Did you know that, according to the Canadian Bankers Association, 70% of Canadians with credit cards fully pay their card balance each month? As a result, for these Canadians, their interest rate is zero.
Even for those Canadians who don’t do this, there are many cards on the market that have low-interest rates, often with one that’s less than 13%.
Whatever interest rate you’re looking for, there are many credit cards available. And if you’ve been researching potential credit cards, you might be wondering about the TD Cash Back VISA card.
However, you might not be sure about whether this is the right card for you, which can be stressful, considering the importance of this financial decision.
That’s why we’ve put together this article. In it, we’ll cover everything you need to know about this card.
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TD Cash Back Visa Card Annual Fee Waived
One of the best things about getting the TD Cash Back VISA card is that the VISA card annual fee is waived. This means that you won’t have to worry about making the money back in cash rewards to pay off the card’s annual fee in the first place.
Instead, when you get the cash rewards, they’re yours to spend on whatever you want. But this is only one of many of the benefits of the TD Cash Back VISA card.
TD Cash Back Visa Card Benefits
In this section, we’ll review the TD Cash Back VISA Card benefits. These include that it’s a great card for food lovers, you can redeem not only cash but have other choices, there’s a decent introductory APR if you’re completing a bank transfer, and a sign-up bonus.
Great Card for Food Lovers
When you go out to eat at your favourite restaurant, you’ll get 3% cash back on your purchase. Enjoy being a chef in the kitchen? This card is great for that too since you’ll get 2% cash back on the purchases you make at grocery stores.
For all other purchases, you’ll get 1% cash back. As a result, you can buy all the foods you love while still getting cash back on purchases that aren't food.
Additional Options for Redeeming
Even though you can get cash back with this card (after all, it’s named after this feature), there are additional options for redeeming your points. So you don’t only have the cash back option where you get cash deposited directly into your bank account or in statement credit form.
You can also redeem your points for merchandise, gift cards, and travel.
Here’s how it works. When you redeem your points for cash back, they’re worth 1 cent each. When you redeem them for gift cards or travel, they’re worth at least this amount. As for merchandise, how much your points are worth varies.
If you decide to get cash back, there’s a minimum amount of points you have to redeem. This minimum is 2,500 points.
Decent Introductory APR for Balance Transfers
One of the biggest benefits of this cash bank credit card is that the Introductory APR on purchases is 0% for your first 6 billing cycles—and when it comes to balance transfers, it’s 0% for the first 15 billing cycles after you’ve opened your account.
So if you need to move your balance from one credit card to another one, this can be a great way to pay off that amount. You’ll have a good amount of time from when you sign up for the card to do this.
After this time has gone by, you’ll have an ongoing APR of 22.99%, 17.99%, or 12.99% variable. As for the balance transfer fee itself, it’s quite low. These are usually somewhere between 3% and 5%, and with this card, it’s 3%. All these features make this card a great choice if you have a credit card balance you need some time to pay off.
When you get this cash back credit card, you also get a sign-up bonus. If within 90 days of opening your account, you spend $500 or more, you’ll get $150 in cash back. This is free money if you were planning on spending that amount anyway.
This is a pretty good deal, considering that you aren’t paying an annual fee.
TD Cash Back Visa Card Auto Club
With this card, you’ll also get access to the TD Auto Club. Through this club, you’ll get access to Trip-Planning Services that are personalized as well as Emergency Road Services. When you need help on the road, all you have to do is call the toll-free, 24-hour number.
This is such a reliable service that there’s a guarantee offered. If you find yourself unable to get assistance, the club will reimburse you for any money lost.
As for the travel service, they’ll provide you with scenic routes to take when getting from point A to point B (or anywhere in between). Additionally, they’ll provide you with information on which points of interest to stop at.
TD Cash Back Visa Cardholder Agreement
When it comes to choosing the right TD card options for you, it can help to know what you’re agreeing to in the cardholder agreement. In this section, we’ll review parts of the agreement, such as using the account, unauthorized transactions, and more.
Using the Account
When you use your TD Cash Back VISA card, you can use it for cash advances, purchases, access to additional accounts you have at the bank or any of its affiliates, and any other purpose that you agree to with the card issuer.
Unauthorized transactions include cases where someone not you used your account, there was no benefit you received from the transaction, you cooperated with the card issuer during the investigation, and you followed the responsibilities laid out in the Agreement.
Credit Limit and Overlimit
The credit limit is the maximum amount you can charge to your card, and you can find it on the Disclosure Statement. The credit card issuer might lower your credit limit at any time and do not have to tell you in advance about this.
You might be charged an over-limit fee. This is charged only once per statement period.
Before each Payment Due Date, you have to pay your Minimum Payment. This is shown on your statement and you will see it described on your statement as the Disclosure Statement. Make sure you check your account to ensure you pay this off in time.
Payment Due Date
When you use this card, your Payment Due Date is 21 days away, at least, from your Statement Date. Depending on your payment activity, this period might extend. When this happens, interest will still apply during this period.
The grace period with this card lasts from the day following your Statement Date to the day of your Payment Due Date. This makes your grace period 21 days, during which you can pay what you need to on the credit card.
Keep in mind that, new purchases and fees that show up on your statement for the first time will not have interest charged on them.
However, if you pay less than your Balance on your credit card, interest will then be charged on these items.
TD Cash Back Visa Card Foreign Transaction Fee
When considering TD card options, it’s important to think about card transaction fees. These card transaction fees are especially important to think about if you enjoy travelling or are often doing so for business.
Even though this card is accepted by many overseas merchants, there is an issue with the foreign transaction fee. This fee is 3%, which means you’ll lose quite a lot of money when you’re using it to spend in international places.
Now that you’ve learned about the TD Cash Back VISA card in this review, you have a better idea of whether it’s the right card for you. However, you might have additional questions. Maybe you want to learn more about similar cards or about how to apply.
Whatever information you need, we can help. At Insurdinary, we’re experts when it comes to credit cards.
We also offer insurance for Canadians. Whether you want to learn more about our insurance or about credit cards and finances, you can learn more by contacting Insurdinary now.