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I tend to think IP's are a YMMV issue. I've used IP's at my local Acme for about a year without a problem. I've used IP BOGO coupons as well (for Aquajuice). I haven't had a coupon worth $5 or more to use there.
Generally speaking, some of the items worth $5 or more are considerably cheaper at my local Target regular price versus Acme's sale price so I tend to buy those items at Target anyway.
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