Uh, huh, OK. I'm a little surprised that these magical giant discounts aren't heavily advertised on the sign up page for said credit card, which only mentions a 1% reward on purchases (and a whopping 10% discount on purchases the day you sign up, whoo-hoo!). The rewards program simply makes it 2% (4% if you use the credit card), but limits it to purchases at their overpriced store, so you don't come out ahead. I get a better reward rate than that on the credit cards I already have, thanks, without having to shop at an overpriced store. Shouldn't surprise me that TRU's card is as lame as their store, I guess.
By comparison, the Target RedCard give 5% off all Target purchases as you go (no need to accumulate a fixed number of points before getting a reward) without the jacked up prices to start with. And donates money to your local school.
(I don't have one of those either, but it seems more useful.)
For my part, not wanting to shop at TRU is more about not wanting to reward a store financially that has a regular practice of jacking up prices than it is about what kind of deal I might
be able to wangle if I jump through enough hoops and wait for just the right moment...