TD Cash Back Visa Card review
A cash-back rewards program, fees, interest rates and even competitors. It's all here in our TD Cash Back Visa Card Review.
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There isn’t much that rings sweeter than cash in your pocket, which is precisely the allure of the cash back credit card. Canada’s Big Five banks (and many smaller ones too) offer a wide range of credit cards that allow you to accumulate cash rewards simply by using them. And to maximize those rewards, you’ll want to choose a card based on spending habits. If you’re new to the world of cash-back credit cards, TD’s Cash Back Visa Card is a simple and reliable introductory option with no annual fee, no minimum income requirement and a no-frills approach.
TD Cash Back Visa Card Review*
| Annual fee | $0 |
| Rewards | 1% cash back on grocery, gas and recurring bill payments; 0.5% cash back on all other purchases |
| Interest rates | 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income requirement | None specified |
| Best features | No annual fee; redeem your cash back any time; accessible entry-level card with no specific income requirements |
| Who it’s good for | Students and new credit card users; people who already have a TD bank account; those who want to earn basic rewards without annual fees |
Get more details about the TD CashBack Visa*
6 Things to know about the TD Cash Back Visa Card
1. Earn cash back rewards
TD Cash Back Visa cardholders will earn 1% cash back on three bonus categories (grocery, gas and recurring bill payments) and 0.5% on everything else. There’s an imposed yearly spend cap of $5,000 within each bonus category. Once you hit the cap, your earn rate in that specific bonus category will drop from 1% to 0.5% for the rest of the year. This may or may not be a limitation for you, depending on how often you use your credit card. For instance, if you spend well over $450 per month on groceries, the spending caps will put a ceiling on your earning potential in that category. But the spending caps reset every year.
It’s worth noting that the TD Cash Back Visa Card doesn’t pretend to be anything other than an entry-level card. If it’s big dollar rewards you’re after, there are more lucrative options: The Tangerine Money Back Card, for example, offers up to 2% back in three spending categories and isn’t limited by an annual spend cap.
2. Flexible cash back redemptions
Most cash back cards have a specific time and date (e.g. once per year or month) to redeem your rewards. The big advantage of the TD Cash Back Visa card is that you can redeem right away, any time of the year, as long as the minimum redemption is $25. Keep your account open and make the minimum payments by your billing due date, and your cash rewards will never expire.
3. No annual fees or income requirements
Accessibility is another perk of the TD Cash Back Visa card. Since it requires no minimum income level, it’s a great option as a student credit card or anyone who’s a credit card beginner looking to establish their credit history. Like most entry-level cards, it’s free to carry and doesn’t charge annual fees.
4. Get basic credit card perks
You can shop with confidence, thanks to the security and extended warranty protection. And you can save on car rentals, too. Card users save a minimum of 10% off the lowest available base rates in Canada and the U.S., and a minimum of 5% off the lowest available base rates internationally on qualifying rentals at Avis and Budget.
5. Interest rates
As long as you pay off your balance in full and on time, you won’t owe any interest. But if you carry a revolving balance, interest will kick in and you’ll owe interest at a rate of 19.99% on purchases (which is the standard among rewards credit cards). The TD Cash Back Visa Card charges 22.99% on cash advances. Interest rates, fees and offers will differ for Quebec residents.
6. Big bank advantage
TD, or Toronto Dominion, was formed after the Bank of Toronto and The Dominion Bank merged in 1955, and has since become one of Canada’s big five banks. That means a card from here comes with the added security of knowing it’s from a trustworthy financial institution that will probably be around for a while. If you already have a chequing or savings account with TD, transferring funds between accounts will be a breeze.
Get more details about the TD CashBack Visa Card*
Are there any drawbacks to the TD Cash Back Visa?
Compared with its competitors, the TD Cash Back Visa offers few extras or incentives to use the card beyond its very basic functions. You can earn double the rewards or more with the other no-fee rewards credit cards below.
