TD Bank is new the the US credit card scene and just this year released the TD Cash Visa Credit Card to the market.
The card offers a flat 2% cash back earning structure on dining and 1% on everything else, which can make it a easy way and straight forward way to earn cash back rewards. Plus, the card has offered a welcome bonus since it's release, which can be an added incentive to apply.
What is the TD Cash Visa® Credit Card?
With the TD Cash Visa Credit Card you can earn 2% cash back for every dollar spent on dining purchases. You'll earn 1% on every other purchase you make.
To give people an incentive to sign up, TD bank offers a welcome bonus worth $200 cash back after you spend $1,500 within the first 90 days.
This promotional offer is marketed to last only until October 31st 2016, but has been extended by TD Bank in the past.
With cash back points that do not expire and a simple spending requirement, this card can be a straight forward cash back card option for anyone who banks with TD Bank.
Who Should Consider the TD Cash Visa® Credit Card?
TD Bank has somewhat restrictive terminology regarding who can have the card.
In order to be eligible for the TD Cash Visa Credit Card, you need to live in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA or VT.
It's unfortunate that TD Bank currently limits is credit card products to select states, as it currently disqualifies over half of the country from this card and potentially more cards that are launched in the future.
$200 Welcome Offer
The welcome bonus for the TD Cash Visa Credit Card is currently $200 after spending $1,500 in the first 90 days.
The bonus will be applied to your account as cash rewards after you use the card to meet the minimum spending requirement. Per the terms, TD Bank asks to allow up to 8 weeks for the bonus to be applied.
Another welcome bonus associated with this card is a promotional Annual Percentage Rate (APR) of zero on all purchases and balance transfers for the first twelve months after opening an account. Zero APR on big-ticket purchases is extremely helpful to make sure you don’t have any liquidity problems.
There are bonus earning categories that the TD Cash Visa offers that may make it a useful card for you. If you are a big spender on dining purchases, then you'll get 2% cash rewards on those purchases.
This is comparable to the Barclaycard Arrival Plus credit card which offers 2% back on all purchases, except that with the TD Cash Visa you are earning straight cash back. With the Arrival Plus you can only redeem your miles at a top value level when you use them for travel redemptions.
The 2% cash back will apply for all dining purchases, including fine dining, and just about anywhere that sells food!
Other TD Cash Visa® Credit Card Benefits
Additional travel and insurance benefits that come with the TD Cash Visa Credit Card largely depend on the credit limit you’re approved with.
To be eligible for Visa Signature benefits you must get approved for the TD Cash Visa with a credit limit of at least five $5,000. If your credit limit is less than $5,000 you will receive a Platinum card.
A big benefit of having a Visa Signature card is that you get great benefits which are useful for travel.
One such benefit is having lost luggage reimbursement and travel related insurances. Assuming you used your TD Cash Visa Card for your travel purchases, you will be reimbursed!
One other huge benefit of having the TD Cash Visa Card is that you receive car rental insurance at no cost. This supplemental insurance covers your rental vehicle from collision and theft.
Keep in mind that these benefits all come with no annual fee!
Comparing the TD Cash Visa® Credit Card to Other Cash Back Cards
The TD Cash Visa Credit Card holds its own when compared to similar cash back cards. In order to earn the $200 welcome bonus, you must spend $1,500 on your TD Cash Visa.
The now discontinued no annual fee Barclays Arrival Card offered a $200 bonus after spending $1,000. Similarly, the Bank of America AAA card offers a $100 rebate for only $250 in spend and does not have an annual fee.
Another option is the Major League Baseball (MLB) card from Bank of America or the AARP card from Chase Bank. Both cards offer $100 cash back after $500 in purchases and neither have an annual fee.
The welcome bonus for the TD Cash Visa is not ground breaking, but it is still twice the rebate as the MLB, AAA, and AARP cards with only a slightly higher spending requirement.
Despite its rather lackluster welcome bonus, the TD Cash Visa Credit Card can still be a useful card to have if you want straight cash back on dining and also access to Visa Signature benefits.
Final Thoughts on the TD Cash Visa® Credit Card
Given that the welcome bonus offered on the card is only $200, the minimum spend requirement of $1,500 may be a bit high for some.
However, if you are looking for a no annual fee cash back credit card to cover dining purchases this could be a card to consider.
Having no annual fee card with no foreign transaction fees makes this a worthwhile card for international travelers. In addition to earning two percent cash rewards at most restaurants, you have over 400 different options for when you redeem your rewards.
TD Cash Visa® Credit Card Frequently Asked Questions
How to Redeem Cash Rewards?
You can redeem your cash rewards by calling the redemption number for TD. Another way to redeem is by directly stopping by one of their branches. It is a good idea to keep in mind that there is a $25 minimum to redeem cash rewards. TD boasts over 400 award redemption options so you can find the perfect redemption!
How Much Cash Rewards Can You Earn?
As an incentive to get this card, TD offers $200 after $1,500 worth of purchases within 90 days after account opening. You will also earn 2% cash rewards at any food establishment. Many cards offer cash back on food purchases, yet omit fast food for a category bonus. With the TD Cash Visa even fast food codes as 2% cash rewards. There is no limit on the amount of cash rewards you can earn, making this a great card if you eat out the majority of the time.
Who Can Apply for the TD Cash Visa® Credit Card?
Anyone with a decent credit score can apply for this card and has a chance of getting accepted. However, only those who reside in CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA or VT are eligible for the card.
Does the Card Have Foreign Transaction Fees? Or Annual Fee?
One great perk of this card is not having an annual fee to worry about. No annual fee makes this a perfect card for those who have a slim or new credit file. Also, this is a great card to take traveling internationally because there are no foreign transaction fees.