TD Bank Credit Card Review: How the TD Cash Visa Credit Card Can Save You Money
Update: Some offers mentioned below may have changed or are no longer available. View current credit card offerings from our partners at CardCritics here or on the issuer’s website.
The TD Cash Visa credit card is a cash rewards card for people who want to earn money when making everyday purchases. It’s not just the cash back that makes the TD credit card a good choice for many consumers, however. The card also offers several other benefits and features that can help cardholders take the next step in their financial plans.
The card’s low introductory APR on balance transfers, for example, offers cardholders the opportunity to consolidate debt from credit cards with high interest rates. Additionally, the card’s perks, low fees and credit education tools can enable cardholders to save money as part of their approach to managing their finances. If you’re looking for cash back rewards or a good balance-transfer credit card, consider the features, advantages, and disadvantages of the TD Cash Visa to decide whether it’s the right credit card for you.
Related: Best Credit Card Offers of 2016
TD Bank’s TD Cash Visa Credit Card at a Glance
Here’s a breakdown of the features of the TD Cash Visa credit card including annual percentage rate, cash rewards, fees and more. The card has a minimum credit limit of $500 and a maximum limit of $5,000. To be eligible for Signature benefits, you must qualify for a credit limit of at least $5000.
| TD Cash Visa Credit Card at a Glance | ||||
| APR | Cash Rewards | Fees | Promotional Offers | Additional Perks |
| • Introductory 0% APR for balance transfers in the first year • After the first year, rates are: 13.24%-23.24% for balance transfers and purchases, based on creditworthiness; 23.49% for cash advances |
• 2% cash back on dining, coffee shop and convenience store purchases • 1% cash back on all other eligible purchases • Points never expire |
• No annual fee • No foreign transaction fee • 4% balance transfer fee, minimum $10 • 5% cash advance fee, minimum $10 |
• $100 bonus cash back after spending $500 in first 90 days; offer expires May 25, 2016 | •24/7 cardholder inquiry service • Zero liability for unauthorized transactions • Auto rental collision damage waiver coverage • Free VantageScore and credit education tools • Visa Signature discounts and benefits when your credit limit is at least $5,000 |
| Rates current as of May 13, 2016 | ||||
Pros and Cons of the TD Cash Back Visa
Users are generally positive in their reviews of the TD cash rewards card, citing cash back, TD Bank customer service, no annual fee and no foreign transactions fees in particular. But there are also some disadvantages to the TD Cash Visa Credit Card that you should know about before signing up. Here’s a breakdown of the credit card’s pros and cons.
The Pros: Bonus Cash Rewards, No Annual Fee and More
The TD Cash Visa Credit Card is one of the best cash back credit cards for everyday purchases such as those made at restaurants, coffee shops and convenience stores. You can earn 2 cents for every $1 you spend on coffee, fast food, fine dining and more.
The 2 percent cash rewards make this card a good choice if you want to be conscious of your budget but don’t want to cut out purchases on coffee and dining out. Instead, you can keep buying your morning coffee while also earning cash points to spend on something else later. You also can earn 1 percent in cash rewards for all other eligible purchases, including monthly bill payments. Through May 25, 2016, TD Bank is running a promotional offer of $100 in bonus cash when you spend $500 within the first 90 days of opening your credit card account.
TD Bank offers a variety of options for redeeming your cash rewards. You can redeem your TD Cash points on the TD Bank website for merchandise ranging from electronics and gift cards to travel rewards and never have to worry about cash rewards expiring. You can also redeem your cash rewards as cash back in the form of a statement credit, direct deposit or check. To redeem cash rewards, you must earn a minimum of $25 in cash rewards.
Another great feature of the TD Bank card is the introductory 0% APR on balance transfers for the first 12 billings cycles. The introductory APR could be ideal for you if you want to consolidate debt from multiple non-TD Bank credit cards. The number of non-TD Bank credit cards you can consolidate could be limited based on your application, according to TD Bank’s website.
Read: When to Use a Credit Card vs. a Personal Loan for Debt Consolidation
Additional benefits of the TD Cash Visa include:
- $100 cash back when you spend $500 within the first 90 days — offer expires May 25, 2016
- Cardholder Inquiry Service available 24 hours a day
- Zero liability for unauthorized transactions
- Auto rental collision damage waiver coverage for collision and theft
- Visa Signature benefits including 24-hour concierge service, shopping discounts, access to exclusive sporting events and more when your credit limit is at least $5,000
- No annual fee
- No foreign transaction fee
- No blackout dates, restrictions or fees on cash rewards redemption
The Cons: Phone Calls and Limited Availability
The TD Cash Visa card requires you to call over the phone to redeem cash back in the form of a direct deposit, statement credit or mailed checked. You cannot transfer cash back to your bank account online. TD Bank requires a phone call for security reasons.
