The TD Cash Back Visa Card is a no-fee card that offers a simple way to earn rewards on everyday purchases. It’s ideal for those who want to avoid paying an annual fee while still earning a decent amount of cash back on groceries, gas, and recurring bills. With flexible redemption options and no complicated rewards structure, this card is designed for those who appreciate straightforward earning potential.
Highlights
Highlights- Earn 1% Cash Back: On eligible grocery and recurring bill payments.
- Flexible Redemption: Redeem your cash back any time, starting at $25.
- No Annual Fee: No cost to carry the card while earning rewards.
- Competitive Interest Rates: 19.99% APR for purchases and 22.99% APR for cash advances.
Quick Facts
- Annual Fee: $0
- Welcome Bonus: Earn up to 1% cash back on eligible purchases.
- Earn Rates:
- 1% Cash Back on eligible grocery purchases.
- 1% Cash Back on recurring bill payments.
- 0.5% Cash Back on all other purchases.
Cash Back Rewards Program
Earning Cash Back
The TD Cash Back Visa Card offers the following cash back rates on everyday purchases:
- 1% Cash Back: On eligible groceries and recurring bill payments.
- 0.5% Cash Back: On all other purchases.
There is no limit to the amount of cash back you can earn on your purchases, making it a solid option for those who want consistent rewards without worrying about caps.
Redeeming Cash Back
Redemption is flexible and straightforward:
- You can redeem your cash back at any time as long as you’ve accumulated at least $25.
- Redeem your rewards through the TD EasyWeb online banking platform or the TD app, making it convenient to cash in whenever you choose.
Maximizing Rewards
To maximize your rewards, focus your spending on:
- Groceries and Recurring Bills: These categories offer the highest cash back rate of 1%.
- Use for Everyday Purchases: With no annual fee and steady rewards, this card is ideal as your go-to for day-to-day spending.
Card Benefits
While the TD Cash Back Visa Card is primarily a rewards card, it also includes several key benefits:
Consumer Protection Benefits
- Purchase Security: Protects eligible purchases against loss, theft, or damage for 90 days from the date of purchase.
- Extended Warranty: Doubles the manufacturer’s warranty up to an additional 12 months.
Other Perks
- Contactless Payments: Use Visa PayWave to make fast, secure, and convenient purchases without having to swipe or insert your card.
- TD MySpend App: Track your spending in real time with TD’s MySpend app to better manage your budget and spending patterns.
Important Details
Interest Rates
- Purchases: 19.99% APR
- Cash Advances: 22.99% APR
Fees
- Annual Fee: $0
- Additional Cardholders: No extra cost to add additional authorized users to your account.
- Cash Advance Fee: $3.50 within Canada and $5 for international transactions.
Comparisons with other similar cards
TD Cash Back Visa vs. TD Cash Back Visa Infinite
The TD Cash Back Visa Infinite card offers more robust benefits, including:
- Higher Earn Rates: 3% cash back on groceries, gas, and recurring bills compared to the 1% on the standard Visa.
- Comprehensive Travel Insurance: Includes travel medical insurance, trip interruption/cancellation insurance, and more.
- Additional Perks: Complimentary roadside assistance and exclusive Visa Infinite offers.
Verdict: If you spend significantly on gas, groceries, and recurring bills and are interested in travel insurance, the TD Cash Back Visa Infinite offers greater value. However, the standard TD Cash Back Visa is perfect if you want to avoid the $120 annual fee.
TD Cash Back Visa vs. CIBC Dividend Visa
The CIBC Dividend Visa offers:
- 2% Cash Back: On groceries.
- 1% Cash Back: On gas, transportation, and recurring payments.
- 0.5% Cash Back: On all other purchases.
CIBC also has no annual fee, making it a direct competitor. However, the CIBC Dividend Visa’s 2% cash back on groceries is higher than TD’s 1%.
Verdict: The CIBC Dividend Visa offers a better cash back rate on groceries but falls short in other categories. The choice depends on where you spend the most.
TD Cash Back Visa vs. Scotiabank Momentum No-Fee Visa
The Scotiabank Momentum No-Fee Visa features:
- 1% Cash Back: On recurring bills and groceries.
- 0.5% Cash Back: On everything else, including gas.
Both cards offer similar rewards, but Scotiabank provides slightly broader bonus categories. However, TD’s flexible redemption feature allows you to redeem your rewards more easily once you reach $25, giving it a slight edge for convenience.
Verdict: Both cards are very similar in rewards and benefits. Choose TD if you want more flexible cash back redemption options.
Is This Card Right for You?
The TD Cash Back Visa Card is an excellent choice for:
- Those Who Want No Annual Fee: Perfect if you’re looking for a no-cost card that still offers cash back on everyday purchases.
- Everyday Spenders: With 1% cash back on groceries and recurring bills, it’s ideal for those who spend regularly in these categories.
- Simple Cash Back Redemption: If you value flexibility and the ability to redeem cash back whenever you want (starting at $25), this card offers a user-friendly solution.
However, if you’re seeking a more comprehensive rewards card or one with travel insurance, you may want to consider a premium option like the TD Cash Back Visa Infinite.