TD Cash Back Visa Card is one of the best cash back cards in Canada with no annual fee. The card has no minimum income requirement. However, you need a credit score of at least 650 to be approved.
Want to know more about the TD Cash Back Visa Card? Check out this review.
Key Card Details
- No annual fee
- Earn cash back dollars
- 19.99% purchase interest rate
- 22.99% cash advance interest rate
- Free supplementary cards
- Apply through this secure link
How To Earn Cash Back
The TD Cash Credit Card is an excellent choice for anyone who purchases groceries and gas. For paying no annual fee, you’ll earn 1% on eligible grocery and gas purchases, 1% on regularly recurring bill payments set up on your account, and 0.5% on every other purchase.
As long as you are a cardholder, your point will never expire. So you can save the points up for when they are needed. Moreover, you can accumulate as many points as you want.
How To Redeem Your Cash Back Rewards
The main benefit of using this card is the flexibility of cash back rewards redemption. While other cash back cards often adhere to a defined redemption schedule, such as once a month or once a year, that’s not the case here. Once your Cash Back Dollars balance reaches $25, you can redeem them for credit toward your account balance.
TD Cash Back Visa Card Insurance Benefits
The card offers two insurance benefits despite being a no annual fee cash back card. First, it offers purchase protection that insures you against damage or theft of an item for up to 90 days after your purchase. Plus, an extended warranty that extends the manufacturer’s guarantee for up to one additional year.
TD Cash Back Visa Card Fees, Income Requirements, And Interest Rates
This credit card has no annual fee and income requirement, making it one of the most widely available for Canadians. Therefore, it is best for college students and new card users looking for a no-frills credit card with a solid cash back option.
The interest rate for purchases and cash advances is 19.99 percent and 22.99 percent, respectively. Keep in mind that you will not be charged a purchase interest rate if you pay your entire balance by the due date.
You need a good credit score to be eligible for this cash back card.
TD Cash Back Visa Card Insurance Downsides
The major downside of this card is that the 1% cash back rate on groceries, gas, and recurring expenses is capped at $5,000 per annum. After you reach the cap for a given category, the cash back rate will decrease to 0.5 percent for the remainder of the year. But, if one category exceeds its spending limit, the other categories are unaffected.
For instance, the cash back on gas will be decreased to 0.5 percent if you use the card to make purchases totaling more than $5,000. However, until their respective $5,000 criteria are met, groceries and recurrent expenses will continue to receive 1 percent cash back.
If you spend much money in one of those three categories, you might want to consider a card with better cash back rates and no spending cap.
(See also: Four Good Reasons To Consider Having More Than One Credit Card).
The TD Cash Back Visa Card is a great choice for anyone who wants to build credit or wants a straightforward rewards card. Its cash rewards program is simple and easy to use, and the card’s overall benefits are an attractive feature.
Those looking for more rewards on their credit card should likely look elsewhere. TD Cash Back Visa, however, would be a good choice for those looking for simplicity.