Target just announced a new paid membership tier. Here's what $49 gets you.

• Target says it's soon launching Circle 360, a paid membership tier with unlimited same-day delivery.
• The move ratchets up the competition with similar offerings from Walmart and Amazon.
• Target fulfills 95% of its web and app orders from its fleet of about 2,000 stores.

Target is stepping up the competition with Amazon and Walmart with a new paid membership tier, Circle 360, that offers unlimited same-day delivery.