If you’re considering a new credit card, the TD Cash Back Visa Infinite might catch your eye with its impressive cash back rates and valuable perks. You get 3% back on groceries, gas, and recurring bill payments, and 1% on everything else. The welcome offer of 10% cash back on up to $3,500 in the first three months sounds enticing, doesn’t it? Plus, it includes travel insurance and roadside assistance.
But before you get too excited, there are some fees and eligibility requirements you need to know about. So, is this card really worth it?
Quick Takeaways:
Quick Takeaways:- Offers 3% cash back on groceries, gas, and recurring bills, capped at $15,000 annually.
- Welcome bonus provides 10% cash back on the first $3,500 spent within three months.
- Annual fee of $139 is waived for the first year if activated and used within three months.
- Minimum income requirement of $60,000 individual or $100,000 household to qualify.
- Includes up to $2 million in emergency travel medical insurance for the first 10 days (excluding Quebec residents).
Earning Cash Back
Earning cash back with the TD Cash Back Visa Infinite card is straightforward and rewarding. You’ll earn 3% cash back on eligible purchases such as groceries, gas, and recurring bill payments. This high rate applies up to an annual limit of $15,000, maximizing your rewards on everyday expenses.
For all other purchases, you’ll still earn a respectable 1% cash back, allowing you to benefit from a diverse range of spending habits.
New cardholders get an extra boost with an introductory offer of 10% cash back on the first $3,500 spent within the first three months. This translates to a potential bonus of $350, making the initial period of card ownership particularly lucrative.
Your cash back rewards accumulate over time and don’t expire as long as your account is in good standing. This means you can take your time to build up your rewards without worrying about losing them.
There’s a minimum redemption amount of $25, and you can redeem your cash back anytime through TD EasyWeb, the mobile app, or by phone.
Redeeming Rewards
You can start redeeming your cash back once you’ve accumulated a minimum of $25, giving you the flexibility to access your rewards as needed.
Additionally, the card offers automatic redemption each January, so you don’t have to remember to cash in your rewards manually.
Here are some key points about redeeming your cash back:
- Flexible Redemption: Cash back can be redeemed anytime with a minimum amount of $25.
- Automatic Redemption: Enjoy peace of mind with automatic redemption every January.
- Immediate Benefit: Use your Cash Back Dollars to pay down your account balance.
- No Expiry: Your rewards don’t expire as long as your account is open and in good standing.
Managing your rewards is easy with the TD EasyWeb online platform and mobile app.
Fees and Interest Rates
You’ll find that this card comes with a regular APR of 20.99% for purchases and a cash advance APR of 22.99%. If you frequently travel or shop internationally, be aware of the 2.5% foreign transaction fee on purchases made outside of Canada.
The annual fee is $139, but it’s waived for the first year if you activate the card and make a purchase within the first three months. This can provide significant savings initially. Additionally, if you need supplementary cards, the first one will cost you $50, while any subsequent cards are free.
Below is a quick overview of the key fees and interest rates:
| Fee Type | Amount |
|---|---|
| Annual Fee | $139 (First year waived) |
| Regular APR | 20.99% |
| Cash Advance APR | 22.99% |
| Fee Type | Amount |
| Foreign Transaction Fee | 2.5% |
| First Supplementary Card | $50 |
| Additional Supplementary Cards | Free |
Comparison With Competitors
When comparing the TD Cash Back Visa Infinite to its competitors, the differences in cash back rates and fees become quite evident. For instance, while the TD Cash Back Visa Infinite offers 3% cash back on groceries, gas, and recurring bill payments, the CIBC Dividend Visa Infinite provides 4% cash back on groceries and gas. This makes the CIBC card potentially more rewarding for those with high grocery spending.
Other cards also present different value propositions:
- ManulifeMONEY+ Visa Infinite: No annual fee, 2% cash back on groceries, 0.5% on all other purchases.
- BMO CashBack World Elite Mastercard: Flat 1.5% cash back on all purchases, appealing for simplicity.
- CIBC Dividend Visa Infinite: Net annual earning potential of $537.50, surpassing TD’s by $112.35 after fees.
- TD Cash Back Visa Infinite: Welcome bonus offering up to $350 cash back on the first $3,500 spent in three months.
The TD Cash Back Visa Infinite’s annual fee of $139, waived for the first year, and its 1% cash back rate on all other purchases may not compete with the simplicity of a flat-rate card.
However, the welcome bonus and higher rates for specific categories can make it a strong contender for those targeting groceries, gas, and recurring bills.
Eligibility Requirements
To qualify for the TD Cash Back Visa Infinite card, you’ll need to meet a few essential criteria. First and foremost, you must have a minimum personal annual income of $60,000 or a household income of at least $100,000. This guarantees that the card is geared towards individuals with higher earning potential, which aligns with the card’s robust cash back offerings.
In addition to the income requirements, you’ll need a good to excellent credit score. Typically, this means a score of 660 or higher. Maintaining a strong credit history is vital not just for approval, but also to take full advantage of the card’s benefits.
Applicants also must be Canadian residents and meet the age of majority in their respective provinces. However, if you reside in Quebec, unfortunately, you won’t be eligible for this card.
Lastly, to benefit from the annual fee rebate, you need to activate the card and make your first purchase within three months. This initial step is critical to guarantee you start off maximizing the card’s value right away.