Target’s big annual gift card sale is today

Dec 8, 2019

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Black Friday and Cyber Monday are in the rearview mirror, but the deals haven’t stopped just yet. In fact, today is the one day of the year when all Target gift cards go on sale. Sunday (Dec. 8) only, they’ll be 10% off both in-stores and online.

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 today 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.

A few restrictions apply:

  • The minimum gift card purchase is $10, and the maximum is $300 with a $30 maximum discount per household.
  • There is a stated limit of transaction of up to $300 in Target gift cards on Target.com.
  • 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 card with qualifying purchase.
  • Gift cards redeemable beginning Monday (Dec. 9) at 10 a.m. Central.

You can purchase smaller denomination gift cards up to the $300 discounted max or one $300 gift card. If you want to increase the value of this deal, you can pay for your discounted gift cards with a Chase Freedom via the PayPal checkout option on Target.com. If you haven’t already maxed out your $1,500 toward the Freedom’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 $300 Target gift card for $270 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 1,350 points are worth $27. That totals $57 in savings/earnings on a $300 purchase, which isn’t bad if those are dollars you’re going to spend 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).

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. Additional reporting by Alyssa Cerchiai.

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