TD Bank only has branches on the East Coast; this doesn’t prevent a person anywhere else in the U.S. from getting a TD credit card, but it can be inconvenient. Other disadvantages of the card include the following:
- You cannot redeem cash back on the TD Bank mobile app.
- Merchandise, gift cards and travel rewards are subject to availability.
- You can redeem cash rewards only in $25 increments.
- Only the primary account holder can redeem cash rewards.
- You must have a TD Bank account.
How to Apply for the TD Cash Rewards Visa
TD Bank bases its credit card qualifications on your creditworthiness, residency, age and income. You must open a TD Bank account or be an existing customer to qualify for the TD Cash Visa credit card. You can apply for the card quickly online at the TD Bank card services page:
- Fill out your personal and financial information.
- Request up to three additional cards for people to add to your account or skip this step.
- Transfer balances from your non-TD Bank credit cards or skip this step.
- Read and accept TD Bank’s disclosure agreement.
Once you’ve accepted the disclosure agreement, TD Bank will process the credit card application. You will be notified by mail if your application is accepted. To check on the application status, call TD Bank customer service and ask for the credit department. Once you’re approved, you will receive your TD cash rewards Visa credit card within five to seven business days.
Keep Reading: 9 Ways to Improve Your Credit Score Today
How to Make Payments on a TD Cash Back Credit Card
You can make a payment on the TD Bank credit card online at TD Bank’s website, over the phone or at a TD Bank branch. Making a credit card payment online is quick and easy:
- Go to the TD Bank card services website and log in to your account.
- Select the credit card account under the Accounts tab.
- Select “Pay via transfer.”
- Fill out the payment amount, TD Bank account you’re using to pay the balance and the transfer type.
- Review the payment details and select “Complete Transfer” to finish the credit card payment process.
If you do not make your payments on time, you will incur late payment penalty fees with this TD Bank credit card. TD Bank doesn’t offer a grace period for the TD Cash Visa credit card. You’ll incur a $25 fee for not posting payment by the first payment date and a $35 late fee for missing the second payment date.
TD Bank has earned a reputation for taking good care of its customers. Its customer service line is available 24 hours a day. Headquartered in Cherry Hill, N.J., TD Bank has over 1,300 locations in the U.S.
Bottom Line: Save Money on Daily Expenses and Debt With TD Cash Card
The TD Cash Visa is one of the best types of credit cards for people who want to save money without giving up common, day-to-day purchases. Dining purchases at fast food restaurants, local delis, coffee shops, convenience stores, casual restaurants and even fine dining establishments pay you 2 cents for every $1 you spend. Also, there’s no expiration date on the cash rewards points you earn. Cash points expire only if you or TD Bank close the account.
Whether you travel frequently or are planning a vacation, the TD Cash Visa credit card offers travel rewards to fit your lifestyle. You can use cash rewards points to buy essential travel items or you can customize your own dream trip using the TD cash rewards credit card. Plus, TD Cash Visa credit card offers discounts on car rentals, rental car collision coverage and no foreign transaction fees.
The TD Visa cash back credit card can also be used to reorganize your finances. The introductory 0% APR on balance transfers could provide an affordable avenue for consolidating debt from high-interest credit cards, and you can list the balances you want to transfer on the credit card application. There’s also no restriction for using the TD Cash Visa card to pay monthly bills. You can set up automatic payments and never have to worry about missing a bill while earning points and improving your credit.
Compare Credit Cards to Find the Features You Want Most
When you compare credit cards, the TD Cash sign-up bonus and cash rewards percentage might not be as high as the best cash rewards credit card out there, but the card’s variety of features might make up for this difference. Other cards offer more ways to earn rewards on a points-based system or offer broader travel rewards.
TD First Class Visa Signature, for example, focuses its rewards on earning miles, although you can convert miles to cash back. But the First Class Visa Signature card comes with an $89 annual fee, whereas the TD Cash Visa has no annual fee, and cardholders can access Signature benefits as long as their credit limit is at least $5,000.
TD Cash Visa is a well-rounded cash rewards credit card. The introductory 0% APR and low fees make it a useful balance-transfer credit card. It’s a good cash rewards card for miscellaneous purchases but not as good as other rewards cards for frequent travelers, so consider the kinds of rewards that are most valuable to you as you compare credit card options.
This content is not provided by TD Bank or Visa. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by TD Bank or Visa.
