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Get $40 off a $40 Target purchase after approval for the Target RedCard

New applicants approved for the Target RedCard can receive a $40 coupon for a future qualifying purchase for a limited time. Here's what you need to know about the offer.

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Target is known for its red bullseye logo and Target Circle™ Offers that help shoppers earn up to 50% off hundreds of items, but now there's a new reason to consider opening the popular store card.

New applicants who are approved for the Target RedCard™ card from November 1 to December 26, 2020 receive a $40 coupon for a future qualifying purchase of $40 or more at Target. If you frequently go on Target Runs and order from Target.com, you may want to consider applying this month.

The Target RedCard already offers a unique 5% discount at checkout on most purchases in-store and at Target.com, plus free two-day shipping on most items. Below, CNBC Select breaks down what you need to know about the new limited-time offer.

New Target RedCard welcome bonus

When you’re approved for the Target RedCard between November 1 to December 26, 2020, you’ll get a coupon for $40 off a minimum $40 qualifying purchase. This offer is similar to the limited-time offer Target ran in August that offered $50 off a future qualifying purchase of $100 or more, but it has a lower minimum purchase requirement.

You can apply online or in-store to qualify for this welcome bonus. After approval, the $40 coupon will be mailed to you and is valid through January 31, 2021.

The coupon can be used toward a wide selection of Target items, from holiday gifts and reusable water bottles to paper towels and toilet paper. However, there are exclusions including: items sold & shipped by Target Plus™ Partners, alcohol, Apple products, Samsung TVs, Target Optical and more. Refer to the coupon for the full list of exclusions.

Don’t miss: 5 things to know about the Target RedCard and Why the Target RedCard is my favorite card for holiday shopping

Information about the Target RedCard™ has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.