Pros
- No membership fees
- 0% intro APR on balance transfers
- High rewards rate
- $200 initial rewards bonus
Cons
- Above-average regular APR
TD Cash Credit Card
Transfer Fee: 3% (min $5)
- Choose your top two spend categories to earn unlimited 3% and 2% Cash Back.
- Earn unlimited 1% Cash Back on all other purchases.
- Switch spend categories up to four times a year.
Bonus Cash Back: Earn $200 Cash Back when you spend $500 within 90 days after account opening.
Rewards Details
- Bonus Cash Back: Earn $200 Cash Back when you spend $500 within 90 days after account opening.
- Choose your top two spend categories to earn unlimited 3% and 2% Cash Back.
- Earn unlimited 1% Cash Back on all other purchases.
- Switch spend categories up to four times a year.
Additional Info
- No annual fee
- Contactless Payments/Digital Wallet
- Instant credit card replacement
- Must be a resident of CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA or VT.
- More Details & Reviews About TD Cash Credit Card
Is the TD Cash Credit Card Worth It?
The TD Cash Credit Card is worth it for people with excellent credit who want to choose their own bonus categories. Each quarter, you can choose two purchase categories to earn bonus cash back (3% and 2%, respectively), while all other purchases get 1% back.
The TD Cash Credit Card has a $0 annual fee, and it comes with an initial bonus of $200 cash back for spending $500 within the first 90 days. The average person using the card could earn around $1,000 over the first two years.
What You Need to Do to Make the TD Cash Credit Card Worthwhile
To make the TD Cash Credit Card worthwhile, you should pay your credit card bill in full each month by the due date. This will stop costly interest charges from outweighing the value that you get from the card’s rewards, as the APR is very high at 20.24% - 30.24% (V).
In order to maximize your rewards with the TD Cash Credit Card, you should also make sure to spend at least $500 in the first 90 days to earn the $200 initial bonus. Taking advantage of the ongoing bonus rewards obviously is critical as well.
In addition, if you have existing debt you need to pay down, the card’s introductory APR on balance transfers could save you money. It’s not particularly long, though, as you get 0% for 15 billing cycles. There are better balance transfer cards out there, but if you can pay off your balance within a year this works fine.
TD Bank Cash Credit Card Highlights
Bonus Rewards in Categories of Your Choice
You’ll get 1% cash back for most purchases you make with this card, which isn’t all that exciting considering that the average cash back credit card offers 1.15%, according to our latest Credit Card Landscape Report. Fortunately, the card also offers 3% and 2% cash back in two categories of your choice, which you can change every quarter. The category choices are dining, entertainment, gas stations, grocery stores and travel.
No Annual Fee
The lack of an annual fee makes the TD Bank Cash Visa $22.29 cheaper per year to maintain than the average credit card. That means you can keep your account open without feeling pressured to make purchases on a regular basis in order to earn enough just to break even.
TD Bank Cash Credit Card Lowlights
3% (min $5) Balance-Transfer Fee
The average household with credit card debt owes nearly $10,200. Three percent of that is $306. That’s a lot of money to spend, considering you don’t have to. Literally hundreds of credit cards offer 0% introductory financing on balance transfers for at least as long as the TD Bank Cash Card (15 billing cycles) and have lower fees, according to our database of offers.
So this fee turns what would be construed as a positive — the Cash Card’s 0% intro offer — into a reason to look elsewhere if you’re looking to lower the cost of existing debt.
Likelihood Of An Above-Average APR
Let’s start with a bit of context. The average APR assessed by credit cards that require excellent credit for approval is 18.04%, while the average for fair credit is 26.41%, according to our latest market snapshot. And though the TD Bank Cash Card requires excellent credit for approval, the lowest rate you can get is 20.24% (V). The highest rate you can get, on the other hand, is 30.24% (V). That means you’re bound to pay an above-average rate for your credit standing, and you might even wind up paying a rate that would be bad even for someone with limited/fair credit if your credit is just barely excellent.
Other Things To Consider About the TD Bank Cash Credit Card
No Foreign-Transaction Fee
This card will be a benefit, not a hindrance, when it comes to spending money abroad. Whether you’re physically traveling outside the country or simply buying goods from internationally based merchants, you won’t get hit with a foreign-transaction fee. Most credit cards charge such fees, and the average is 1.56%. Not having to worry about such a fee could therefore save you bigtime. And by freeing you up to make the majority of your international purchases with plastic, you’ll also be able to save even more on currency conversion.
