Yes, it is.
I'm wondering if this is an issue because it's a prepaid redcard as opposed to a credit or debit one. It still gives you the same benefits though. However, I've used it in the store before where you get a free gift card on a purchase and the cashier splits the order and applies the gift card. In those cases I never got the 5% savings on the amount that the gift card covers. I wonder if that's a deficiency with the prepaid version of the redcard.
Does anyone know if I can use the redcard to add to my account immediately if I apply for one online?