN be loaded with a credit card and you CAN withdraw cash via an ATM.
In order to sign up, you will need to get a temporary card in a physical Target store. Right now the card is only available in these states:
The initial REDcard Target purchase (temporary card) can be loaded with a credit card up to $500 (this will work for your minimum spend already). You can buy this even if you have an existing Bluebird account.
However, you CANNOT sign up for the permanent (full) version of the card if you have an existing Bluebird account. You will need to close your Bluebird account in order to be eligible for a REDcard from Target.
Once you have the permanent card, you can reload it with a credit card. There is a high $2,500 limit per day and $5,000 per month. You can withdraw $750 per day but just $2,000/month. Withdrawals at the Target store or with an Allpoint ATM are fee-free.
You can release your REDcard for Target at any store, even it it does not sell the card right now. Note that as with most of these products, you cannot reload your card with a Target gift card.
Let's hope Target releases these cards in California and New York soon!