Automatically converting currency with a no-foreign-fee credit card costs up to 9% less than popular options for converting hard currency.
Points Don’t Expire With Time
With some credit cards, you have to use your rewards relatively quickly or risk losing them due to nothing more than the simple passage of time. That’s not a concern with the TD Bank Cash Card. As long as your account is open and in good standing, your rewards are safe.
Nevertheless, we always recommend redeeming credit card rewards on a regular basis to limit the amount that could be lost if something goes wrong.
No Penalty APR
Your rates won’t get jacked up just because you miss a payment or two, or for any reason, for that matter. And that’s good because the TD Bank Cash Card’s rates are already high enough. But you should still try to avoid ever missing your due date or generally misbehaving because, while TD Bank won’t make you pay for the types of mistakes that would ordinarily lead to a penalty APR, the credit score damage that could result would cost you plenty.
$40 Late Fee
On-time monthly payments are essential not only to maintaining your excellent credit score, but also to saving money. TD Bank will assess a fee equal to $25 or your missed minimum payment, whichever is less, the first time you fail to pay on time. If you slip up again within the next six months, you’ll be hit with a fee equal to the lesser of $40 or the minimum payment due.
Excellent Credit Required
More than 60% of consumers do not have excellent credit, according to WalletHub data, which means this requirement classes out a significant portion of the credit card-seeking population. It also casts the TD Bank Cash Visa in an unfavorable light.
In short, its terms are a fine fit for the good-credit category, but they can’t hang with the market’s elite, many of which offer initial bonuses in excess of $400, 2%+ back across all purchases and/or 0% introductory terms as long as 21 months. And elite is what you should be in the market for if you have excellent credit.
If you’re not sure where your credit currently stands, you can check your latest credit score for free on WalletHub. WalletHub is the only site that offers free credit scores updated on a daily basis. That will help you track your score over time and determine when the time is right to apply for a better card. And WalletHub’s personalized recommendations will tell you which card offers the most savings for your situation.
TD Bank Cash Credit Card vs. The Competition
To make things easier for you, we took the liberty of comparing TD Bank’s centerpiece offers to some of their best competitors. You can check out the results below.
annual fee$0 | annual fee$0 intro 1st yr, $89 after | annual fee$0 |
Purchase Intro APRN/A | Purchase Intro APRN/A | Purchase Intro APRN/A |
transfer intro apr0% for 15 billing cycles Transfer Fee: 3% (min $5) | transfer intro apr0% for 12 months Transfer Fee: 3% (min $5) | transfer intro apr0% for 18 months Transfer Fee: 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer |
Regular APR20.24% - 30.24% (V) | Regular APR18.49% (V) | Regular APR19.24% - 29.24% (V) |
rewards rate
| rewards rate
| rewards rate
|
bonus offer Bonus Cash Back: Earn $200 Cash Back when you spend $500 within 90 days after account opening. | bonus offer 25,000 miles | bonus offer Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. |
SponsoredApply Now | SponsoredApply Now |
TD Cash Credit Card Review Methodology
This TD Cash Credit Card review is based on WalletHub’s proprietary 100-point credit card rating system. By using a consistent methodology to evaluate the TD Cash Credit Card and all other cards, WalletHub’s credit card experts make it easy for people to compare their options and find the best credit cards for their needs.
The WalletHub rating system uses 16 key metrics grouped into seven categories: Fees, Rewards, Two-year Cost, Interest Rates, Approval Requirements, Special Features, and Reviews. Each metric has a maximum number of points allocated to it, based on the metric’s importance as determined by our editors. The points are added up to create an overall rating for the TD Cash Credit Card out of a maximum of 100 points, which is then converted to a 5-point scale.
Ratings for each category reflect how close TD Cash Credit Card is to WalletHub’s definition of a 5-star credit card, which is based on market conditions and what we believe are reasonable terms. We compare TD Cash Credit Card to that standard to give a numerical approximation of how reasonable and competitive its terms are compared to other cards.
To learn more about how WalletHub rates credit card offers, check out our full credit card review methodology.
WalletHub experts are widely quoted. Contact our media team to schedule an interview.