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AmEx for Target: $400/week credit card ATM withdrawals for 1.3%+ in certain cities

AmEx for Target: $400/week credit card ATM withdrawals for 1.3%+ in certain cities

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Old Dec 7, 14, 10:52 am   -   Wikipost
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Last edit by: weezl
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please be aware the Target breach cards are currently on the black market, as always be aware of activity on all accounts

Purchase in store. Each store seems to have just one lane that has them on display (unlike the AMEX GC which are at most lanes). Package is larger than other gift cards, silver and red.

Not available in all states. Search here for possible locations

Note: Unlike AMEX's restriction on BB/Serve/Redbird where one person can only hold one of those, you can have an AFT (2, actually) while holding a BB, Serve, or Redbird

Need DL to purchase.
Max 1 purchase per ss# per day--this means one person can actually have 2 AFT cards, which is why there is a $5000 total limit for 2 cards (see below).
Max initial load $500 + $3 load fee.

May reload temp card as soon as verification of identity is complete, may take 48 hours. You can use an ATM with a temp card as soon as you're able to view your temp card PIN online. If you're unable to view your PIN online, you won't be able to use an ATM until you have the permanent card, which takes about two weeks.

Many stores now limit reloading to the service desk, and no longer at cashiers. The card must be swiped at a cash terminal to reload, not scanned! Ask cashiers to try if they don't seem to recognize the card. Ask if loading at service desk is a policy, it might just be a knee-jerk response from cashiers that don't know about the card. I have been told that a few times, "You need to go to the Service Desk," it has never been true. Say please and thank you.

Limits & Fees
Loading
Codes as purchase on all cards.
Load fee $3
Max $1000 per card in 24 hour period.
Max $5000 total for both cards per 28 day rolling period.
May load any card *until* balance is $2500 for 28 day period (not *up to*)

System will allow a $1000 load on a card with a $2000 balance so long as you are under $5000 for all cards over 28 day period. See below for optimal load sequence, $15/$5k a month after 1st month and $15k in 65 days for new cards.

Unload via ATM
Max $400/card/day (resets sometime in the wee hours of the morning)
First ATM w/d per month per card is free, based on 1st of the month (not rolling)+ any ATM owner fee.
Additional ATM w/d fee $3 + ATM fee.

When asked 'from account' choose 'checking.'

Possibly helpful link:
Free and Low-Cost ATMs

Unload by purchases
No fee. No cash back.

Additional information

Optimal load pattern for least number of $3 fees after first $500 load is $3k/$2k.
New accounts can load $15k in 65 days. 4 trips in a week for new cards, 3 in a week once a month after that.

Load always means load $1000. 28 day load total in parenthesis. 'Dropped' means that load is past the 28 day mark.


Day 1: Purchase card #1, load $500
Day 3: Purchase card #2, load $500; Load card #1 ($1500)
Day 5: load card #1 ($2500); load card #2 ($1500)
Day 7: load card #2 ($2500)
*********************************wait************
Day 29: ($2000)($2500) day 1 dropped
Day 31: ($1000)($2000) day 3 dropped
Day 32: load card #1 ($2000) ; load card #2 ($3000)
Day 33: ($1000)($2000) day 5 dropped
Day 34: load card #1 ($2000); load card #2 ($3000)
Day 35: ($2000) ($2000) day 7 dropped
Day 36: load card #1 ($3000), ($2000)
*********************************wait************
Day 61: load both cards, day 32 dropped
Day 63: load both cards
Day 65: load one card.

Repeat Loads waiting 29 days between loads, if you loaded both cards 29 days ago load both now, if you loaded one card, load one now. So next load date is 61+29= Day 90

FAQ

Q: Will this show up as a CA?
A: No, Target is not a financial institution.

Q: Even with xxxx cards?
A: Yes, no cards will be charged a CA.

Q: Can I load with Visa/MC/Amex Gift Cards?
A: Yes. Also the balance can be detected and drained if you ask to load more than the value on a prepaid it will just prompt you to give a second payment form. Great for draining random balances.

Q: How about Target gift cards?
A: The register prompts not to allow Target gift cards. They may not be hard coded, though.

Q: Will I get 5% off if I load with a Target Red card?
A: No. Sorry, I wish.

Q: Can I load multiple cards in one transaction?
A: Yes. Up to 3 cards can be loaded in one transaction, but each card will be charged $3.

Q: Why load multiple accounts in one transaction?
A: to avoid multiple $1003 transactions on same CC in minutes. This may trigger a fraud alert.

Q:Is there a max number of payment swipes?
A: Yes. Maximum swipes for split payments is 7, though other users have reported being able to swipe at least 10 gift cards for payment without problems.

