Full Review of TD Cash Credit Card
Generous one-time offer
No annual or foreign transaction fees
Balance transfer offer
Minimum amount required for cash back redemption
Limited geographical footprint for eligibility
- Generous One-Time Bonus: You receive $150 cash back when you spend $500 within 90 days of opening your account. Receiving a 30% return on your spending for the bonus requirement is a fairly nice offer for a cash back card with no annual fee. Like the TD Cash card, the Capital One SavorOne only requires spending of $500, with a bonus of $150. Other cards require you to spend much more: The American Express Blue Cash Everyday card, for example, offers $150 back after you spend $1,000 in the first three months. The cash back comes in the form of 15,000 points, which can then be redeemed for $150.
- No Annual or Foreign Transaction Fees: Cardholders don't have to worry about earning enough cash back rewards to offset an annual fee. And they can make overseas purchases without incurring a fee, too.
- Balance Transfer Offer: This card comes with a balance transfer offer of 0% APR for 15 billing cycles. The TD Cash card does charge a balance transfer fee of $5 or 3%, whichever is greater. Before choosing this option, new cardholders should consider whether the interest savings offset the balance transfer fee.
- Minimum Amount Required for Cash Back Redemption: Before eligible to start redeeming, cardholders need to rack up enough points to get $25 (that’s 2,500 points). Other cards, like the Capital One Quicksilver, allow you to redeem for cash rewards, with no minimum requirement.
- Limited Geographical Eligibility Footprint: The TD Cash credit card is not available on a national basis in the U.S. Applicants must meet residency requirements in the states where TD Bank is licensed to operate.
This Card is Best For
Seeks to maximize cash back earnings across spending categories
Dines out regularly while traveling or in home city
Primarily responsible for household grocery and other major purchases
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.
TD Cash Credit Card Bonus
Cardholders receive 15,000 points when they spend at least $500 within 90 days of their account opening. These points can be redeemed for $150 cash back.
Rewards Earning Details
Even though TD lists its tiered earnings in terms of 3%, 2% and 1% cash back on dining, grocery stores and all other purchases, respectively, cardholders actually accumulate points, which are then redeemed for cash back. So, when a cardholder spends on dining, they receive three points for each eligible dollar spent.
Note that groceries purchased at superstores or warehouse clubs may not receive 2% cash back, instead only earning 1% cash back.
Rewards Redemption Details
Cardholders can redeem rewards by going to tdcardservices.com and logging in. Points are worth one cent apiece when redeemed for cash, gift cards, and travel through TD’s rewards portal. Points used for other redemptions, such as for merchandise, might be worth less than one cent apiece.
When redeeming for cash back, the minimum threshold is $25. Other redemptions can be combined with charges to the card. Cardholders wishing to redeem their points for an airline ticket would receive the value of their points and then pay the difference with a charge on the TD Cash card.
There's no way to transfer points to partners. All travel redemption is booked through TD's rewards portal.
How to Maximize Your Rewards
Cardholders get the most from their rewards by using the card for dining- and food-related purchases, the categories which have the highest earning rates. The best way to maximize the TD Cash card is to use it as a secondary card, in conjunction with another cash back card that offers earnings on categories that complement TD's.
The average American household spent $3,459 on food away from home (eating out) in 2018. At the 3% rate, that would earn them $103.77 in cash back. Spending on food at home (groceries) amounted to $4,464. At 2% cash back, that’s another $89.28, bringing the total cash back to $193.05 in one year. And that’s just counting dining and grocery categories.
Above-average spenders in the dining and grocery categories could actually benefit from combining the use of the TD Cash card with another credit card, like the American Express Blue Cash Everyday card.
A family that spends above the average each year—say, $8,000 on groceries each year on groceries and $4,000 on dining out—could use the TD Cash card in addition to another card, like the American Express Blue Cash Everyday card. They’d receive 3% cash back on up to $6,000 in groceries with the Everyday card and then receive 2% cash back on the remainder of their grocery spending with the TD Cash card.
Because the Everyday card doesn't offer extra cash back on dining, using the TD card for those purchases would allow a cardholder to earn 3% cash back on dining out. The total annual cash back for using the TD card in tandem with the Everyday card in this case would be $280. Including the extra 2% cash back for gas stations and department stores from the Everyday card would enhance this strategy.
TD Cash Credit Card's Outstanding Benefits
- Immediate card replacement at a TD bank location
- Visa Zero Liability
- Digital wallet
- Contactless payments
Having branch locations can enhance overall satisfaction for consumers, and TD offers branch locations. According to J.D. Power’s 2019 rankings, TD Bank has the highest customer satisfaction rating in the Southeast Region.
Customers who live near a TD branch can visit to access in-person services. For cardholders who like the idea of speaking with someone face-to-face, this can be a good choice. Additionally, TD branches can immediately replace lost or stolen cards that the consumer can use right away, without waiting for a new card to arrive in the mail.
Cardholders can reach customer service 24/7 at 888-561-8861. There is also an FAQs page that can provide useful information about common issues.
The TD Cash card comes with Visa's Zero Liability protection. This security feature keeps cardholders from being held responsible for unauthorized purchases when they properly report breaches.
Additionally, it's possible to do contactless payments with this card, as well as add the TD Cash card to a mobile wallet.
Overall, the TD Cash credit card offers fairly mediocre rewards. While the cash bonus of $150 after spending $500 in 90 days is admittedly generous, its other features and perks are offered by other cards, often in more enhanced versions.
For example, the Capital One SavorOne card offers 3% cash back on dining plus entertainment, while the TD Cash card only offers the higher cash back rate on dining. With American Express Blue Cash Everyday card, it’s possible to get 3% cash back on groceries at U.S. supermarkets up to $6,000 each year, plus 2% cash back at U.S gas stations and select U.S. department stores, making it a potentially better choice for regular spending. Like the TD card, neither of these options comes with an annual fee.
Even the 0% APR balance transfer offer isn't as bountiful as some other cards that extend offers to 18 months or beyond. Being in effect for 15 months is pretty standard, but is often surpassed by certain issuers. The Discover it Balance Transfer card offers 0% APR on balance transfers for 18 months for transfers that post to your account by June 10, 2020, for example.
Perhaps the main perk with the TD Cash card is the ability to walk into a TD Bank branch and speak with someone. This is especially useful for customers who have lost a card or had it stolen. The immediate replacement is a bonus for those who don't want to wait to receive a new card.
In general, the TD Cash card is a solid enough choice for those whose spending is concentrated mainly on dining and groceries. It also makes a great secondary card, rounding out a wallet, especially if a primary card has limits on cash back earnings.