Target’s RedCard credit card offerings will continue to be developed by the same team, as TD Bank and Target have extended their credit card partnership, which began in 2013, through 2030.
With this contract extension, TD Bank will continue to be the exclusive issuer of Target co-branded and private label credit cards for consumers, according to a Wednesday (Sept. 21) press release.
“A decade of partnership has enabled our teams to innovate together and deliver a compelling card program for Target guests,” TD Bank Head of U.S. Credit Cards and Unsecured Lending Chris Fred said in the release. “We are thrilled to continue our collaborative relationship with Target, a leading retailer that shares our growth mindset and sharp focus on the customer.”
In one of their most recent product innovations, Target and TD Bank expanded the RedCard Mastercard program and enabled cardholders to earn 2% instant savings on eligible dining and gas purchases and 1% everywhere else in addition to 5% at Target, according to the press release.
Beyond the savings, the partnership enables Target to offer its customers other benefits like free shipping from Target.com on most items, extended return times and exclusive offers, Target President of Financial and Retail Services Gemma Kubat said in the release.
“RedCard holders are among Target’s most engaged guests and have saved more than $9.7 billion over 12 years of Target runs,” Kubat said.
PYMNTS research has found that free shipping, fast deliveries and product recommendations that reflect knowledge of preferred price points and previously viewed or purchased items are key components of the experience that online shoppers expect.
Read more: The Data Point: 36% of Shoppers Keen on Tailored Online Shopping Experiences
Free and fast delivery is an area that consumers feel should be buttoned up at this point in the digital shift, according to “The Tailored Shopping Experience,” a PYMNTS and Elastic Path collaboration.