Q: Any reason not to load multiple cards in one transaction?
A: Yes, when you have multiple small value gift cards to unload because of 7 swipe limit.

Q: The title says withdrawals are 1.3%, is that true?
A: No. Do the math. I'm not very good at math. Under 1.3% includes Costco ATM fees. It is not possible to edit a thread title, the fees are lower due to the ATM limit now being $400.

Q: What are the lowest possible fees with a fee-free ATM available?
A: For 2 cards, each loaded with $2.5K each over 2 months ($10K in total), you would pay $30 in loading fees (10 load fees of $3 each) and $63 in ATM fees (25 total withdrawals, with 1 free withdrawal per card each month, resulting in 21 ATM fees of $3 each).


Official fund loading from T&C

You may load funds to your Cards using your Funding Source until the Available Funds on any Card purchased by you equals $2,500 and on all card purchased by you equals $5,000... Not more than $1,000 may be loaded to any Card purchased by you in a 24 hour period using your Funding Source, not more than $5,000 may be loaded to all Cards purchased by you in any 28-day period using your Funding Source.

IMPORTANT MESSAGE IF YOU LOADED YOUR PREPAID CARD AT TARGET DURING THE CHRISTMAS SECURITY BREACH: It is important to have AMEX reissue your cards (just phone the number on the card and ask for a new card). Thieves have the numbers and pins and can drain your account at any time. AMEX does not appear to be using software to block suspicious activity, so they can drain it all. If you loaded your prepaid card at Target between November 27 and December 15, 2013, you are at significant risk of having your money stolen (several reported cases in April and May).
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Old Jul 30, 11, 3:06 pm
  #1  
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Join Date: Jun 2010
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AmEx for Target: $400/week credit card ATM withdrawals for 1.3%+ in certain cities

I would like to thank Astrophsx for sharing his discovery of this card at http://www.flyertalk.com/forum/16822687-post409.html .

The "American Express for Target" reloadable prepaid card is being tested in Atlanta, Baltimore (reportedly includes DC and much of Northern Virginia), Chicago, Denver and Miami metropolitan areas.

Fees:
Reload: $3, reloadable by Visa, MasterCard, and American Express.
ATM Withdrawal: $2
Annual: $10 (works out to ~0.1% for depositing 1k every 5 weeks in the scheme discussed below)

Limits:
Maximum reload $1000/card/day (based on $3/reload, cheapest fee = 0.3%),
Maximum reload $5000/person/28 days [Thanks, MyTravels, for the correction.]
Maximum ATM withdrawals $200/card/week (based on $2/withdrawal, cheapest fee = 1%).
Maximum cards/person: 2, cannot be opened same day.
Maximum card value: $2,500

One application: load $2k into two cards, withdraw $400/week at a no-fee ATM for a cost of ~1.4% + lost interest over a month + your time visiting a no-fee ATM (.3% for deposit + 1% for withdrawals + ~.1% for annual fees = ~1.4%).

URL's:
http://www.americanexpress.com/target
https://www212.americanexpress.com/d...00d0faad94RCRD
http://www.fatwallet.com/forums/finance/1100165/

An unusual feature of this prepaid card is that it is reloadable from other Visa, MasterCard and American Express cards. blase at FlyerTalk reports being able to purchase a $500 card with a British Airways Visa, and sf3895 at milepoint reports being able to reload it with a prepaid Visa card.

This card is linked to your social security number, so I suspect that, within the limits of financial privacy laws, AmEx might remember everything you do with it forever.

That said, I would be curious to know if anyone loaded this card from an AmEx gift card purchased via the bigcrumbs 1.6% rebate or bought an AmEx GC via bigcrums using this card.

Other ideas:

1. In addition to being rechargeable online, this card can be recharged at participating Target stores, which might make reloads look like ordinary shopping at Target, maybe reducing the chance that a credit card issue would try to reclassify the transaction as a cash advance, or start mysteriously cancelling your AmEx GC orders, etc. Recharging in the store might also make the program look better to management if it seems to pull customers into Target stores. However this is all very speculative.

2. The relatively low load fee and high maximum value might occasionally have other applications, such as combining or cashing out other gift cards.

Please feel free to post problems, information and your bright ideas about using this card. I plan to try to summarize by editing this message on an ongoing basis.

Edited 7/31/2011: Thanks to MyTravels for pointing out that the $10/card annual fee would add about 0.1% to the costs of depositing $1k per card every 5 weeks, and that the maximum reload per person per 28 days in the terms and conditions is $5k, not $4k. I am sorry I don't know a way to change "1.3%+" to "~1.4%" in the thread subject. Also, thanks to BeachMiles for noting "Baltimore test area includes Washington DC and much of Northern Virginia."]

