Target’s big annual gift card sale is this weekend

Dec 5, 2020

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Update: Some offers mentioned below are no longer available.

Black Friday and Cyber Monday are in the rearview mirror, but the deals haven’t stopped just yet. In fact, today and tomorrow are the only days of the year when Target gift cards go on sale. Saturday (Dec. 5) and Sunday (Dec. 6) only, Target gift cards are 10% off both in-stores and online with a one-time use Target Circle discount.

From milk and bananas, to clothes, luggage, toys and home furnishings, Target is the one-stop destination for almost everything. It’s pretty hard to go wrong buying a Target gift card whether for yourself or someone on your shopping list. Maybe that’s why so many agree that you can easily walk into Target for one thing and accidentally leave with the whole store.

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If you know you’re likely to shop regularly at Target for the foreseeable future, buying discount gift cards now also helps with meeting a minimum credit card spend to earn a credit card sign-up bonus. That way, you’ll meet the deadline for the earning spending bonus and save money on Target purchases over time. If you have some Toys-for-Tots type purchases to make and donate, these gift cards can make it easy to stretch those donation dollars 10% further, too.

The annual gift card sale works a little different this year, as you do need to first activate the offer in your Target Circle account. However, a positive change from last year is that the gift cards should be available for immediate use.

(Screenshot courtesy of Target.com)

A few restrictions apply:

  • Offer valid for one transaction of up to $500 in Target GiftCards ($50 maximum discount) at Target or Target.com per Target Circle account. The transaction can include multiple Target GiftCards.
  • The offer doesn’t include Target Visa gift cards, Target MasterCard gift cards, Target American Express gift cards, or gift cards that other retailers have for sale in the store.
  • Offer excludes reloads of previously purchased Target gift cards and cards given in exchange for electronic or prepaid trade-ins, cards provided for merchandise returns and cards provided as free promotional cards with qualifying purchase.

You can purchase smaller denomination gift cards up to the $500 discounted max or one $500 gift card. If you want to increase the value of this deal, you can pay for your discounted gift cards with a Chase Freedom Flex via the PayPal checkout option on the desktop Target.com site. If you haven’t already maxed out your $1,500 toward the Freedom Flex’s 5x bonus categories for this quarter (that include PayPal), you should earn 5 points per dollar spent on this purchase.

With this, you can buy a $500 Target gift card for $450 and earn 1,350 Ultimate Rewards points via PayPal with the Freedom. If you also have a premium Ultimate Rewards card, such as the Chase Sapphire Reserve, then those 2,250 points are worth $45 according to TPG valuations. That totals $95 in savings/earnings on a $500 purchase, which isn’t bad if those are dollars you’re going to spend over the coming weeks and months anyway.

Alternatively, use the Discover it Cash Back, which is currently offering 5% cash back for purchases on Target.com up to $1,500 in purchases this quarter (enrollment required).

The information for the Discover it Cash Back has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Going through a shopping portal before clicking to Target.com is also good advice, though gift card purchases are typically excluded from earning cash back.

Featured image courtesy of Target. 

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