TD Cash Back Visa Card alternatives
Several other no-fee credit cards offer higher cash back rates on everyday purchases, as well as additional perks:
- Tangerine Money Back Credit Card earns 2% with up to three bonus categories. There is no annual fee and there are also no caps on how much you can earn. However, it does require an annual income of at least $12,000.
- BMO CashBack Mastercard: This no fee card earns up to 3% on groceries and an even more flexible cash back redemption system (you can access your cash back in increments of as little as $1). Like TD, there is no annual fee and you earn 1% on recurring bills and 0.5% on all other purchases. (Click here for the full review and an exclusive offer.)
Bottom line
The benefit of the TD Cash Back Visa Card is its simplicity. It’s a solid option for credit card beginners or anyone who wants to build credit without too much concern about rewards. It’s also a good entry-level option for those who have already established other chequing and saving accounts with TD and also want a TD credit card to streamline their accounts with a single provider. If your goal is to collect more rewards more efficiently, skip this one and shop around for a card that offers better perks and accelerated rates.
MORE ON CREDIT CARDS:
- TD CashBack Visa Infinite review
- The best secured credit cards in Canada right now
- How the TD Aeroplan credit card compares to others
What does the * mean?
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This TD is terrible they are not answearing their phones when u call. You want to get a TD CARD ? GOOD LUCK IF U HAVE A PROBLEM.
Hi I want to apply for TD Visa card.I am not going through.I want TD cash back card.thank you.
We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
I could provide my first hand experience with this credit card and any TD credit cards in general. Their credit card is great, if you use it only for normal, routine activity, such as for purchasing groceries, etc. However, if you ever want to use any TD credit cards for making online purchase or at other locations during travel, be careful. My credit card was blocked at least twice, due to travel away from my usual city. What is more appalling is their automatic voice recognition system. Apparently, the automatic voice recognition does not recognize my voice and therefore, any call to the credit card service will be denied as “insufficient information” to authenticate my identity. The only way to get around this is to physically travel back to a TD bank to unenroll myself from the system. I was stranded oversea and had no access to any financial resource, while TD credit card service only operates in the normal limited office hours, and they could not help me because of the ability to verify my identity due to my voice. They ask me to “go to the bank” and even after I managed to travel back and went to the bank, TD bank could not reactivate my card, due to the fact that their system needed a few business days to “unenroll” me from the voice activated system.
Despite me presenting all my identities, including other TD debit card, driver license, passport, key in passcode, etc. etc., they could not reactivate my card. The case is pending between the TD credit card fraud protection, TD bank, and TD credit card services and non of the department could resolve this simple issue, since it is being referred to these various departments, and none seems to be able to help me.
Keep in mind that they only operate under limited hours, so the case is in limbo. If you need a reliable credit card that works while purchasing stuffs online, traveling to a different place, and if you have any accent and perhaps your name is a bit difficult to pronounce and be recognized by their system, the TD online service would not be able to register your name and identify you, and you will never be able to reach their customer service. My advice is that please do not rely on this particular card when you need to go on to travel.
I never recommend it? I have an active credit visa card for years ,never increased when I intrested to get it my credit limit was $1000 after 5 years using it for my daily purchases, stayed exciting as same limit i think one of the worst credit card I have seen in my life TD visa cash back card
DO NOT get this card. If it is stolen and fraudulently used, you may find yourself out of luck. And getting through to anyone who can help is frustrating beyond description. Good luck finding any information regarding appeals process either. I had several credit and debit cards stolen from my vehicle last July. TD Bank debit card blocked attempted fraudulent use of that card and for two other credit cards (one USAA bank card and one Home Depot store card) I was reimbursed fraudulent charges. TD Bank Card services, however, is still trying to make me responsible for the fraudulent charges (totaling over $1100) despite me having provided them with police case number and other information related to the theft. They are basically accusing me of fraud by saying the card was in my possession when used.