The TD Rewards Visa Card is an entry-level rewards credit card that offers you a 9.99% promotional interest rate within the first six months of opening your account. With the TD Rewards Visa Card, you can earn $50 worth of reward points in the first 90 days if your account is open and in good standing.
The TD Rewards Visa Card doesn't come with an annual fee and doesn't have a minimum income requirement to apply. That makes this card great for students or people looking to get their first credit card and start building their credit history. However, it doesn't offer much in terms of perks and benefits.
You can also build your credit history with secured cards like the Refresh Secured Visa, getting access to better perks at the same time. Once you get your score high enough, you should consider applying for the Amex Cobalt, one of the best credit cards for Canadians.
What is the TD Rewards Visa Card?
The TD Rewards Visa Card is an entry-level personal travel credit card introduced by TD Bank Group, a world-leading online financial services company in Canada. In addition to the above-listed benefits, the card allows you to earn reward points for every dollar spent. It also offers a few other benefits, such as mobile device insurance and purchase protection.
TD Rewards Visa Card Features
The TD Rewards Visa Card has some great features overall, which include:
- Earn $50 worth of rewards points when you apply on or before May 28, 2023. These rewards comprise of:
- 9.99% promotional interest rate on purchases within the first six months.
- Up to 15,152 TD reward points when you keep your accounts open and in active standing for the first 90 days.
- Annual fee: $0 per year.
- Additional cardholder fee: $0 annual fee for each additional cardholder.
- Interest rate: 19.99% on purchases & 22.99% for cash advances.
- Earn rewards points per dollar spent
- 4 TD reward points for every $1 spent on eligible travel booking through Expedia for TD.
- 3 TD reward points for every dollar spent on eligible groceries and restaurant purchases up to a maximum of $5,000 per annum.
- 2 TD reward points for every dollar spent on recurring bill payments up to a maximum of $5,000 per annum.
- 1 TD reward point for every $1 spent on every other purchase category and every $1 spent on every grocery, restaurant, and recurring bill payment after reaching the initial $5,000 spending limit.
- Earn 50% more Cash Back points at Starbucks upon linking your TD Cash Back Visa Infinite card with your Starbucks® Rewards account.
- Access to Visa Secure, which safeguards cardholders from monetary loss resulting from fraudulent card use.
- Free Mobile Mobile Device Insurance with up to $1,000 of coverage in case of loss, theft, or accidental damage of eligible mobile devices.
- Purchase security for eligible new items stolen or damaged within 90 days of purchase and extended warranty protection for double the warranty period or up to 12 additional months.
- Car rental discounts on Avis Rent-A-Car and Budget Rent-A-Car with a minimum discount value of 10% off the lowest base rates in Canada and the US and a minimum discount of 5% internationally.
- Optional benefits: These include:
- TD Auto Club Membership.
- TD Credit Card Payment Protection Plan: This is a payment protection plan designed to assist you with your TD credit card obligations in case of a job loss, total Disability, or death.
Eligibility Requirements
To be eligible for the card, you:
- Must be a permanent Canadian resident.
- Must have attained the majority age in the Canadian province of residence.
TD Rewards Visa Card Pros And Cons
Pros
- 9.99% promotional interest rate on purchases within the first six months
- Car rental discounts on Avis Rent-A-Car and Budget Rent-A-Car
- Access to mobile device insurance of up to $1,000 per occurrence
- Purchase security and extended warranty protection for up to one additional year
- No annual fee
- No minimum income requirements
Cons
- The card offers significantly few additional benefits besides allowing you to earn reward points on every purchase.
- The card does not provide any travel insurance coverage.
- The bonus reward points offered by the card are minimal.
- The card has a low earn rate of one reward point per dollar upon reaching a $5,000 spend limit for each purchase category.
Pricing
The TD Rewards Visa Card has no annual fee for the primary cardholder or any additional cardholder added to the account.
Summary
The TD Rewards Visa Card is an entry-level rewards credit card that offers you a 9.99% promotional interest rate within the first six months of opening your account. With the TD Rewards Visa Card, you can earn $50 worth of reward points in the first 90 days if your account is open and in good standing.
