Best For Travel Rewards: Td First Classsm Visa Signature Credit Card
Heres why: If you spend a significant amount of money on travel, the TD First ClassSM Visa Signature® Credit Card could be just what you need.
This card offers three First Class miles per $1 on dining and travel purchases, which include flights, hotels, car rentals and cruises. The card also offers one mile per $1 on all other purchases and 25,000 bonus miles when you spend $3,000 within the first six billing cycles after the account opens.
This card can be a good option, but only if you spend heavily on dining or travel. Youd have to spend almost $2,967 per year on dining or travel purchases to offset the $89 annual fee .
Even if you do spend a ton of money on dining and travel, there are other credit cards out there with travel rewards and no annual fee and some have better sign-up bonuses, too.
Td First Class Travel Visa Infinite*
Thanks to the partnership between TD and Expedia, you can redeem TD points you collect on the TD First Class Travel Visa Infinite for virtually anything travel-related including hotels, vacation packages, and flightson any airline, hotel, or travel provider listed on of the worlds largest travel comparison site. That flexibility put this on our best TD credit cards list.
With this card youll get 9 TD points per $1 on purchases from ExpediaForTD.com and a flat 3 points per $1 on everything else. Redemptions on ExpediaforTD.com are super straightforward: 200 TD Points are worth $1, or, put another way, 1 Point = 0.5 cents. Spend frequently or save upyour points never expire. You can redeem points for travel outside of Expedia For TD or for merchandise or gifts, but be aware that youll get less value out of your points this way.
Perks include comprehensive travel insurance benefits, automotive coverage and discounts, and Visa Infinite privileges.
Td Bank Credit Card Features And Benefits
TD Bank offers a straightforward collection of credit cards with to-the-point rewards and few frills. Youll find some TD Bank credit cards with no annual fee and others with intro annual fees. Youll find some TD Bank credit cards without foreign transaction fees and other travel benefits. That said, many TD Bank credit cards offer a few common perks:
- Replaceable cards. Visit your nearest TD Bank to receive an immediate replacement card if your card is ever lost or stolen.
- Visa Zero Liability. Most TD Bank credit cards come with Visa Zero Liability protection. Youll have Visa security on your purchases as well as protection against unauthorized charges on your account.
- Chip protection. All TD Bank cards are equipped with a chip for security and greater accessibility abroad.
- Digital wallet. Add your TD Bank credit card to your mobile device for easy purchases online and in-store.
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Best For Earning Cash Back On Dining In Or Out
- Rewards rate: 3 percent cash back on dining, 2 percent on groceries and 1 percent on everything else
- Welcome offer: Earn $150 cash back by spending $500 in the first 90 days
- Annual fee: $0
- Purchase intro APR: 0 percent for the first 15 billing cycles
- Balance transfer intro APR: 0 percent for the first 15 billing cycles
- Regular APR: 12.99 percent, 17.99 percent or 22.99 percent variable based on creditworthiness
The TD Cash Credit Card is a credit card designed with foodies in mind. Dining out earns you unlimited 3 percent cash back, plus youll earn 2 percent back at grocery stores for when you decide to stay in and cook dinner at home.
But how does it stack up against other cash back credit cards?
In this review, well dig through the cards fine print and share all the important details you need to know about the card, then compare it to a few other options to see if its worth adding to your wallet.
Earning Points & Rewards
The TD Cash Card is a solid product that offers higher rewards for food and grocery-related spending. Youll earn 3% cash back on dining purchases, 2% back at grocery stores, and then 1% back on everything else. With this card, cash back is awarded as points, and each point is worth 1 cent.
So, if your budget includes spending $400 a month on dining out, $600 a month on groceries, and then you use the card for another $500 in miscellaneous expenses, that spending will earn you $348 in regular cash back plus the $150 dollar bonus for a total of $498 in rewards during your first year with the card.
Purchases from superstores and/or warehouse clubs dont count as grocery store purchases and may only earn 1% cash back. Thats something to consider if the bulk of your grocery shopping takes place at Walmart, Target, or Costco.
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How To Get The Most Out Of This Card
To maximize the rewards with cash-back cards in general, simply use them for the spending youd do anyway, especially in the bonus categories. In other words, don’t spend more than you normally would just to earn rewards.
The TD Cash Card is no exception, especially if you spend more on dining out and grocery shopping than on gas or travel, since youll earn extra points for those categories.
To get a boost in points, meet the minimum spend in the first three months to earn the $150 new-cardholder bonus. From there, aim to pay your balance in full each month, so finance charges dont wipe out what youve earned.
To squeeze the most cash back out of your spending, consider pairing this card with another cash-back credit card that earns 1.5% or 2% on everything. You could use the TD Cash Card for dining and groceries, and the other card for everything else.
