TD Bank Trying to Compete in the Rewards Space

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I recently had some exposure to TD Bank with obtaining a new mortgage. I found their processes to be above par compared to other large banks and we closed the transaction within 45 days of meeting with a TD banker. TD is a Canadian based bank and I definitely get the sense that they are eager to penetrate the US market. They weren’t heavily invested in the US housing boom of the mid 2000’s, so one would think that this certainly gives them more opportunity to go after new business.

A major source of new credit card business for banks with a retail presence is to have someone sign up for a credit card when they open a new checking account or when a banking specialist is reviewing a current account. You’ve probably heard this line before: “have you thought about securing your checking account with a credit card, so you don’t have to worry about fees from a negative balance?” - only to walk out of your local branch with a new credit card. If this has been the case with TD, don’t fret, they have two pretty solid rewards cards that are comparable to other cash based reward credit cards in the space.

The two reward credit cards from TD bank offer similar rewards, but one redeems in cash and the other is in points. I think I speak for everyone when I say cash rewards are a better option for consumers because points can lead to overall less value.

Both card options entice consumers with upfront rewards on everyday purchases like groceries and gas. Earn 5 times the rewards or earn 5% cash back. You need fair-excellent credit, which is a credit score of about 660 and up. Below I’ve highlighted areas of each credit card that are above the norm for the rewards marketplace:td_reward_card_comparison

You may be wondering “what’s the difference?” If you choose to go with the Easy Rewards card, your earned points offer a smaller rebate than the Cash Rewards card. Earned points for the Easy Rewards card can be used on over 400 rewards starting at 3,500 points. Visit their website for a list of rewards.

Credit limits will vary from a minimum of $500 to a maximum of $23,000 and missing two minimum payments will cause an early termination of the promotional offers and automatically switch to the standard card agreement.

Card Fee Details:

Annual Fee -  Users enjoy no annual fee unlike many rewards cards, such as the Capital One Venture Rewards Credit Card or the Chase Sapphire Preferred Card which charge fees after the first year. ABOVE STANDARD.

Introductory APR - 0% for the first 6 months. Do note, there is the possibility of losing your intro APR of 0% if your payment is 60 days past due. ABOVE STANDARD.

Standard APR- 9.24% - 23.24% depending on your credit worthiness (Let’s hope it’s closer to 9.24%). ABOVE STANDARD.

Foreign Transactions- 3%  BELOW STANDARD

Balance Transfers- 4%  BELOW STANDARD

Cash Advance - A steep 23.24% for the TD Cash Rewards card & 5% plus an additional $10 for the TD Easy Rewards card. STANDARD.

Late Payment Fee - $39 STANDARD

Additional perks:

Card holders will enjoy the worldwide acceptance of Visa along with Visa’s Zero Liability Protection. There are also hassle-free conveniences with this card like emergency card replacement, Live Customer Service 24/7 and easy online access to your account information. Card holders have the ability to make payments most convenient to your life-style by mail, phone, online, or at a local TD Bank.

Verdict?

If TD is your bank of choice, the TD Cash Rewards card is going to be the best option for those looking to get the most benefits out of the TD portfolio of credit cards.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.

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