Who doesn't love shopping at Target? If you raised your hand, you're seriously missing out. Target, in my circles, is a shopping paradise. A respite from the every day, all day long goings on where I can shop, quietly and peacefully, in aisles that are comfortably wide enough, for quality things I want and need on an ongoing basis.

If you need reasons to shop at Target, I have plenty of them. But the information I'm about to provide you tops the cake because this store is not particularly known for saving you a lot of money, all over the store, all the time at least.

To get right to it, if you do already shop at Target, get a RedCard. Either the Debit or Credit card versions are great, depending on your own financial situation. Here's why!

You can save 5% on every single purchase, every single day of the year with your RedCard! No strings attached. Well — okay, I suggest the debit card if you really want a 'no strings attached' experience. The credit card version comes with a 22.99% interest rate so if you're not planning to pay it off at the end of each month, it's not really worth the savings. But, again, if you shop at Target often, it's worth a shot to save an average of $150 per year for someone that spends an average $250 per month at the store. Of course, the savings add up the more you spend.

It goes a little something like this -

Target Debit RedCard -

  • No Annual Fee
  • 5% off everyday, every item
  • Free Shipping at Target.com
  • Ties up with your checking account - No Credit Check required.

With this card, you'll just set up your RedCard to withdraw your purchases (at Target) from your personal checking account. You can fill out the application online or in the store with any cashier or at the customer service desk - no credit check required.

Once you're signed up, use your RedCard to save 5% on everything you purchase at Target or Target.com, with free shipping on the latter, not to mention extended return periods of 30 extra days for those online purchases. The discount applies to clearance items and items that you use coupons for as well. Of course, there is no annual fee because it's just a debit card with a Target logo on it.

You can even withdraw up to $40 cash-back at each point of sale with your card, again linking to your own bank account. This, I thought was particularly thoughtful of Target. It's very convenient to use the card just as you would your preferred debit card while saving you money all at the same time.

There is no discount in the pharmacy but there are perks to using your Target Debit RedCard for your prescriptions. After you pay for five of them, you'll get a coupon in the mail for an additional 5% off your next purchase, totaling 10% off for every five prescriptions filled!

Great! But if the Debit card option just isn't right for you, maybe, just maybe the Target Credit RedCard is. Even while a lot of money management gurus will tell you not to indulge in store-specific credit cards, some of them will actually suggest this card to the seasoned and responsible, credit wise consumer.

Target Credit RedCard -

  • No Annual Fee
  • 5% off everyday, every item
  • Free Shipping at Target.com
  • 22.99% APR
  • Credit Check required

This card has all the same great benefits of the Debit Card, except the debit features of course. It's a credit card. That means you're paying upwards of 23% in interest each month if you don't pay it off monthly. Don't do that. Save the money where you can and pay it off before it's even due. Make sure to avoid the late fees, whatever you do. They'll kick you at $25 a pop.

The bottom line is that nobody needs a credit card, especially from a store. The Debit card option is really great and seems to be the best way to get on board. The Credit card is good too, just be careful or your savings are all for naught.

And that's all there is to it. Sign up for the RedCard at Target and save money year round. Combine these savings with coupons and/or use Target's Cartwheel program. If you don't know what Cartwheel is, see a breakdown of that program in my other article, coming soon.