Edited 8/3/2011: Thanks to blase at FlyerTalk and sf3895 at milepoint for reporting success with buying the card using a mileage earning visa and reloading with a visa gift card, respectively.

Last edited by skynerd; Aug 3, 11 at 1:57 pm Reason: Integrate reports of loading from Visa credit and gift cards
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Old Jul 30, 11, 3:06 pm
  #2  
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Old Jul 30, 11, 3:10 pm
  #3  
 
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Looks similar to Pass and other AMEX options. Not worth the effort to me but thanks for the info.
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Old Jul 30, 11, 3:19 pm
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Originally Posted by saacman5033 View Post
Looks similar to Pass and other AMEX options. Not worth the effort to me but thanks for the info.
If you buy one in Miami can you re-load it at any target?
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Old Jul 30, 11, 3:54 pm
  #5  
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Originally Posted by saacman5033 View Post
Looks similar to Pass and other AMEX options. Not worth the effort to me but thanks for the info.
The most important difference for FlyerTalkers is that you may be able to get rewards by reloading this card.

Confirmation or refutation of this would be most welcome.
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Old Jul 30, 11, 6:16 pm
  #6  
 
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Sounds interesting. I'm in the Chicago area and I have to go to my Target tomorrow anyway, so I think I will pick one up.

My only question - how do you find no-fee ATMs?? If I bank at Chase, do I assume that other than the $2 fee, I will not be charged anything additional for using one of these AmEx for Target cards at my Chase ATM?
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Old Jul 30, 11, 6:17 pm
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Looks like the maximum initial load is $500.

When you purchase the Card, there is a minimum initial load amount of $.01 and a maximum initial load amount of $500.
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Old Jul 30, 11, 6:31 pm
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Originally Posted by blase View Post
Looks like the maximum initial load is $500.

When you purchase the Card, there is a minimum initial load amount of $.01 and a maximum initial load amount of $500.
Correct.

They will ask for ID, DOB and SS# at purchase.

Remember the easiest way to kill a deal is to have a dedicated thread about it. Learn from mistakes do not keep making them over and over.
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Old Jul 30, 11, 7:15 pm
  #9  
 
Join Date: Sep 2010
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Thanks for info. Seems like too much work for small amount of benefits. Not worth it to me. However, it might be good as one of "last resort" methods to hit spending requirement.
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Old Jul 30, 11, 8:02 pm
  #10  
 
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Amex (probably) remembers, and is notoriouosly fickle...
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Old Jul 30, 11, 8:23 pm
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Originally Posted by blase View Post
My only question - how do you find no-fee ATMs?? If I bank at Chase, do I assume that other than the $2 fee, I will not be charged anything additional for using one of these AmEx for Target cards at my Chase ATM?
That was gonna be my query as well. Where and how do you target (no pun intended) "no-fee" ATMs?
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Old Jul 30, 11, 8:29 pm
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Smaller local banks usually do not charge if you use their ATM's at the bank. My bank does not charge if you use the ATM in their lobby or drive thru. Look for locally owned banks. They are also friendlier and they didn't get money in the bailout and the money generally stays local.
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Old Jul 30, 11, 8:31 pm
  #13  
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Originally Posted by blase View Post
My only question - how do you find no-fee ATMs?? If I bank at Chase, do I assume that other than the $2 fee, I will not be charged anything additional for using one of these AmEx for Target cards at my Chase ATM?
Why would you think Chase not charge you? You are not using a Chase card at Chase network.

You will be charged by Chase for using its ATM with a card NOT from Chase.

Your Chase bank account's ATM card will be free at Chase ATM. Every thing else would be subject to $3 fee a pop. You can test it out by using a Non Chase ATM card to try - the screen should display a message to warn you the transaction would cost you X amount of fee. Do you still want to continue? You can then abort the transaction and not being charge the fee, nor withdraw any money.

The above scenario should apply to 99% of any bank's ATMs.
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Old Jul 30, 11, 9:42 pm
  #14  
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I guess lucky for me I have a no-fee ATM where I work... about 15 feet from my office actually. This could be of interest I guess ... only I do not live in one of those cities.
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Old Jul 30, 11, 9:58 pm
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Wouldn't recommend loading the GC since $3 fee per load. Even at $500 denominations that's higher than you want.

Can't imagine that this earns points while all other Amex Debit cards haven't done so in the past: eg PASS.

Has anyone confirmed points earning on this?
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