TD Cash Rewards Review

td_cash_rewardsTD Cash Rewards is a cash back credit card which offers customers a basic rewards program and benefits.  Card members earn unlimited cash back on all purchases with no rotating categories or spending thresholds.  There is currently an exclusive online signup bonus available as well as an introductory APR on balance transfers.  There is no annual fee for this card which is issued by TD Bank.

Important:  At the present time, the TD Cash Rewards card is only available in the following states:  Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, DC.

New account holders can earn $200 cash back after spending $1,500 in eligible purchases within the first 90 days of account opening.  Eligible purchases are the total amount of transactions minus any credits, returns, or other adjustments.  Cash advances, purchases of traveler’s checks or money orders, or fees of any kind do not qualify as purchases and do not earn Cash Rewards.  The $200 Cash Rewards will be reflected on your credit card statement 6-8 weeks after meeting the spending threshold.  The rewards can only be redeemed for a statement credit.  Note:  This is an exclusive online offer which expires on February 29, 2016.

Members earn unlimited 2% cash rewards for every dollar spent on dining, including fast food restaurants.  All other purchases earn unlimited 1% cash rewards per dollar spent.   Rewards never expire as long as your account remains open and in good standing.

There is a 0% introductory APR on balance transfers for 12 billing cycles available to new cardholders.  After this time, your variable APR will be 13.24%, 18.24% or 23.24% based on your creditworthiness at the time of approval.  There is no introductory APR offer for purchases.  A balance transfer fee of $10 or 4% of the total amount of the transfer (whichever is greater) is applied to each balance transfer that posts to your account.  Minimum balance transfer request amount is $250.

Members have various options when redeeming rewards.  These include: cash back, electronics, gift cards, travel rewards and more.  Redemptions start at $25.

TD Cash Rewards cardmembers receive Visa Signature benefits such as:

  • Concierge Service – available 24/7
  • Lost Luggage Reimbursement
  • Travel Accident Insurance
  • Trip Cancellation/Trip Interruption Insurance

Important:  If you apply for the TD Cash Rewards card and are approved, you will receive either a Signature Visa (minimum $5,000 credit limit) or a Platinum card (less than $5,000 credit limit).  Each card comes with different terms and benefits.

The TD Cash Rewards card charges no foreign transaction fees for purchases made while traveling outside of the U.S.

There is no annual fee associated with this card.

The Facts

Below we have broken down the details of the TD Cash Rewards card to help you determine if it’s a good choice for you.

The Good:

Signup bonus:

New account holders can earn $200 cash back after spending $1,500 in eligible purchases within the first 90 days of account opening.  Eligible purchases are the total amount of transactions minus any credits, returns, or other adjustments.  Cash advances, purchases of traveler’s checks or money orders, or fees of any kind do not qualify as purchases and do not earn Cash Rewards.  The $200 Cash Rewards will be reflected on your credit card statement 6-8 weeks after meeting the spending threshold.  The rewards can only be redeemed for a statement credit.  Note:  This is an exclusive online offer which expires on February 29, 2016.

Introductory APR offer:

There is a 0% introductory APR on balance transfers for 12 billing cycles available to new cardholders.  After this time, your variable APR will be 13.24%, 18.24% or 23.24% based on your creditworthiness at the time of approval.  There is no introductory APR offer for purchases.  A balance transfer fee of $10 or 4% of the total amount of the transfer (whichever is greater) is applied to each balance transfer that posts to your account.  Minimum balance transfer request amount is $250.

Simple rewards program:

Members earn unlimited 2% cash rewards for every dollar spent on dining, including fast food restaurants.  All other purchases earn unlimited 1% cash rewards per dollar spent.   Rewards never expire as long as your account remains open and in good standing.

Easy to redeem rewards:

Members have various options when redeeming rewards which include: cash back, electronics, gift cards, travel rewards and more.  Redemptions start at $25.

No foreign transaction fees:

TD Bank recently did away with foreign transaction fees so members are no longer charged a 3% fee on purchases made while traveling internationally.

Visa Signature benefits:

  • Concierge Service – available 24/7
  • Lost Luggage Reimbursement
  • Travel Accident Insurance
  • Trip Cancellation/Trip Interruption Insurance

No annual fee:

The TD Cash Rewards card has no annual fee.

The Bad:

Different qualifying requirements:

If you apply for the TD Cash Rewards card and are approved, you will receive either a Signature Visa (minimum $5,000 credit limit) or a Platinum card (less than $5,000 credit limit) depending on your creditworthiness and other factors.  Each card comes with different terms and benefits.

The Ugly:

Redemption limitations:

There are a lot of options to redeem your cash back rewards and the minimum redemption amount is only $25.  But if you want to redeem your earned rewards for travel, the minimum amounts are much higher – $250 for a round trip flight and $150 for a hotel room.

Card not available in all states:

The TD Cash Rewards card is only available in states where TD Banks are located.  To date, this includes: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, DC.