Best No Fee Cash Back Credit Card
The Tangerine Money-Back Card earns you 2% cash back in two chosen spending categories and 0.5% on everything else. Thereâs a total of 10 bonus categories to choose from â including everything from groceries and gas, to restaurants, public transit, hotel stays, and more.
It also currently features a welcome offer of 15% back when you spend up to $1,000 in everyday purchases within your first 2 months. Offer expires December 31, 2021.
Why we like it:
Two percent on bonus categories is one of the richest return rates for a no fee credit card. The freedom to choose your bonus categories is also great, as is the fact your cash back is refunded on a monthly basis .
This card offers a 1.95% promotional interest rate on balance transfers for new cardholders for the first six months. If you state that you earn at least $60,000 during the application process, youâll get bumped up to the higher-tier Tangerine World Mastercard and get additional benefits like mobile device insurance and rental car coverage.
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Winner: American Express Cobalt
- Annual fee: $155.88 .
- Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership
- Earn 5 points per $1 on groceries and dining
- Earn 2 points per $1 on travel, gas, and daily transit
- Earn 3x the points on eligible streaming subscriptions in Canada
- Earn 1 point per $1 on all purchases
- Transfer points 1:1 to several frequent flyer and other loyalty programs
The American Express Cobalt is one of the highest-earning rewards cards out there, offering up to 5 points per dollar on groceries and restaurants. Points are worth up to 1.75 cents each when redeemed for travel via Amexâs Fixed Points Rewards chart or 1 cent each if you want to keep things simple and use Amexâs straightforward Flexible Points program . The card has no specific income requirements, and when you apply online, you can get instantly approved in minutes if you qualify.
Which Credit Bureau Is Used
Ive included a table indicating which credit bureau in Canada each issuer uses. These are general guidelines and are not strict rules. The credit bureau that each bank checks may vary depending on the individual consumer. However, the majority of applicants have the same results as this table. Ive added a list of which Canadian credit bureaus are pulled by major credit card and other financial issuers. If you have any additional data points youd like to contribute, please send me an email. Most of this information is from various online resources including RFD, and pretty much match my own credit history with the bureaus. The split pretty much is right down the line Equifax and TransUnion are pulled equally.
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Bankrates Take Is The Td Cash Credit Card Worth It
The TD Cash credit card is a no-frills card that offers excellent cash back rewards rates for dining out and grocery stores. This card is great for anyone looking to earn cash back on everyday purchases without the hassle of a complicated rewards system.
Its not a great fit for people with poor credit, however. If your credit could use some work, you should consider the TD Cash Secured Credit Card, which requires a lower credit score to be approved. If you make on-time payments for 24 consecutive months, you may be eligible to upgrade to an unsecured card from TD Bank.
How Does My Credit Score Affect A Credit Card Instant Approval
The better your credit score, the more likely you are to be instantly approved for a credit card.
A great strategy is to check your own credit score beforehand. Many websites, including Transunion, let you check your credit score for free. Contrary to what you might have heard, checking your own credit score isnât the same as when banks do it and wonât hurt your score in any way.
|Unlikely â Work on improving your credit to increase your odds of approval.|
|660-724||Fair â You wonât be instantly approved for all credit cards with a credit score in this range, but you will have good selection possibly including some American Express cards.|
|725-759||Good âWith a credit score over 725, youâre likely to be instantly approved for a wider range of cards.|
|760+||Excellent â With excellent credit, youâll likely be instantly approved for most cards.|
Even if your credit score falls below the threshold for instant approval, you may still be approved for the card you want. The process might just take longer, and you might have to give additional details, make a security deposit, speak with the card issuer in person or over the phone, and/or have a guarantor co-sign for the card.
Additionally, youâll need to meet other minimum requirements for these cards. Most notably, many premium credit cards have a minimum requirement for personal income â typically around $60,000-$80,000.
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This Card Is Best For
- Seeks to maximize cash back earnings across spending categoriesCash Back Strategist
- Dines out regularly while traveling or in home cityFrequent Diner
- Primarily responsible for household grocery and other major purchasesHead of Household
The TD Cash card is ideally suited for anyone who wants to earn cash back rewards with their spending with extra rewards for dining and grocery spending. The TD Cash card is well suited as a secondary card for those who spend considerably on groceries that have a specific card for those purchases that has capped earnings. For example, the Blue Cash Everyday card offers 3% cash back on groceries, but limits cardholders to $6,000 in purchases per year, after which the cash back rate drops to 1%. For those who reach this threshold, the TD Cash card can provide a way to earn 2% on their supermarket trips, rather than dropping to 1%.
Additionally, the TD Cash card can work well for those who like to dine out, with a pleasant 3% back on restaurant expenditures.
For cardholders who want a solid bonus and consistent cash back without worrying about rotating categories, this card works as an acceptable option too.
