This post may contain affiliate links; please read our advertiser disclosure for more information.Target has brought back the popular signup bonus for the Target RedCard. This is normally a great way to earn a bonus of up to $160 in free spend for signing up for two debit cards. But this latest offers has some important changes in the terms, which cut own this free spend probably to just $40. Let’s take a look at the offer and the recent changes.The OfferGet a coupon for $40 off a qualifying purchase over $40 when you are approved for a credit or debit RedCard in-store and at Target.com between 4/30/23–5/27/23. The coupon will be mailed to approved cardholders with their RedCard and will be valid though 6/26/23. You can find the offer here.Offer ChangesPreviously you were able to get this bonus when opening a new Debit RedCard and Reloadable RedCard. The latter was a new option that was added last year and worked for the bonus. But now the terms state that the Reloadable RedCard is excluded from this offer.But it gets worse. The terms also state that you must upload coupon to Target App and be fully enrolled in Target Circle to redeem coupon. That could mean that the coupon can no longer be used twice. Previously you would receive the coupon in the mail and you could use it once in-store and another time online for a total bonus of $80 per card. If they do mail the coupon, then there’s still hope that it can used twice, but I don’t know that for sure until I apply.ExclusionsExcludes items sold & shipped by Target Plus™ Partners. Excludes alcohol, Apple products, Barbie camper and houses, Beats Fit Pro, Beats Flex, Beats Powerbeats Pro, Beats Studio Buds, Black History Month, Bose, Bratz Collector and Designer Dolls, Bullseye’s Playground, Cards Against Humanity, Casper, clinic & pharmacy, Cricut, dairy milk, DockATot, Dockers, Do-a-Dot, DSLR cameras & lenses, Dyson, Fisher Price Laugh n Learn, Fitbit, Funko Standard Pop, gift cards, GilletteLabs Heated Razor Starter Kit by Gillette–3ct, Google, Hair Appliances, HALO Baby, Hasbro Games (Classic Monopoly, Connect Four, Jenga, Sorry!, Trouble), Healthy Roots Dolls, Hot Wheels Ultimate Garage, HP Inc., ICU reading glasses, Infant Optics, JBL, Latino Heritage Month, LEGO, Levi’s Red Label, LG OLED and QNED TVs, limited-time designer partnerships, Lovevery, Mega Bloks, Meta Oculus and Portal, mobile contracts, Motrin, Ninja, Nintendo hardware and Switch games, Polder, Peg Perego, Philips Avent, Plan B, power shave, power dental, prepaid cards, Play-Doh Ice Cream Truck Playset, PlayStation consoles and accessories, Pride, Revival, Samsung TVs, Shark, Shipt Membership, simplehuman, Sonos, Sony Electronics, Take Action, Target Optical, Tempur-Sealy, Trading Cards, Tylenol pain relief, Tylenol PM, Ulta Beauty at Target Brands, Unlocked phones, Vera Bradley handbags, Weber, What Do You Meme?, WonderFold.ConclusionThis is still a good offer that can get you $40 in free spend when applying for the Debit RedCard and possibly $80 in total if you are able to use the coupon twice.The new terms have added restrictions that have devalued this offer. The Reloadable RedCard which could get you an additional bonus, is now excluded. Plus the coupon is possibly limited to just one use instead of two.HT: Travel on PointsDisclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.Increased Offer! Chase Sapphire Preferred® Card – 80KChase Sapphire Preferred® Card is one of the most popular travel cards around. It earns 3X on dining plus 2X on travel and unlocks the ability to transfer Ultimate Rewards to partners like Hyatt & Southwest. Right now earn 80K Ultimate Rewards after $4K spend in the first 3 months. $95 annual fee is not waived.Learn more about this card and its features!Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.