If you read Target’s quarterly filings, the retailer reveals a few details about the value of its RedCard program in a four-sentence footnote. It begins:

“We monitor the percentage of purchases that are paid for using RedCards because our internal analysis has indicated that a meaningful portion of the incremental purchases on RedCards are Target.”

Target, in other words, finds their branded payments program so successfully gets their best customers to buy more that they feel compelled to report on its penetration to Wall Street. They don’t quantify that incrementality, but we crunched some numbers, have a guess, and explain what that means for the business.

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