About Aeroplan Rewards Points
Aeroplan launched a program overhaul on November 8, 2020, at which time Aeroplan points will be redeemable for flights based on a redemption chart that breaks up the world into four different travel zones: North America, Atlantic, Pacific and South America. Youll be able to redeem points for flights on Air Canada, plus more than two dozen Star Alliance members, including Singapore Airlines, Austrian Airlines and United.
Points values vary depending on where youre flying to and how popular the route is, but you can use this calculation:
Value of 1 Aeroplan Point = ÷ Aeroplan Points needed to redeem
So, as an example, if a round-trip flight from Toronto to Vancouver has a base fare of $405 and $20 in fees, your formula would look like this:
÷ 25,000 TD Points = 1.54 cents per 1 Aeroplan Point
You can also maximize your points values by adding stopovers, getting baggage fees waived, and so forth.
Learn more about changes to Aeroplan.
Any and all Aeroplan points you earned on an Aeroplan credit card between now and November 8, 2020 will be honoured on a one-to-one basis.
What does the * mean?
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Apply For Your New Credit Card
When you’ve found the perfect card for you, it’s time to apply! You can easily do this online by following the instructions provided on your financial institution’s website. Typically, you should find out if youâve been approved in 5-7 days, although in some cases it may take up to 30. If youâve applied online, instant-approval cards will tell you immediately if youâve been approved, but youâll still have to wait 5-7 days for your card to arrive.
Best Cash Back Card For Groceries And Gas
The biggest selling point of the CIBC DividendÂ® Visa Infinite* is its impressive rewards on everyday essentials. The card earns an industry-leading quadruple the cash back on both grocery and gas purchases â two of the most common spending categories for Canadian households.
But bonus rewards on food and transit arenât restricted to the supermarket checkout and at the pump. The card also earns an accelerated 2% cash back on dining and public transit . Plus, youâll earn 2% on recurring bills . All other purchases net a 1% return.
Thanks to CIBCâs new Cash back on demand feature, cardholders can choose to redeem rewards at any time as a statement credit starting in increments of $25. Otherwise, cash back will be credited to your account automatically as part of your January statement. Like all Visa Infinite Cards, youâll need to earn a personal income of at least $60,000 to get approved .
Why we like it:
The card earns between 4% and 2% in straight-up cash back across five bonus categories encompassing food, transit, and recurring bill payments â easily making it one of the highest-earning rewards cards in Canada for all spending personalities. For a limited time, cardholders can also get the cardâs annual fee rebated for the first year and earn a boosted 10% cash back rate on all purchases for the first four monthly statement periods .
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What Else Can I Do To Increase My Odds Of Being Instantly Approved
One of the best ways to increase your chances of being instantly approved for the card you want is to do your research and make sure you meet its income requirements before hitting apply. Most credit card application pages will explicitly mention how much you need to earn in order to get approved.
As a long-term strategy, youâll also want to keep good personal finance habits to maintain your credit score in good standing. Borrowing only what you can afford and paying all of your bills on time are two of the biggest things you can do to improve your creditworthiness. It also helps to stay well under your credit limit on the cards you already have.
How Can I Redeem My Td Points/td Rewards Points
TD Points/TD Rewards Points Redemption Options
Here’s a list of some of the redemption options available to you for your TD Points/TD Rewards Points and where you can make the redemption:
Expedia For TD travel purchases:
Travel booked online or by phone through Expedia For TD.
Redeem your TD Points/TD Rewards Points at the time of your online travel booking through ExpediaForTD.com
Redeem your TD Points/TD Rewards Points at the time of your phone travel booking through Expedia For TD at
Book Any Way travel purchases:
Travel booked through any other travel service provider.
Visit the Book Any Way page on TDRewards.com
Redeem your TD Points/TD Rewards Points for brand name merchandise and Gift Cards
|Visit the Shop The Catalogue, Merchandise or Gift Cards page on TDRewards.com|
Cash Credit to Your Account:
Redeem your TD Points/TD Rewards Points to help pay down your Credit Card balance.
Visit the Redeem for Cash page on TDRewards.com
Visit your Activity Page on EasyWeb
*TD Business Travel Visa*, please see note below
Visit your Activity Page on the TD app
*TD Business Travel Visa*, please see note below
Redeem your TD Points for Higher Ed credits to help pay for higher education tuition.
Visit the Redeem for Education page on TDRewards.com
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Redeem Points For Cash
400 TD Point = $1 / 1 TD Point = 0.25 cents
Everybody loves cash, but at 400 points per dollar, using your TD Points to get it isnt the best idea. If you want to earn cash with TD, its better to go with one of TDs cash back cards. However, if youre still looking to turn your points into cash, you canjust know that you need a minimum of 10,000 points.