It depends on whether you shop regularly at Meijer or not. Meijer Mperks is running a deal now through Feb. 15 where if you buy $50 in qualifying gift cards, you get $5 off your next purchase. Disney gift cards count to earn the $5 in the promo. You can do this on up to $500 in gift cards (so earn up to $50 on future purchases).
But, you can't use the $5 off coupon on future gift card purchases - so you have to buy something else at Meijer with your rewards besides more Disney gift cards. I shop regularly at Meijer for groceries, so I just use the reward dollars in my regular grocery shopping trips. I value this as a 10% discount on Disney gift cards, plus any additional savings I get from using a credit card that earns a lot on grocery purchases. This is greater than the 5% I would earn using a Target Redcard. So, I buy Disney gift cards at Meijer all the time on this promo, but I rarely use my Redcard (which I also have) to buy Disney gift cards.
It comes down to whether you have a good use for the Meijer rewards dollars, which expire a few weeks after your gift card purchase. If you have a good use for them that are NOT gift cards, then usually Meijer will be a better deal. If you don't have anything else to buy at Meijer besides gift cards, then you will be better off getting the straight 5% off at Target, or looking for other discounts.