TD Cash Back Visa Card Review
Pros
- No annual fee
- 1% cash back on eligible purchases
- Welcome bonus offers for new cardholders
- Travel insurance options available
- Optional low balance transfer rate
- Purchase security and extended warranty protection
- Access to the TD Auto Club
Cons
- Limited cash back categories
- Lower cash back rate (1%) compared to other cash back credit cards
- Interest rate may be high for those carrying a balance (19.99%)
- No specific rewards program, only cash back
- Welcome bonus offers may require minimum spending
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With TD Cash Back Visa Card, here’s how you earn rewards:
| Bills | 1% |
| Gas | 1% |
| Groceries | 1% |
| All Other Spend | 1% |
How much your rewards are worth
The dollar value of your rewards depends on the specific TD rewards program and what you choose to redeem your points for.
For TD Cash Back Visa Card in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Apply to statement credit | $1.70 |
Calculating your annual rewards
$24,000.00 annual spending x $1.00% return on spending = $240.00 annual rewards
$240.00 annual rewards – $0.00 annual fee = $$240.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 725 – 759 |
| Interest Rates | |
|---|---|
| Purchase | 19.9% |
| Cash Advance | 22.9% |
| Balance Transfer | 22.9% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | Visa |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
TD Cash Back Visa Card Review
The TD Cash Back Visa Card is a popular option among Canadians due to its decent earning potential and various benefits. Here is a review of the card, discussing the earning potential, benefits, drawbacks, and other relevant information.
1. Earning potential with the card: The TD Cash Back Visa Card earns cash back rewards on everyday purchases. Cardholders can earn 1% cash back on eligible grocery, gas, and recurring bill payments, and 0.5% cash back on all other purchases. The rewards are automatically redeemed for you every year and there is no maximum cash back limit.
2. Benefit 1: A major advantage of the TD Cash Back Visa Card is that it comes with no annual fee, making it an affordable option for those who want to earn cash back without having to pay extra for the privilege.
3. Benefit 2: Another advantage of the card is its insurance coverage, which includes up to $1,000 of Purchase Security Insurance for eligible items in case of theft or damage within the first 90 days of purchase, as well as up to $500,000 of Travel Accident Insurance when you charge the full cost of your common carrier fare to your card.
4. Benefit 3: The third major advantage is the 0% Promotional Balance Transfer rate for the first 6 months which can be helpful if you have outstanding balances on other credit accounts. Keep in mind that the interest rate will increase to 22.99% after the promotional period.
5. Benefit 4: Lastly, cardholders can enjoy the convenience of having their rewards automatically redeemed without worrying about managing rewards points or reaching a minimum amount before claiming your cash back.
6. Drawback 1: A significant drawback of this card is that its cash back rates (1% on eligible groceries, gas, and recurring bills, 0.5% on all other purchases) might not be as competitive compared to other cash back cards, especially for consumers with high monthly spending.
7. Drawback 2: Another drawback is the lack of additional perks or benefits such as travel insurance, airport lounge access, or free supplementary cards, which can be found in other credit cards in the market.
8. Additional Information: TD Visa also offers a mobile app allowing cardholders to access their account and monitor transactions at any time. Additionally, they provide a handy budget tracker tool where you can set customizable budgets and track your spending by category. This card also includes the convenience of contactless payment with Visa payWave.
In conclusion, the TD Cash Back Visa Card is a suitable option for those who want a no annual fee card with cash back potential on everyday purchases. However, if you are looking for more competitive cash back rates or additional perks, consider exploring other credit card options in the Canadian market.
Not the right fit? You could consider the MBNA Smart Cash Platinum Plus MasterCard. Or, if you’re looking for other options check out the TD Cash Back Visa Infinite Card, and the TD Rewards Visa Card.
FAQ
Key benefits
- APR: 19.99% on purchases
- Balance transfer rate: Optional low rate or standard 19.99%
- Cash advance rate: 22.99%
- Foreign transaction fee: 2.5%
- Minimum credit limit: $500
- Credit score requirement: Good to Excellent
- Compatibility: Apple Pay, Google Pay, and Samsung Pay
- Travel insurance options: Delayed and lost baggage coverage, trip interruption insurance, common carrier travel accident insurance
- Extended warranty: Double manufacturer’s warranty up to 12 months
- Purchase security: 90 days protection against loss, theft, or damage
