This card could be a good match for you if you spend a lot of your credit card money at restaurants or supermarkets and want to earn some cashback. The TD Cash Card is similar to most cashback credit cards in that earning and redeeming rewards is easy. This card is only available in 15 states (plus the District of Columbia). Hence, you can only apply if you reside in one of those states. Also, If you have a lingering balance on another card or need to fund a big purchase, the TD Cash Card gives you 15 months to do so without paying interest. This promotional APR is comparable to, if not better than, similar cashback card offers currently available.
Easy Sign-up bonus: The new deal isn’t the best you’ll find from a no-annual fee cashback card right now. But remember how simple it is to earn. You only need to pay $167 a month for three months after opening your account to receive a $150 new-cardholder bonus. This is still a pretty good deal considering some of the others offered by different credit card companies. Standard security features on the TD Cash Card include Visa’s “Zero Liability Policy”. This states that you are not liable for any fraudulent charges made on your card if you report them promptly. Also, if your card is lost or stolen, you can get a replacement right away at a TD Bank branch.
Bonus for new cardholders
Spend $500 within three months of opening your account to earn 15,000 points worth $150 in cash. This is a fairly standard deal for a cashback card with no annual charge. But it isn’t the most valuable option available right now. Nevertheless, it’s appealing because it has a low minimum spending requirement, while other cards demand $1,000 or more. After you’ve met the spending threshold, your bonus should arrive in six to eight weeks.
Earning Points and Rewards with the TD cash card
The TD Cash Card is a good option for people who spend a lot of money on food and groceries. Dining transactions will give you 3% cashback. Also, grocery store purchases will earn you 2% cashback, and anything else will earn you 1% cashback. Cashback is given in the form of points, with each point worth one cent. So, if your monthly budget includes $400 for eating out, $600 for food, and $500 for miscellaneous expenses, you’ll receive $348 in regular cashback plus the $150 bonus for a total of $498 in rewards during your first year with the card.
How to redeem those points
The uniqueness of the TD Cash Card is that you don’t have to do any math. Your points are worth 1 cent each when you redeem them. To redeem for cash, you must have a minimum of 2,500 points ($25) to receive a statement credit or a direct deposit into a U.S. checking or savings account. Gift cards, travel, and merchandise can all be purchased with points. If you plan to use points to purchase something, keep in mind that each point might be worth less than a penny, so shop carefully.
How to use the TD cash card the correct way
In general, to get the most out of cashback cards, just use them for the kinds of purchases you’d make anyway, particularly in the bonus categories. To put it another way, don’t go above and above your usual spending habits just to win incentives. The TD Cash Card is no exception. Keep this in mind if you spend more on dining out and grocery shopping than on gas or travel, as those categories would give you more points. To receive the $150 new-cardholder incentive, meet the minimum spend requirement in the first three months. After that, try to pay off your balance in total per month to avoid having your earnings wiped out by finance charges.
J.D. Power’s 2020 credit card customer loyalty survey ranked TD Bank fifth out of 11 regional banks, with an 802 out of 1,000 average. In the 2020 U.S. Banking Mobile App Satisfaction Report, it received average ratings and ranked seventh out of ten. In the U.S. Online Banking Satisfaction Report, TD Bank tied for the third position. In the credit card-specific website and app tests, however, it was not ranked. Customer support is available through a 24-hour hotline or Facebook Messenger. When you log in to TD Bank Online Banking, you can also get a free VantageScore. You can also use credit education resources.
There are some cons though
Only customers in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C. can currently apply for the TD Cash credit card. Also, since this card is geared for “everyday” purchases, it’s worth noting that gas does not earn bonus points. However, some cards that focus on groceries and dining also provide a discount on gas station transactions.
Look for two items in a credit card that can accommodate international travel: worldwide recognition at foreign retailers and no foreign transaction fees. The TD Cash Credit Card passes the first test as a Visa. However, because of its 3% foreign transaction tax, it will be costly to use while traveling abroad. If you are a frequent international traveler, this can be a considerable drawback for you.
The TD Cash Credit Card is a diner’s dream, giving you extra cashback whether you dine out or cook at home. Suppose you live in one of the states where the TD Cash Credit Card is available. In that case, it’s an excellent alternative to the Capital One SavorOne Cash Rewards Credit Card, which also has no annual fee and earns bonus rewards on dining and grocery store purchases.