The TD Rewards Visa Card doesn't charge an annual fee and doesn't have a minimum income requirement to apply. This card is great for students or people looking to get their first credit card and start building their credit history.
That said, many other credit cards offer much better perks and benefits, even for no annual fee. And if you pay an annual fee, the benefits will always surpass the expense if you use the card wisely. That's why people pay $500+ every year for premium cards like the Amex Platinum and even more for exclusive cards like Black Card.
TD Rewards Visa Card FAQs
What information is required to apply for the TD Rewards Visa Card?
The following information is required to open a TD Rewards Visa Card :
- Full legal name
- Date of birth
- Contact info and email address
- Home address
- Residential status
What are the insurance perks & coverage on the TD Rewards Visa Card?
- Mobile device insurance: The TD Rewards Visa Card provides coverage of up to $1,000 per occurrence for lost, stolen or accidentally damaged mobile devices. The coverage usually takes effect 30 days from and ends two years from the purchase date of your mobile device and is applicable anywhere in the world as long as you:
- Charge at least 75% of the total purchase cost to your account and activate Your Mobile Device with a Provider; or
- Charge the up-front cost to your credit card, finance the balance through a plan, and charge all your monthly wireless bill payments to Your Account.
- Purchase Coverage on TD Rewards Visa Card
- Purchase security protection: Ensures items purchased with your card against theft and damage for a maximum of 90 days from the purchase date
- Extended coverage on the original manufacturer's warranty period by up to one additional year.
What are other perks & coverage on the TD Rewards Visa Card?
- Car rental discounts on Avis Rent-A-Car and Budget Rent-a-Car with a minimum discount value of 10% off the lowest base rates in Canada and the US and a minimum discount of 5% internationally
- More reward points on Starbucks purchases: Earn 50% more Cash Back points at Starbucks upon linking your TD Cash Back Visa Infinite card with your Starbucks® Rewards account
- Access to Visa Secure, which provides cardholders who shop online with increased security by safeguarding them from monetary loss resulting from fraudulent card use
How do I maximize my TD Rewards Visa Card?
- You can maximize your TD Rewards Visa Card by:
- Paying for car rentals using your card to take advantage of discounts
- Paying off your credit card balance on time and regularly to avoid incurring any charges or penalty
Is there a limit to the rewards you can accumulate with the TD Rewards Visa Card?
No, there is no limit to the overall reward points you can accumulate with your TD Rewards Visa Card. However, there is a limit to the rewards you can earn at each earning rate, except at the 1 TD reward point for every $1 spent rate.
What can you Redeem your TD Rewards Visa Card Reward points for?
- You can redeem your TD Platinum Travel Visa Card reward points in several ways. Some categories you can redeem your points on include:
- Online shopping: You can redeem your TD Rewards Points to purchase items online on TDRewards.com or Amazon.ca with Amazon Shop with Points.
- Travel (Go places with points): You can redeem your TD rewards points on travel purchases – including flights, hotel rooms, excursions, and car rentals – through Expedia For TD or any other travel agency.
- Financial rewards: Paying down your TD credit card balance
When can you redeem your TD Rewards Visa Card reward points?
TD First Class Travel card rewards Points must be redeemed in a minimum of 200-point increments when booking travel purchases through Expedia for TD online or with your phone. For travel purchases not booked through Expedia For TD, reward points are to be redeemed in minimum increments of 200 or 250 points.
Is the TD Rewards Visa Card worth it?
The TD Rewards card allows you to earn reward points on your purchases while charging no annual fee. Hence, it is worth it, primarily if you ensure you incur no additional charges on the card by paying off your account balance on time and regularly.
Do my TD Rewards Visa Card rewards expire?
No, the TD Rewards Visa Card reward points do not expire if your TD Rewards Visa Card account remains open with the bank and is in good standing. This contrasts with other loyalty rewards cards like Marriott Bonvoy cards, whose points expire if you don't earn or use new points every year or every certain number of months.
