After buying our temporary Target Prepaid Redcards from the branch outside of Providence, RI last weekend, we have since received our permanent cards (with our names on them, to boot!). For the first experiment, I confirmed that we can pay our credit card bills back using the money loaded onto the Redcard account.
When we first purchased the cards, I put $100 on each account as I am still new to manufactured spending and hesitate to dive all the way in. When looking at the account online, it notes the transaction here:
When looking at my credit cards statement for my Chase Sapphire Preferred card, I saw the same transaction with the $5 opening fee, noting the points earned in the transaction.
One I received our permanent cards, I was allowed to go to the online Bill Pay section and submit the same credit card as an option and submit the payment.
The record then shows up as paid on the Target Prepaid transaction log like this:
Finally, I checked my online Chase account to view the transaction there. It took about 5 days to post:
Overall, this will be a very lucrative use of time as every month we can max out each Prepaid card to the tune of $5000 each, meaning we will earn 10,000 points per month with this method. If we decide it’s worthwhile, I may even use my Ink Plus card to purchase Visa Gift Cards at staples to get the 5X multiplier, earning 50,000 points per month in the end. Granted, that will cost about $250 in fees, but may be worth it for certain ticket purchases.
